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Blockchain technology, in its various patented applications, is transforming online transactions through the use of distributed ledgers. Its uses are wide ranging, from financial and payment systems to commodity trading and cryptocurrencies. Among the latest updates on the blockchain is the launch of Trusple by Ant Group and the UAE commodity trading in blockchain.
Trusple, a new blockchain trading platform, has been launched
Ant Group launched the blockchain platform, Trusple, which is short for “Trust Made Simple”. It is an international financial and commercial services platform powered by blockchain-based technology solutions. The platform uses AntChain, a technology developed by online payment provider Ant Group, a company backed by the e-commerce conglomerate Alibaba Group Holding Ltd.
Trusple was designed to address the problems between SMEs and financial institutions involved in cross-border trade. The platform does this by generating smart contracts between buyers and sellers that automatically update with key information such as order placement, logistics, and tax refund options. AntChain on the Trusple platform works to process payment agreements through the generated smart contracts.
Standard Chartered Bank of Singapore facilitated the first cross-border transaction using Trusple. The use of the blockchain not only improves access to trade finance, but also improves transparency and traceability along the entire supply chain. Consequently, this will reduce the risk of fraud. The platform allows sellers to track and trace transactions to build a chain of credit.
In general, blockchain technologies improve the efficiency of patent ecosystems by the way they promote simplicity, transparency and the need for fewer intermediaries. It can foster innovation for companies that find it difficult to access the world of patents.
However, blockchains have their own set of challenges. One of them is data aggregation which can lead to market power and abuse. This requires careful governance and proper implementation to address this particular challenge.
The blockchain industry is still immature, says the former Chinese IT minister
China currently leads in terms of the number of blockchain patent applications filed with the World Intellectual Property Organization (WIPO) this year. Alibaba has filed more than 200 blockchain patents while other Chinese companies have their share of patent applications as part of their technology portfolio.
Many Chinese companies can support investments in blockchain technology patents thanks to strong government support. In fact, China’s central bank has earmarked 1% of its annual operating income for blockchain-related investments. This is likely part of China’s efforts to dominate cyberspace in terms of global financial systems.
Despite China’s strides forward in terms of blockchain, the country’s former vice minister of science and technology, Wu Zhongze, commented that the country’s blockchain technology is relatively immature.
In an interview, Zhongze explained that while not at the top, China is not far behind other leading countries like the United States when it comes to blockchain-based ecosystems. Despite this, the country needs to refine several important aspects for the blockchain. But, in particular, China has improved hardware manufacturing, security platform and services, industry investments and financial development to fully integrate and systematize blockchain technology. Zhongze added that China is experiencing “rapid progress” that paves the way for a bright future.
China’s blockchain infrastructure may also offer opportunities for the development of new technologies in AI, 5G, and the industrial Internet. Soon, these technologies will be among the country’s biggest economic growth points.
A survey showed that many publicly traded companies invest in blockchain research and development. Most of them spend around 20% of their annual income just for this purpose. These companies typically partner with the national government to provide social services and solve state problems. Chinese companies also invest heavily in obtaining technology patents as part of their effort to avoid trade sanctions that can occur in overseas markets.
Meanwhile, the Cryptocurrency Patent Alliance has been established to promote open access to innovative technologies to avoid the potential problems associated with patent hoarding in blockchain and other distributed ledger technologies.
Sugared commodity: The UAE allows broker-free sugar token trading
Blockchain technology continues to gain momentum around the world. In the Middle East, the UAE has launched its own blockchain commodity trading platform.
On October 21, 2020, Al Khaleej Sugar announced that it will begin trading blockchain technology via DigitalSugar.io. This UAE-based platform allows for token trading of up to 100,000 tons of raw sugar. Each trader can hold tokens from 1 kg to 1 million tons. DigitalSugar.io will charge 0.4% for exchange fees and 2.5% for the annual storage fee. The universal blockchain will guarantee the authenticity and ownership of the tokens.
This change is in line with the Emirate Blockchain 2021 strategy. Before the end of 2020, the UAE aims to transfer at least 50% of government-related transactions to DLT (Distributed Ledger Technology) platforms. According to Vice President Sheikh Mohammed, blockchain technology will accelerate, simplify and economize government transactions. It will also help maximize the potential of how people can interact with government in the way that best suits their work and lifestyle.
In essence, the UAE government aims to streamline operations and make huge savings by transforming many paperless government transactions, making these transactions more efficient for its people.
