#CryptoCorner Episode 424: Singapore Reports On #Blockchain #Payments Platform, Telefonica (NYSE: $TEF), Deutsche Telekom and Vodafone (NasdaqGS: $VOD) Finalize Joint Blockchain Trial
#CryptoCorner
Episode 424: Singapore Reports On #Blockchain #Payments Platform, Telefonica
(NYSE: $TEF), Deutsche Telekom and Vodafone (NasdaqGS: $VOD) Finalize Joint
Blockchain Trial
Point Roberts, WA, Delta BC July 13, 2020
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Stocks discussed: (NYSE:TEF) (OTC:DTEGY) (NasdaqGS:VOD)
(NasdaqGS:FB)
A joint report from Singapore’s central bank,
the Monetary Authority of Singapore (MAS), and Temasek, a government-owned
holding company, was released today and announced the successful conclusion of
the fifth and final phase of its blockchain payments platform Project Ubin.
Sopnendu Mohanty, Chief FinTech Officer, MAS, said:
“As with all innovation adoption, there is a time for
experimentation, and a time for commercialisation. Project Ubin has worked with
the financial industry and blockchain community on a journey of
experimentation, prototyping and learning. This has built a strong foundation
of knowledge, expertise and experience, and paved a path towards commercial
adoption. Following the successful experimentation over five phases, we look
forward to greater adoption and live deployment of blockchain technology.”
Chia Song Hwee,
Deputy Chief Executive Officer, Temasek, said:
“Blockchain technology has great potential in
transforming businesses and opening up new business opportunities. Phase 5 of
Project Ubin has demonstrated the commercial applicability, viability and
benefits of blockchain technology across industries, beyond capital markets and
trade finance. This validates Temasek’s efforts in exploring and building blockchain
solutions focusing on digital identity, digital currencies and financial asset
tokenisation. We look forward to supporting commercialisation efforts emanating
from Project Ubin and other application areas, with a view to drive greater
adoption of blockchain technology.”
Telefonica (NYSE:TEF), Deutsche Telekom (OTC:DTEGY), and Vodafone (NasdaqGS:VOD) – telecom giants from Spain,
Germany and the UK, respectively – have finalized a joint trial blockchain
solution for the settlement of roaming discount agreements, according to an
article from Cointelegraph. The solution, which “is
expected to reduce capital costs for telcos, support faster revenue
recognition, and provide more efficient settlement for their inter-company
deals and workflows,” was developed by blockchain startup Clear. Sherif Bakir,
CEO of Vodafone Roaming Services, explained:
“With new, more complex technologies like 5G and IoT
being introduced, even more radical innovation in roaming will take
digitalization to the next level. Vodafone believes blockchain is the solution,
and its use will lay the foundation for further sustained innovation. Clear’s
solution is a solid demonstration of blockchain’s benefits.”
Japanese media
outlet Kyodo reports that the G20 is gearing up to
accept digital payments, with further discussion on subjects like regulation to
prevent money laundering set for October. The decision is being made in part as
a reaction to China’s development of a digital yuan and Facebook’s (NasdaqGS:FB) Libra project.
Sam
Mowers, Investorideas
For
investors following the sector Investor Ideas has a comprehensive Bitcoin, Blockchain
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