On Friday, decentralized finance (DeFi) stablecoin project Origin Protocol announced a plan to compensate users affected by a $7 million November exploit — part of a wider trend from developers, users, and traders that has seen actors across the DeFi space more widely embrace insurance products and other exploit backstops. On November 17th, Origin Dollar announced that its yield-bearing stablecoin project had been the victim of a $7 million flash loan attack. While the attack is just another instance of what has been a brutal summer and fall for DeFi protocols facing hacks and exploits, the Origin Dollar team’s response …
Samsung SDS, Dutch bank ABN AMRO and the Port of Rotterdam have jointly conducted a proof-of-concept (PoC) shipment from South Korea to the Netherlands in which they tracked a container exclusively using an interoperable blockchain platform, according to a report by The Maritime Executive on July 1. According to the announcement, the container was tracked via the blockchain platform “DELIVER,” which allowed for the shipment to be instantly financed, fully tracked, and conducted paperlessly. According to Port of Rotterdam CFO Paul Smits, the traditional process of shipping is usually paper-heavy and inefficient: “Currently payments, administration and the physical transportation of …
The Chinese Financial Blockchain Shenzhen Consortium (FISCO), led by multinational telecommunication company Huawei and tech giant Tencent, will soon present its coinless blockchain FISCO BCOS, as revealed in a press release Tuesday, Oct. 18. FISCO consists of more than 100 financial entities including major players such as WeBank, a digital bank initiated by Tencent, and Shenzhen Securities Communication. The consortium is going to present the new platform at the Singapore Fintech Festival, which will take place from Nov. 12-14. FISCO BCOS is described as a set of applications aimed to serve the general public. Per the release, the main strength …
“Big Four” audit and consulting firm Deloitte has outlined five basic areas of development for blockchain technology in order achieve widespread adoption, according to a study published September 28. According to Deloitte, in order to be adopted by enterprises on a mass scale, blockchain technology should overcome five major obstacles – the possibility of time-consuming operations, lack of standardization, high costs and complexity blockchain applications, regulatory uncertainty, as well as the absence of collaboration between blockchain-related firms. Identifying the area that needs the most development, Deloitte singled out the problem of possible operational delays on a distributed ledger network. The …
Major Spanish banking group BBVA and Spanish energy company Repsol have signed an agreement to develop blockchain-based solutions for corporate banking, according to an announcement published June 20. The product by BBVA and Repsol was developed using multiple different blockchain technologies, namely Hyperledger and the Ethereum test network. Nuria Ávalos, the head of Blockchain and Digital Experimentation at Repsol, commented on the collaboration: “Repsol wants to actively take part in collaborative environments. Blockchain is a disruptive technology that is here to stay and the agreement with BBVA advances our strategy of driving digitization in all areas of our activity.” The …