The U.S. Senate Commerce, Science and Transportation Committee voted to approve the Blockchain Promotion Act of 2019 on July 12, giving the Commerce Department one year to come up with “a recommended definition of the distributed ledger technology commonly known as ‘’blockchain technology.’”
Bank transaction intermediary SWIFT announced on June 24 that if its current proof-of-concept test is successful, it will incorporate R3’s Corda enterprise distributed ledger technology (DLT) into its new high-speed payment confirmation platform, Global Payments Innovation (gpi).
While blockchain technology has only just begun to gain a foothold in the supply chain management industry it will surge dramatically over the next decade, according to a new survey by logistics and supply chain association MHI and consulting firm Deloitte.
The idea of transferring value from one place to another was forever changed by the pseudonymous Satoshi Nakamoto’s white paper, which led to the introduction of distributed ledger technology (DLT), or blockchain, and the first ever Bitcoin. Originally intended to be used outside the purview of banks—notably in the case of Bitcoin—Ripple has instead embraced the idea that banks and other financial institutions provide one of the largest potential use-cases for DLT. Ripple’s vision has been to “rewire the global financial infrastructure to dramatically improve the costs, speed, and certainty of how transactions flow,” according to CEO Brad Garlinghouse in a video published by Ripple in March of 2018. Garlinghouse…