#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 - Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving cryptocurrency stocks and the crypto market.
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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
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