Blockchain News

Hedera makes inroads in Africa as Standard Bank Group becomes node operator

single-image
img-ads

Standard Bank Group has become the first African node operator on the Hedera network.

3464 Total views

14 Total shares

Hedera makes inroads in Africa as Standard Bank Group becomes node operator

Standard Bank Group — Africa’s largest bank by assets — has partnered with enterprise-grade distributed ledger technology project Hedera Hashgraph.

According to a joint announcement, the African banking giant now joins other major corporations like Google, LG, and IBM as a member of the Hedera Governing Council.

Standard Bank will also become a Hedera node operator, the first in Africa with a focus on utilizing DLT to ease bottlenecks in cross-border trade on the continent.

Across Africa, innovations in domestic payment rails have created faster and efficient transaction systems. However, this advancement is yet to translate to the cross-border payment transaction scene with stablecoins already identified as having the potential to solve these issues.

For Ian Putter, head of DLT and blockchain at Standard Bank Group, the partnership with Hedera is part of the bank’s focus on utilizing decentralized technology to improve cross-border trade in Africa.

Putter told Cointelegraph that the bank views DLT as a viable base-layer for supporting cross-border in Africa and also connect the continent to partners in major markets like China, adding:

“We have completed [proofs of concept] have solutions in production and are partnering with these parties to scale and exploit these cross-border trade solutions. A key focus for us is to continue exploration and experimentation with this technology as it rapidly evolves, through partnerships and leveraging existing solutions to speed up implementation and scaling.”

Putter highlighted the growing interest in central bank digital currencies, or CBDCs, as a pointer to the potential for DLT-based technology to disrupt the global business process.

According to Hedera CEO Mance Harmon, Africa is poised to occupy a leading role in DLT utilization, telling Cointelegraph:

“With services like M-Pesa already widely used, we see a willingness for African companies to embrace new technologies like blockchain and distributed ledger technology to meet the changing needs of their customers. In addition to financial services/DeFi, we also see strong interest from companies in the region in leveraging DLT for use cases in healthcare, energy management, identity, and supply chains.”

img-ads

Leave a Comment

You may also like

Blockchain

‘Bizarre Cash Like DOGE & XRP Spike’- Galaxy Digital’s Mike Novogratz Advises of a Crypto Market ‘Washout’

single-image

Apr 16, 2021 10:49&nbspUTC

| Up to date:

Apr 16, 2021 at 10:49&nbspUTC

By&nbspClark

BTC bull & billionaire investor Mike Novogratz has suggested about cryptocurrency market volatility in a brand new interview stemming from the Barron’s & Marketwatch’s ‘Investing in Crypto’digital event collection. Usually, & over the prolonged time period, Novogratz is bullish about BTC & corporations like Coinbase residual rich.

Novogratz Advises of a Crypto Market ‘Washout’

Shares in Coinbase World, Inc. (Nasdaq: COIN) are presently down 5% in the meantime yesterday’s opening & all through the launch billionaire Mike Novogratz rod in regards to the San Francisco agency & the crypto-economy general. Novogratz has been a long-time follower of BTC  & different digital property like ETH as nicely. Simply currently, the crypto funding firm he originated, Galaxy Digital utilized with the U.S. Securities & Trade Fee to listing a BTC exchange-traded fund.

Although talking positively in regards to…

View More Article
Blockchain

Liquity Protocol entices $1Billion TVL in simply Ten days

single-image

Apr 16, 2021 10:42&nbspUTC

| Up to date:

Apr 16, 2021 at 10:42&nbspUTC

By&nbspClark

The “interest-free loans” decentralized loaning protocol these days has a $1 billion worth of locked-up value after it launched on April 5.

The squad behind Liquity Protocol — a DeFi undertaking hurled on April 5 — has concerned $1 billion worth of locked-up worth rendering to statistics from Dune Analytics.

The Pantera Capital-backed Liquity is a Swiss-founded decentralized & governance-free loaning protocol that proposals interest-free loans in contradiction of ETH locked as collateral, with operators necessary to uphold the least collateral ratio of 110%.

Loans are remunerated out within the protocol’s algorithmic secure coin LUSD, which is connected to the price of USD at a one-to-one ratio. The protocol mechanically makes LUSD meet operator demand, & thus far has forged a provide of 480M secure cash, with extra cash being forged than burned apiece day.

The loans…

View More Article
Blockchain

Brian Brooks defends fintech constitution to take care of financial Companies Committee

single-image

Apr 16, 2021 09:27&nbspUTC

| Up to date:

Apr 16, 2021 at 09:28&nbspUTC

By&nbspClark

Brian Brooks has defended the fintech constitution he oversaw whereas heading the OCC, warning heavy-handed crypto legal guidelines might undermine U.S. struggle globally.

Brian Brooks has defended the fintech banking constitution launched whereas he served because the performing controller of the foreign money when legislative meeting Democrats took goal on the license on Th.

Brian appeared as a witness earlier than the Home financial Companies Committee’s fee on shopper Safety ANd financial institutions at an Apr 15 listening to titled, “Banking Innovation or regulative Evasion? Exploring Developments in monetary group Charters.”

The fintech constitution was launched by the office of the controller of the Forex, or OCC, and overseen by Brooks in 2020, allowing financial know-how companies in addition to cryptocurrency corporations to produce loaning and cost merchandise whereas not being overseen by state banking regulators,…

View More Article
Blockchain

Key Variations Between Hyperledger Aries and Hyperledger Material

single-image

This text will make clear Hyperledger Aries vs Material to grasp their fundamentals variations and attainable use case eventualities.

Hyperledger blockchain is without doubt one of the outstanding gamers within the blockchain markets, with 16 initiatives below its wing. Amongst them, Hyperledger Material is without doubt one of the broadly used blockchain platforms in varied enterprise implementations. Hyperledger Aries, however, was an ongoing challenge that turns into lively just lately. In line with Hyperledger, Aries is carefully related to their different 2 initiatives – Hyperledger Indy and Ursa.

Right here, we are going to focus on how Hyperledger Aries and Material are totally different from one another and also will perceive their use instances and key traits.

Enroll Now:Getting Began with Hyperledger Material Course

What’s Hyperledger Material?

Earlier than we evaluate each Hyperledger initiatives, we’ll briefly introduce the 2 initiatives and their traits. Let’s begin…

View More Article
Blockchain

Blockchain Initiative Uplifts Storytelling and Transparency of Honduran Espresso

single-image

Massimo Zanetti Beverage Group has achieved a singular feat by bringing within the “first blockchain espresso” from Honduras. The brand new ‘farm-to-cup’ beverage launched by the Massimo Zanetti Beverage Group is traceable. Now, shoppers might discover a QR code on the packs of “Segafredo Storia” for locating the kind of espresso within the pack, the place of cultivation, and identification of the farmers.

The brand new ‘farm-to-cup’ traceable beverage introduces new norms for transparency into the provide chain for espresso manufacturing. Massimo Zanetti Beverage Group has leveraged the software program capabilities of Farmer Join with the ability of IBM Blockchain for the brand new system. Now, the brand new beverage traceability system can present the journey of the espresso by way of a map created on the idea of encrypted blockchain knowledge. The origins of the map start…

View More Article
Blockchain

Lack of transparency downside in social buying and selling turns into solved

single-image

Apr 15, 2021 12:35&nbspUTC

| Up to date:

Apr 15, 2021 at 12:35&nbspUTC

By&nbspClark

Social buying and selling has been one of many go-to options for newcomers to the crypto buying and selling sector for some time now. Attracted by rising costs and elevated curiosity, lots of retail merchants rush in the direction of the chance to put money into crypto with out actually realizing find out how to commerce, apart from to purchase low and promote excessive.

Nevertheless, buying and selling is extra sophisticated than that, and requires endurance, self-discipline, a sound technique, and fixed vigilance. To not point out tons of analysis, dedication, trial and error, and extra. Since many imagine that the chance is now, and that they don’t have the time to take a protracted highway, they flip to copy-trading, which permits them to repeat high performers’ strikes, and hopefully obtain comparable outcomes.

Sadly,…

View More Article