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The Blockchain Economy News - November 26th

The Blockchain Economy News - November 26th

You can listen above ⬆️ and read below ⬇️. Enjoy!

Today's catch up on what is hot in Blockchain and CryptoAssets brings you the following 5 stories:

  1. DLA Piper tokenizes fine art with the first project leveraging their in-house tokenized security platform TOKO

  2. 3 French Banks announce a Digital Interbank Currency Project

  3. The Australian Border Force will leverage blockchain to simplify cross-border trade with Singapore

  4. Sustainable Shrimp Partnership launches a mobile app for blockchain-powered supply chain traceability

  5. Turkish football club Galatasaray will be listing its GAL fan token on the leading Turkish cryptocurrency exchange, Paribu.

DLA Piper tokenizes fine art with the first project leveraging their in-house tokenized security platform TOKO.

Developed with Aldersgate Digital Ledger Solutions, TOKO provides smart contract functionality and digital asset creation functionality and assurance.

Created by Chinese artist Wang Xiao Bo, the tokenized art project was structured as an unregulated security offering through the TOKO platform with legal advice provided by DLA Piper. The purchasers were a group of DLA Piper Hong Kong partners.

In addition to creating a wide variety of token types and writing tokens' smart contracts in several prominent coding languages, TOKO facilitates capital distributions and voting by tokenholders, the transfer of tokens, and the disposal or redemption of tokens into a secure token wallet. TOKO's functionality also includes broadcast announcements such as distribution payment amounts, upcoming votes, and proposed meetings.

According to Scott Thiel, Technology partner at DLA Piper and the leading lawyer for TOKO

"Aldersgate DLS and DLA Piper have spent an immense amount of time studying the asset tokenization challenge, the legal issues surrounding security token creation and fund raising, and the platforms needed to deliver such offerings at scale...We're thrilled to finally showcase this proof of concept..."

DLA Piper Press Release

Hedera Hashgraph Press Release

BNP Paribas, Crédit Agricole, and the Caisse des Dépôts have announced a project to explore a digital interbank currency (a DIBC). Tokenized securities platform Tokeny and development house Blockchain XDEV are advising. The project is expected to run through 2021

For now, the project will look at how Ethereum and Tezos blockchain technologies can be used to settle financial transactions involving digital assets.

In particular, participants will examine the implications of how atomic settlement smart contracts can be used to coordinate clearing and settlement in relation to payment for tokens or regulated securities traded on a blockchain, where Security Tokens and cash tokens exist on the same ledger.

The project's participants are eager to understand the operational impact, interoperability in a multi-technology context, between public and/or private blockchains, and the regulatory implications of multi-currency multi-actor transactions.

Press Release (French)

Under the Australia-Singapore Digital Economy Agreement (DEA) signed in August, the Australian Border Force (ABF) and Singapore are rolling out a framework for reducing barriers to digital trade. The framework also seeks to foster an environment where businesses and consumers can participate in both economies’ digitization.

A trial was launched on November 23rd with Singapore Customs and Singapore Infocomm Media Development Authority (IMDA) to test digital verification systems: the first to be developed using Blockchain technology for inter-government document exchange by experts from Australia and Singapore at the United Nations Centre for Trade Facilitation and Electronic Business (UN/CEFACT).

ABF Commissioner Michael Outram said,

“The ABF welcomes the opportunity to collaborate further with Singapore to improve cross-border trade between our countries. In addition to our efforts internationally, this initiative will incorporate paperless trading and secure, digital exchange of trade information as part of the future architecture and design of an Australian Trade Single Window”.

The trial will test digital verification platforms across both the ABF-developed Intergovernmental Ledger (IGL) and IMDA’s TradeTrust for electronic trade documents. Businesses and regulators will give feedback on their experience verifying Certificates of Origin with the two systems – with the aim of reducing administration costs and increasing trade efficiency.

The Australian Chamber of Commerce and Industry, Australian Industry Group, as well as financial institutions in Singapore, will take part in the trial.

Press Release

The Sustainable Shrimp Partnership (SSP) has launched a traceability application enabling consumers to access key information on their shrimp’s journey from farm to fork. The application leverages IBM's Food Trust supply chain platform to ensure transparent data about the provenance and quality of the shrimp.

Each package of shrimp is stamped with a QR code that consumers can scan to know where, when, who, and how their shrimp was farmed and processed, and trace it in every stage so that they can trust they are buying premium quality and a safe product that is antibiotic-free and certified by the Aquaculture Stewardship Council to have a neutral environmental impact.

SSP’s members, which currently include responsible shrimp producers based in Ecuador, will enter data about how the shrimp is produced onto IBM Food Trust, from its birth in the hatchery, how it is raised on the farm, processed and packed in the processing plant.

José Antonio Camposano, Executive President of the National Aquaculture Chamber from Ecuador, said that

“The shrimp industry worldwide produces over 5 million tons of shrimp each year, and we continue to see many examples of food fraud, especially in the seafood industry. So how can consumers trust that the products they are buying are safe for them and their families? This is how, using the most secure and latest technology available for food traceability and committing producers to the highest levels of transparency. This way the consumers acquire the power to make an informed choice and increase their capacity to buy healthy and responsibly farmed shrimp”.

An advisory board member of the Sustainable Shrimp Partnership, The World Wildlife Fund has said that

"The WWF is encouraged to see the SSP taking steps to utilize new technologies, like blockchain, to track this information electronically and share it directly with consumers. We hope the SSP’s leadership has a knock-on effect to drive industry-wide traceability and transparency efforts that are necessary for a more sustainable food system”.

Press Release

Turkish football club Galatasaray will be listing its GAL fan token on the leading Turkish cryptocurrency exchange, Paribu.

Leveraging the Chiliz proof of authority digital currency and the sports fan engagement platform, the GAL fan token provides exclusive promotions, VIP rewards, voting rights, and other benefits to club fans.

Galatasaray originally launched the $GAL Fan Token in February of this year and since then it has grown to become a key part of the club’s digital engagement strategy. Fans have voted in a series of polls since taking part in the first vote to choose the official entrance anthem at the Türk Telekom Stadium. Recently the club extended voting rights to fans of their basketball team and esports branches, while the $GAL logo is being displayed on the socks of the football team, as well as the jerseys of the club’s esports and basketball teams, press conference and interview backgrounds, and on the team bus.

Alexandre Dreyfus, CEO and Founder of and Chiliz said:

“The Paribu listing is a really significant move, bringing $GAL directly to a massive audience of crypto enthusiasts within the country while increasing awareness and accessibility.

Paribu is among the biggest Turkish cryptocurrency exchanges, with around 750,000 users.

Press Release

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The Web3 Economy News with Ethan Pierse
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