processes. Current systems and processes
are expensive, inefficient and insecure.
Although researchers are just beginning
to scratch the surface, they’ve already
identified some interesting use cases:
• Trade finance Blockchain technology
can streamline the trade finance
process. It greatly reduces the
transaction settlement time and
increases transparency between all
parties. It further removes the need for
multiple copies of the same document
of information stored on numerous
databases across various entities. Smart
contracts can automate payments once
goods are received and no bank or
third party needs to be involved in the
transaction.
• Settlements and clearing Ripple, the
US-based start-up, offers a financial real-
time gross settlement solution, currency
exchange and remittance network that
enables the instant and direct transfer of
money between two parties at a fraction
of the cost of existing traditional systems.
• Cross-border payments These payments
via the blockchain are faster, cheaper
and more secure, and eliminate the
need for an intermediary, for example
BitPesa, which allows companies to easily,
quickly and cheaply make payments to
and from Africa.
• Insurance Everledger allows the entire life
cycle of an asset, such as a diamond, to
be tracked and stored on the blockchain.
The insurer, the supplier and the insured