DigiMag Glacier_Q4_2017 - Page 13

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