The China–Europe rail trade route has been subject to a major speed upgrade thanks to the application of blockchain technology, reports China’s People’s Daily Online. The Chengdu International Railway Port in Sichuan province was installed with the blockchain-powered Sino-Europe Trade Link 2.0 platform by the Industrial and Commercial Bank of China. As well as cutting down on time-consuming logistical document checks, the new system will reportedly allow foreign trade companies to raise money directly from the bank to speed up cash flows. Trades where cargo was delivered from China by rail used to take over a month to reach their destinations in Europe. Documentation and waybills would have to be checked at every border crossing, the logistics of which was made harder by translation difficulties and bureaucratic hold-ups. In the first three years and three months of its existence, the China–Europe cargo service managed to carry out 200 trips. Since blockchain technology was introduced, the same number of trips was carried out in just two months. A staff member at ICBC told reporters the benefits of the blockchain-enabled system made it a reliable platform for hosting and tracking trade data.“We take advantage of blockchain’s merits, such as its tamper-proof nature and timestamps, to form reliable trade data. That can greatly improve the financing capabilities of small and medium-sized foreign trade enterprises,” they said. The past decade has seen radical changes in how global trade is executed, said Chen Ran of the Chengdu International Inland Port Operation, who added: “Compared with 2007, we now have the support of blockchain, the Internet of Things and big data, which can help track logistics and significantly lower the risk of cargo damage. So there’s better protection for both the banks and the customers.”
All data is taken from the source: https://cointelegraph.com/
Article Link: https://cointelegraph.com/news/blockchain-provides-major-boost-to-speed-of-china-europe-rail-trade
#trade #etcgstock #bitcoinprofitcalculator #cryptocurrencynews #cryptocurrencyexchange #cryptonews #cryptoexchange
IRCTC FAST PAYMENT OPTION FOR TICKETS BOOKING ON IRCTC WEBSITE OR RAIL CONNECT APP
HELLO FRIENDS SWAGAT HAI APKA APNE CHANNEL INDIANRAILKIBAAT MEIN DOSTON ISS VIDEO FAST PAYMENT OPTIONS KE BAARE MEIN BATAYA HAI AGAR VIDEO ACHI LAGI TO LIKE SHARE KAR DENA OR CHANNEL PAR NAYE HAIN TO SUBSCRIBE KAREN
THANKS FOR WATCHING
A Russian railway executive has talked of the possibility of adopting blockchain technology on the nation’s rail network. Per Vgudok, Sergey Vinogradov, the Director-General of the Scientific Research Institute of Railway Transport, spoke of the virtues of blockchain technology – stating that Russian Railways, the national, state-owned rail operator, may soon seek to begin smart contract-powered business. The institute is the main tech advisory body on railways – and is closely affiliated with Russian Railways. Vinogradov stated that blockchain platforms could also allow logistics firms, buyers and vendors to purchase cargo spaces on Russian trains and help “build logistics chains more efficiently.”Using smart contracts and blockchain technology, he added, would also allow Russian Railways to reduce costs by making reductions in “the turnover of platforms and containers,” as well as cutting down on supply costs for wagon management. He added that it would also help the operator use a “dynamic pricing of transportation.”Blockchain technology, he opined, would allow for more effective bulk transport by rail. Freight rail customers could also expect to save on costs, reduce the chance of risk or damage. He added that a more competitive rail logistics industry – powered by blockchain technology – would also help cut down on road-based alternatives. The latter, he said, are often more expensive and more environmentally unfriendly. And he added that even passenger train operators could make effective use of blockchain technology. Last year, Russian Railways began exploring the use of blockchain technology as a means of tracking commercial passengers who qualify for discounted services. The operator struck a cooperation deal with the Russian Pension Fund. Elsewhere in the world, JR East, one of Japan’s busiest rail operators, last year began experimenting with a crypto pay platform that allows passengers to pay for their journeys in popular tokens such as bitcoin (BTC).____Learn more:Blockchain-based Pay’s the Way for South Korean HighwaysHow Blockchain Will Help Send People Into SpaceChinese Banks Set to Adopt Blockchain-powered Forfaiting Platform
All data is taken from the source: http://cryptonews.com
Article Link: https://cryptonews.com/news/blockchain-could-help-rail-eclipse-road-says-russian-tech-ch-7374.htm
#blockchain #newsupdate #newstodayworld #newsworld #newstodaybbc #newstodaydonaldtrump #
Welcome to my crypto XRP centric Youtube channel. Here you will learn about the latest breaking news in all things crypto and Ripple XRP! HODL strong and enjoy the show!
DISCLAIMER: **** I am not a financial advisor. Everything here is for entertainment purposes only. I do not endorse you buying or selling any digital assets or securities based on my opinions or insights. Enjoy the show!******
Learn Crypto Trading & Other Amazing courses! $10/Month:
Learn Crypto for Free!
Earn Passive Profits by Staking Your Crypto & Get $10 BTC
For Signing Up!
Coinbase USA – Get $10 Free Crypto + $100 for Crypto Education: https://www.coinbase.com/join/wiesin_r
Earn Crypto while safely browsing online!
Coinsmart Canada – Get $15 free crypto for registering:
Open a Binance Account: https://www.binance.com/en/register?ref=RJ9019GP
Keep Your Crypto Safe with a Ledger Hardware Wallet:
Pickup my Hilarious and Inspiring New Book!
#XRP #Ripple #Podcast #Blockchain #Bitcoin # Trump #Coil #FinancialReset #Crypto News #XRPNews
Speakers: Jerry Norton, CGI; TIm Yudin, Payments UK; Stig Korsgaard, Nets;
Value add services added through faster payment rails are being implemented. These services have been deployed in the United Kingdom, Denmark, Sweden and various other countries. Learn more about these services, their adoption curve, and how they are making a difference for financial institutions and in the market in general.
Please note: The Faster Payments Symposiums mentioned in this video are no longer available. Contact us for your faster payments education needs.
EPCOR’s Did You Know video series covering payments changes and updates. Did You Know… There is a difference between a new payment product and a new payment system? This video features information about Faster Payments and compares products and rails of different transaction types.