Tracking grants and renewable electricity sales, saving $ 3 billion for the UAE and other blockchain initiatives

Distributed ledger technology remains one of the hottest trends among financial,government and commercial organizations worldwide. ForkLog Magazine offers an overview of the most interesting initiatives of the past week.

US Treasury completes testing blockchain system for grants

The U.S. Treasury Department is close to completing blockchain-based proof of concept (PoC) grants, reports Business of Federal Technology.

Cray Innovation Program ManagerFisher explained that the platform will tokenize electronic federal letters of credit sent to grant recipients. The solution helps track payouts and makes transactions more secure.

In particular, the platform allows authorities to view data such as recipient ID, grant size, and key dates.

To receive a tokenized letter, the user needs an electronic wallet tied to a bank account.

Platform testing is expected to be completed by the end of the month.

Power Ledger integrates blockchain-based auditing into solar energy

Australian blockchain company Power Ledgeracquired a photovoltaic system with a capacity of 250 kW, for which it will use a data and calculation management system based on distributed registry technology. It is reported by Cointelegraph.

"The renewable energy generated by the acquired asset will be tracked using blockchain technology.This will provide a documented trail for electricity generated, purchased from the grid, consumed or sent to the grid."- the company said.

The use of the blockchain is designed to eliminate any possible errors in accounting for revenue and make electricity trade more transparent.

IBM will expand the capabilities of the blockchain platform IBM Sterling Supply Chain

IBM Corporation announced in collaboration withBy other providers of the supply chain tracking platform, IBM Sterling Supply Chain is developing an additional solution that will help you quickly resolve issues related to returning goods, multi-channel and logistic customer support.

According to a press release, Salesforce, Publicis Sapient, IBM Services, project44 and Flooid are participating in a new initiative for the Sterling open platform launched last year.

Solution expected:

• Improves connectivity to multi-channel support services.
• optimizes revenue management for retailers;
• simplify the understanding of logistics;
• increase implementation efficiency;
• help eliminate friction and predict profitability.

Experts concluded that the introduction of a blockchain could save the UAE more than $ 3 billion

United Arab Emirates could savemore than 11 billion dirhams ($ 3 billion) due to the introduction of blockchain technology. This conclusion is contained in a joint report of the Center for the Fourth Industrial Revolution of the UAE, the Dubai Future Fund and the World Economic Forum, reports Emirates News Agency.

In the paper "Inclusive Blockchain Deployment: Practical Examples and Lessons from the United Arab Emirates," experts reviewed the implementation of national and local strategies for implementing the new technology.

Experts noted that the UAE adopted the corresponding strategy in 2018, and the emirate of Dubai - two years earlier.

Experts believe that the UAE government can exclude 399 million paper documents and 77 million working hours per year by transferring processing of routine operations to blockchain.

At the same time, 80% of state organizations of the country to one degree or another are already using new technology.

Blockchain is included in the development strategy of the financial sector of Ukraine until 2025

The country's financial regulators, the National Bank and the Ministry of Finance,approved the development strategy of the financial sector until 2025. Blockchain entered it as part of one of five strategic goals - innovative development.

Among his tasks are the development of digitaltechnologies, computer design, distributed registry technology, big data analysis, automation, robotics and the use of artificial intelligence.

The strategy also provides for further study of the possibility of issuing CBDC (e-hryvnia).

Startup Kadena launched a hybrid blockchain for connecting private and public networks

Brooklyn blockchain startup Kadena has announced the launch of a hybrid blockchain platform with the ability to interact smart contracts between private and public networks.

Representatives of the company explained that the Kadena blockchain solves the basic scalability problems of the Proof-of-Work algorithm, while at the same time maintaining the network in a decentralized state.

The developers emphasized that representatives of the financial and healthcare sectors have already expressed interest in using Kadena.