Singapore Looks to Build New Ripple-Powered Blockchain Invoice Trading Platform
Blockchain Market Progress Leads New Ripple-Powered Invoice Trading Platform to Be Developed in Singapore
Global Market Insights recently released a report, discussing the blockchain market in the Asian Pacific and the substantial progress that it’s made. Multiple investments can be credited, but the way that the industry is changing leads the experts to believe that this could be a 16-billion-dollar market in the next seven years.
In 2016, there were about 130 deals involving blockchain startups, which amounted to about $545 million at the time. This foundation let the market flourish over the next year, allowing it to grow 50% and gain $1 billion over that time for from the deals. This increase in funding is a great sign that the technology is being accepted, which is also indicative of new technologies that could spawn from it. This quickly resulted in adoption to multiple other markets, even those with more traditional atmospheres.
Digital ledger technology is at the front of this innovative streak, especially considering the adoption rates. Both large firms and SMEs have been involved, including IBM, Abra, Amazon, Microsoft, Blockstream, Earthport, Asta Salotions, Coinbase, Bacoor, Blockstream, Digital Asset Holding, Bloq, BTL group, and many other companies.
When some companies are in need of burning cash, they’ll use invoice financing. This technique allows businesses to trade invoices off to financers at a discount, though they are able to cash in on the full amount later on. It’s been significantly different from Ripple, but Singapore authorities have indicated that they are leaning more towards the blockchain-based invoice trading platform that Ripple would offer.
Data management is made significantly easier with the use of blockchain technologies. Perhaps that is the reason that Singapore, along with other countries, are adopting the blockchain for their own use cases. A proof-of-concept was recently created as a joint effort between DBS Bank, Infocomm Development Authority of Singapore (IDA), and Standard Chartered Bank for their new invoice trading platform. The platform employs the use of DLT to track invoices, reduce the risk of duplication, and perform other functions, without sacrificing the privacy of customers.
Once implemented, the authority also plans to launch a platform that connects banks and financial institutions with the ability to convert their invoices into a digital asset that can be posted on the Ripple blockchain and on the distributed ledger. Right now, there is no name for the project, but sources indicate that the goal is to maintain an open ecosystem for neutral third parties and verification of trade documents.