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On April 26, according to the Wall Street Journal, in order to simplify the negotiations on reciprocal tariffs, US negotiating officials plan to use a new framework developed by the Office of the United States Trade Representative (USTR), which lists major categories of negotiations, such as tariffs and quotas, non-tariff trade barriers, digital trade, product origin principles, economic security and other commercial issues. In these categories, US officials will put forward specific requirements for individual countries, but people familiar with the matter emphasized that this document may also be adjusted at any time. People familiar with the matter said that the United States initial plan is to negotiate with 18 major trading partners in turn over the next two months. The initial plan is to alternately participate in the talks with six countries per week for three weeks (six countries in the first week, another six countries in the second week, and another six countries in the third week) until the deadline of July 8. If US President Trump does not extend the 90-day suspension period he set by then, those countries that cannot reach an agreement will begin to face reciprocal tariffs.On April 26, after the United States announced additional tariffs on goods from many countries, Peruvian business people expressed concerns that the US governments extreme measures would disrupt the global trade order and may even trigger a global economic recession. Alvaro Barrenechea Chavez, vice president of the Peruvian-Chinese Chamber of Commerce, said that the negative impact of the US tariff policy has begun to emerge and hoped that the US government would rethink. Recognizing the importance of countries working together to promote development, I think this is the best way to become a true "world citizen."Market news: Musks xAI company plans to raise about US$20 billion in a financing round.Conflict situation: 1. Ukrainian top commander: Russia tried to use air strikes as a cover to increase ground attacks, but was repelled by Ukraine. 2. Ukrainian Air Force: Russia launched more than 103 drones in the night attack on Ukraine. 3. Local officials said Ukraine launched an attack in the Belgorod region of Russia, killing two people. 4. The local governor said that Russia launched an attack on the Dnipropetrovsk region of Ukraine, killing one person and injuring eight people. Peace talks: 1. Trump: ① The situation between Russia and Ukraine is gradually becoming clear, and they are "very close" to reaching an agreement. ② Ukraine is unlikely to join NATO. ③ Ukraine has not yet signed the rare earth agreement and hopes that the agreement can be signed immediately. ④ It is foreseeable that the United States will conduct commercial cooperation with Ukraine and Russia after reaching an agreement. 2. Russian Foreign Minister: Russia is "ready to reach an agreement on Ukraine." 3. Russian Presidential Assistant Ushakov: Russia and the United States will continue to maintain active dialogue. 4. Russian Presidential Assistant: Putin discussed the possibility of resuming direct negotiations between Russia and Ukraine with the US envoy. 5. The differences between the United States, Europe and Ukraine are clear. The documents show that European countries and Ukraine have raised objections to some of the US proposals to end the Russia-Ukraine conflict. 6. Market news: As part of the peace agreement, the United States asked Russian President Putin to abandon the demilitarization requirement. Other situations: 1. President of Hungarys OTP Bank: We hope to return to all business areas in Russia after the (Russia-Ukraine) conflict ends. 2. Ukrainian President Zelensky: US ground forces are not necessary for Ukraine. 3. Trump said Crimea will remain in Russia, Zelensky: Never recognize it. Agreeing with Trumps view, Crimea cannot be recovered by force. 4. NATO Secretary-General Rutte met with Trump and senior US officials to discuss defense spending, NATO summit, and the Ukrainian conflict.Rising global trade risks, overall policy uncertainty and the sustainability of U.S. debt top the list of potential risks to the U.S. financial system, according to the Federal Reserves latest financial stability report released on Friday. This is the first time the Fed has conducted a semi-annual survey on financial risks since Trump returned to the White House. 73% of respondents said that global trade risks are their biggest concern, more than double the proportion reported in November. Half of the respondents believe that overall policy uncertainty is the most worrying issue, an increase from the same period last year. The survey also found that issues related to recent market turmoil have received more attention, with 27% of respondents worried about the functioning of the U.S. Treasury market, up from 17% last fall. Foreign withdrawals from U.S. assets and the value of the dollar have also risen on the list of concerns.

The Role of Blockchain in Finance

Aria Thomas

Mar 24, 2022 14:13

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Blockchain has enormous potential advantages for enterprises. The issue is whether they will take advantage of them.


The financial sector is being disrupted by the fast use of blockchain technology and cryptocurrencies.


According to CoinMarketCap, the crypto market – which currently contains over 9,800 digital assets – has a collective valuation of $1.25 trillion, overtaking Apple on its way to overtake gold ($11.65 trillion).


At the same time, a new analysis predicts that the blockchain industry will increase from $2.01 billion in 2019 to $69.04 billion by 2027, with a compound annual growth rate (CAGR) of 56.1 percent.


It is now obvious that distributed ledger technology (DLT) is in considerable demand.


But how may blockchain and crypto assist financial institutions in increasing company efficiency?

Blockchain Is More Than Cryptocurrency

The first thing that most people think of when they hear the term "blockchain" is cryptocurrency.


Indeed, blockchain is the underlying technology of crypto, powering practically all digital assets on the market while encouraging transparency, high security, peer-to-peer (P2P) transactions, and decentralization.


However, blockchain is more than just cryptocurrency transactions. DLT, on the other hand, may be applied in practically any industry involving data transmission and information processing.


As a result, many businesses are contemplating or have already used blockchain technology to improve their business operations.


Despite the fact that DLT is still in its early stages, there are several instances of significant organizations embracing blockchain for real-world use-cases.


Walmart, for example, has collaborated with IBM and Unilever to use the Hyperledger Fabric blockchain to manage product supply chains.


IBM has its own blockchain, and the global technology company has emerged as a top B2B distributed ledger technology vendor in recent years.


Real-world blockchain applications are becoming more common, with a rising number of businesses incorporating DLT-based solutions into their business operations to improve efficiency.


Businesses may create trust, attract new consumers, and strengthen the loyalty of their current clients via transparency in a decentralized environment, which can now follow their goods to judge their quality through the blockchain.


In China, the apparel retailer H&M collaborated with the blockchain platform VeChain to build a similar solution.


Customers may get precise information on the manufacture of branded garments by just scanning a QR code with their smartphones thanks to the use of DLT. Additionally, customers may see films of how the things in the shops were manufactured at the facilities.

The Power of Blockchain

As you can see, blockchain is a great commercial tool.


And for good reason: DLT provides substantial advantages to both service providers and end users as compared to conventional systems.


Because of its transparency, blockchain technology enables data to be traced from beginning to end, reducing the need for consumers to place blind confidence. At the same time, it provides a means for companies to attract additional customers.


Furthermore, since blockchain transactions are peer-to-peer, no middlemen or any third parties are required. As a consequence, by speeding and automating processes with smart contracts, businesses may drastically cut their operating expenses while enhancing corporate productivity.


Despite the fact that blockchain transactions are traceable and visible, consumers do not know the true people behind the transfers, making them more private than conventional systems.

How Companies Are Using Cryptocurrency?

Blockchain and cryptocurrency often coexist.


As a result, more firms are increasingly looking towards crypto as an asset class for investment.


Since 2020, we've seen this become an increasing trend not just among private and digital asset enterprises, but also among publicly listed corporations.


MicroStrategy, Tesla, and Square, for example, have invested $2.24 billion, $1.5 billion, and $220 million in BTC, respectively.


But what if companies opted to use cryptocurrencies for payment as well?


The fact is, many of them have already done so.


Aside from the travel sector, where digital assets have seen growing payment usage (e.g., Expedia, airBaltic, LOT Polish Airlines), big corporations such as Microsoft, Starbucks, AXA Insurance, and others have embraced crypto as a payment mechanism for their products.


Furthermore, although PayPal has already integrated crypto transaction functionality, Visa and MasterCard are competing to integrate digital asset settlement into their huge payment networks.

Financial Sovereignty is Promoted by Cryptocurrency

When compared to fiat currency, crypto has three major advantages: autonomy, convertibility, and decentralization.


Blockchain networks are very robust to network failures and do not need third-party intervention to function.

As a result, cryptocurrencies are practically immune to government intervention, which has the potential to cause major breakdowns in the monetary system, which may often lead to economic crises.


Furthermore, as the market matures, it has become much simpler to swap fiat cash for crypto with just a tiny charge.


As a result, cryptocurrency may be efficiently utilized for cross-border transactions, which often offer considerably quicker settlements and lower costs than conventional international transfers (particularly for payment-optimized assets like XRP or XLM).

Blockchain technology is still being researched.

Nonetheless, despite its early stage of development, DLT already has a lot to offer enterprises eager to embrace it.


Furthermore, when more of blockchain's potential is realized, we will surely see significant changes in the financial industry and many other industries as important participants strive for improved operational efficiency.