Avanza’s Trade & Finance Projects highlighted in World Trade Organizations (WTO) latest White Paper: Blockchain & DLT in Trade
Following the launch of TFG / WTO / ICC’s publication “Blockchain & DLT in trade: A reality check” in November 2019 at the WTO Global Blockchain Forum, this updated research study provides an overview and updated periodic table.
The study outlines the main projects, categories into Supply Chain Finance, Trade Finance, Know Your Customer (KYC), Insurance, DLT Digitization of Trade Documents, Shipping & Logistics / Supply Chain, Other Initiatives and Marketplaces. The authors also mapped out 19 standardization initiatives, split by sector or process, general trade, private sector-led and regional / national initiatives, as well as the international standards bodies.
The study also contains a supplementary survey, analyzing the impact of the coronavirus pandemic on trade digitization.
Video: WTO & TFG Launches ‘Blockchain & DLT for Trade: Where do we stand?’
Authors: Emmanuelle Ganne, Senior Analyst, Economic Research and Statistics Division, World Trade Organization (WTO) & Deepesh Patel, Editorial Director, Trade Finance Global (TFG)
Special Thanks: Waqas Mirza, CEO – Avanza Innovations
- Published in Financial Regulation & Supervision, Trade & Supply Chain
Avanza Innovations delivers Blockchain based Reconciliation and Settlement project to Smart Dubai for DubaiPay
Smart Dubai on Sunday 23rd September integrated Blockchain technology into its online payment portal, DubaiPay, to allow reconciliation and settlement transactions to be performed in real time.
26th Sept, 2018; Dubai, United Arab Emirates – The Blockchain based Reconciliation & Settlement project was awarded to Avanza out of all the participants of the Dubai Future Accelerator program and the project team was formed between Smart Dubai and Department of Finance.
Avanza reduced the payment and reconciliation sequential process of 45 days, from the day a user makes a payment, to real-time. Avanza’s Blockchain based reconciliation and settlement platform on CIPHER allows reconciliation and settlement transactions to be performed accurately, efficiently and in real-time.
Avanza’s Blockchain based Reconciliation & Settlement Platform is an inter-organization solution that helps organizations reconcile financial and non-financial transactions and records in real time through a trust based network. The solution is offered in both on-premise, as well as cloud models. The solution is Blockchain agnostic and can be set up for a consortium of organizations on any of the prevailing Blockchains such as Hyperledger Fabric, Hyperledger Sawtooth, Quorum, Ethereum etc.
“We, at Smart Dubai, consider technology to be a means for us to help improve people’s quality of life and spread happiness among them. Correctly applied across various key sectors, we believe Blockchain has massive potential to achieve our emirate’s ambitions for a fully-fledged smart transformation”Smart Dubai Government Establishment (SDG) chief executive Wesam Lootah added of the “game-changing technology”:
“The DoF has to do some manual work such as exchanging files between them, banks and the entities before a final payment is made to the entity. There is no real-time monitoring of the transaction in the old system and with Blockchain, the whole process can be monitored in real time“Mira Sultan Obaid Abdul Rahman, director of smart services enablement department at Smart Dubai Government
“At Avanza we work with the region’s most forward thinking governments and organizations to bring cutting edge technologies to life. When we were set the task in August 2017 to build the region first City-Scale Blockchain solution – our R&D concluded that nothing of this scale existed from a global context. But with the SDG’s immense support and the efforts of our technology teams we were able to build and deliver a solution that is testament to Dubai’s vision to be the Blockchain capital of the world. This is no small task that has been done – we are extremely grateful to teams from DEWA (Dubai Electric & Water Authority), KHDA (Knowledge and Human Development Authority) , NI (Network International) and Emirates NBD Bank for being the first adopters and participants of this platform. We are also extremely grateful to the SDG and SDO leadership and teams who put their faith and trust in us to bring this vision to life“Mr. Waqas Mirza, CEO – Avanza Innovations
Avanza as of now, is involved in many such implementations across a number of verticals in different territories and aims to create many more success stories with our customers and partners.
Avanza in the press
- Published in Financial Regulation & Supervision
Dubai Health Authority signs MoU with Avanza
Dubai Health Authority (DHA) has signed an MoU with Avanza, as part of which Avanza’s Smart City Medical Management Platform, Acuity, will be rolled out in the city. Acuity is a smart application that gives DHA an idea of what is happening across Dubai. The MoU was signed by H.E. Humaid Al Qutami, Chairman of the Board and Director General of DHA, and Waqas Mirza, Managing Director and Chief Marketing Officer, Avanza Solutions, at the Dubai Future Accelators programme.
The system will be invaluable for Expo 2020 when the population of Dubai will grow from 3 million to 25 million over a six-month period. For clinical emergencies such as a heart attack, seconds can mean the difference between life and death. It is in these situations that the application can make timely evidence-based decisions.
Introducing AIUsing artificial intelligence the system carries out complex commands that get activated once the patient is in the ambulance. This includes looking for the closest hospital with available beds, alerting relevant hospital teams and reserving beds.
By using Acuity, a heart-attack victim would not be transferred to the emergency department but will be sent straight to the cardiac suite, saving valuable time.
Avanza has merged its knowledge of blockchain and artificial intelligence with the expertise of clinicians and emergency care specialists. In collaboration with internationally trained healthcare professionals, the project aims to link the right patient to the right location, with the right clinician.
“Innovation is at the heart of everything DHA is doing to make Dubai one of the best healthcare providers in the world,” says Al Qutami. “We are confident that Avanza’s technology and platform in conjunction with its team of medical experts will deliver a highly advanced medical nerve centre for Dubai. This will result in faster and highly efficient handling of emergency and trauma patients, thereby saving many more lives.”
“Seconds can be the difference between living, complications & death. Add to this clinical complexity, possibly a disease outbreak or a tower-block fire; any health-care system would be stretched to its limit. We strongly believe that the Acuity technology platform, with our globally trained medical experts, can facilitate clinicians to save lives”Dr. Asrar Rashid, Avanza’s Chief Consultant and Children’s Intensive Care Specialist
“Acuity is a platform that enables a city to respond to its residents in times of need. Avanza is proud to be associated with the leadership, which continues on its path to build an efficient and smart city.”Waqas Mirza, CEO, Avanza Innovations
The aim of Acuity is to match supply of critical medical facilities and equipment with real-time demand in emergency cases. In future, Acuity will be able to predict healthcare demand, allowing DHA to plan accordingly. This would ensure healthcare delivery is optimised and demand never outstrips supply.
- Published in Financial Regulation & Supervision
Dubai Government signs Blockchain MOU with Avanza
Under the leadership of His Highness Sheikh Hamdan bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, Avanza signed an MOU with Smart Dubai Office on 11th April 2017 to implement a citywide blockchain based payments platform.
Avanza’s Blockchain Platform Cipher was selected by Smart Dubai Office to deliver a Pilot Project under the Dubai Future Accelerators (DFA) program on 14th Feb 2017.
Dubai Future Accelerators is a unique program for cutting-edge entrepreneurs, in partnership with the government of Dubai, to use the city as a living test-bed for creating solutions to the global challenges of tomorrow. Launched in July 2016 by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, under the directive of His Highness Sheikh Mohammed bin Rashid Al Maktoum, The Dubai Future Accelerators pairs top companies & cutting-edge entrepreneurs with leading government entities in Dubai to create breakthrough solutions together. Unlike other programs, the uniqueness of Dubai Future Accelerators lies in its drive to not only visualize innovative ideas, but to see them become a reality implemented on a city-wide scale with an impact regionally and globally. Within the program each government entity issues a challenge addressing some of the most important opportunities of the 21st century.
Through Cipher, Avanza has successfully delivered an immutable, agile and instant reconciliation and settlement platform to Smart Dubai Office for DubaiPay payment platform. The pilot project was delivered in collaboration with Dubai Smart Government and Emirates NBD – the largest retail banking franchise in Dubai and the market leader across core business lines.
Smart Dubai Office plans to roll out Cipher across all its existing 38 partner government entities, partner financial institutions and Departments to set up the first blockchain based building block within its financial plumbing.
The MOU signed by Dr. Aisha Butti bin Bishr, Director General, Smart Dubai and Waqas Mirza, Managing Director & Chief Marketing Officer Avanza Solutions is in line with His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum’s vision to transform Dubai into the 1st Government in the world to execute all applicable transactions on the blockchain by 2020.
“We, at Smart Dubai, consider technology to be a means for us to help improve people’s quality of life and spread happiness among them. Correctly app“I am confident with Avanza’s expertise in payment solutions combined with their Cipher blockchain platform, they will support the Smart Dubai Office with technology that not only bridges current gaps but also becomes a vital piece in Smart Dubai’s roadmap for payment processes in the near future.”lied across various key sectors, we believe Blockchain has massive potential to achieve our emirate’s ambitions for a fully-fledged smart transformation”Speaking at the Signing Ceremony Dr. Aisha – Director General, Smart Dubai
“Taking on innovation led challenges is Avanza’s DNA. So much so, that we go out of our way to seek challenges that compel us to push boundaries of our imagination and competence. This passion instills into everything we do and this is why we are extremely happy and proud to be a part of this extraordinary program and take part in Dubai’s transformation to become the region’s technology and innovation hubWaqas Mirza, CEO, Avanza Innovations
- Published in Financial Regulation & Supervision