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Banks Exploring Blockchain

Blockchain Technology In Banking & Finance

Blockchain Technology In Banking & Finance

How Blockchain Technology Spawned Virtual Currencies Blockchain technology, less commonlyknown asdistributed ledger technology (DLT), is the underlying foundation that can create shared digital databases of entries that are unchangeable. Initially, the tech's developers conceived it as a way to centralizerecord-keeping (particularly of financial transactions) without the need for authorization by an thirdparty. Instead, multiple users with access to the data confirm the records. Blockchain started to gather mainstreamattention in 2009 when it becamethe underlying technologythat powers the cryptocurrency Bitcoin. Blockchain technology proponents believe it can be used to create secure and convenient alternatives to time-consuming and expensivebanking processes. And this theory seems to be gaining traction, as almost every major bank around the world is testing it. For example, banks are trying to create systems that decrease the number of participants involved in transactions. But some have invested more heavily than others. Some are investing in blockchain startups. Others are partnering with fintech companies that use blockchain (in fact, nearly all blockchain-based proofs of concept (POCs) developed by banks have been undertakenin conjunction withfintech partners.) And finally, multipleglobal banks including UBS, Goldman Sachs, and Morgan Stanley have published research on blockchain technology through in-house efforts; however, this research is mostly limited to explaining technical detailsand exploring theoretical use cases. Few banks to this point have constructedtheir own blockchain-based systems or in-house technology without the aid ofbanking or fintech partners. But a handful of largeglobal banks with the necessary resources to research and build large-scale p Continue reading >>

Central Banks Seen Using Blockchain Settlements This Decade

Central Banks Seen Using Blockchain Settlements This Decade

Bloomberg the Company & Its Products Bloomberg Anywhere Remote LoginBloomberg Anywhere Login Bloomberg Terminal Demo Request Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Central Banks Seen Using Blockchain Settlements This Decade Adoption between one to five years away, Ripple CEO says Signals Ripple could make acquisitions using its XRP coin MAS' Mohanty on Fintech, Blockchain, Big Data Its only a matter of time before central banks adopt blockchain to settle high-value, interbank fund transfers, according to the head of Ripple , whose technology has won support from former Fed Chairman Ben S. Bernanke. As the technology, which is based on encrypted distributed ledgers, catches on, central banks around the world will be afraid to miss out, Ripple Chief Executive Officer Brad Garlinghouse said Thursday in an interview with Bloomberg. Once that movement takes hold, that acceleration goes quickly, Garlinghouse said on the sidelines of the Singapore FinTech Festival. Is it one year or is it five years? Its probably somewhere in between. His opinions carry some weight, as the head of a payments-focused blockchain developer thats tied to the fourth-largest cryptocurrency by market value. Ripple worked recently on a blockchain trial with the Bank of England and earlier this month hosted officials from more than two dozen central banks at a The San Francisco-based startup helps financial institutions process global payments using blockch Continue reading >>

Central Banks Explore Blockchain To Create Digital Currencies

Central Banks Explore Blockchain To Create Digital Currencies

Central banks explore blockchain to create digital currencies Trailblazers including UK, Russia, China seek to cash in on bitcoin breakthrough What was mispronounced? Optional: help us by adding the time Give us your feedback Thank you for your feedback. If you cant beat them, join them, could well be the mantra for the worlds central bankers. Having watched as bitcoin went from obscure experiment in digital money to a currency with a market value of almost $10bn, they themselves are now experimenting with digital currencies rather than waiting idly to be swept away by the tide of technology. Countries around the world the UK, Russia, Canada , Australia, China and many more are examining how they might mint their own digital currencies and put money on the blockchain. Efforts have intensified this year, although research is still at an early stage and many puzzles have yet to be worked out. But most agree on one thing: that the world is moving towards use of digital currencies. Within the Bank of England, a team is already considering what a central bank-issued digital currency could mean. The technology is moving quickly, says Victoria Cleland, chief cashier, in her glassed-walled office inside the fortress-like Bank. A lot of people think central banks are very risk averse, but we are thinking, Are there opportunities to grasp innovation ourselves? In assessing the risks and benefits, the central bank is canvassing the views of counterparts in other countries, academics and commercial banks to work out answers to the big questions. It needs to know how turning its cash digital would affect the economy and financial stability, as well as determine whether the technology would be robust enough to stand up to hackers and serve the UKs 65m people. This isnt something we Continue reading >>

Exploring Blockchain-based Solutions Over Banks

Exploring Blockchain-based Solutions Over Banks

Exploring Blockchain-Based Solutions Over Banks The business climate today has adapted the virtual world where startups are now seen as the best form of entrepreneurship. Truly one can see how our society values the internet from shopping to booking travels to transacting business today. Now that we have seen the benefits of the online community (faster and flexible public space), it is believed that this is the time to start building digital currencies, such as the cryptocurrency, in an online commercialized structure. UTRUST , a fintech cryptocurrency solutions company, is on the verge of making cryptocurrency payments a norm. With its new PayPal-like platform, the UTRUST payment solution ensures that the interests of both users and merchants are protected. They have created one of the first cryptocurrency payments processing that built in consumer protection features. The implementation of Blockchain technology enables UTRUST to offer an extensive benefits for users including lower buyer purchase risk, low exchange fees, support for multiple cryptocurrencies and a decentralized UTRUST token with its value linked to the platforms projected growth. Blockchain technology , which is the backbone of Bitcoin, is considered to be one of the hottest and most intriguing digital tools in the market. Similar to the rising of the internet, Google searches for Blockchain have risen 1900%. The Blockchain has the potential to truly disrupt multiple industries and make transactions more efficient, secure and transparent. Startup companies, the government, world organizations, investors and entrepreneurs have all identified the Blockchain as a revolutionized technology. The Blockchain is basically a distributed database. You can compare it with a global spreadsheet that runs on mill Continue reading >>

Bank Of Canada Exploring Blockchain Technology For Securities

Bank Of Canada Exploring Blockchain Technology For Securities

The subject who is truly loyal to the Chief Magistrate will neither advise nor submit to arbitrary measures. Proponents argue that blockchain can make transfers across borders instantaneous and make the financial system far more efficient The Bank of Canada is partnering with TMX Group and Payments Canada to explore how blockchain technology could be used to speed up the clearing and settling of securities. Blockchain technology, which underlies cryptocurrencies such as Bitcoin, allows data and assets to be transferred online without the need for intermediaries. Transactions are recorded using cryptography and stored in a distributed ledger. The central bank's senior deputy governor Carolyn Wilkins announced the initiative at the SIBOS conference in Toronto Tuesday. The project marks the third phase of the central bank's Project Jasper research initiative, which was launched in March of 2016. The first two phases of the project focused on the clearing and settlement of high-value interbank payments using distributed ledger, or blockchain, technology. The third phase will involve creating a proof of concept for the automation of the securities settlement process. Ms. Wilkins added that the Bank of Canada is also studying whether the central bank should issue its own digital currency. Follow Alexandra Posadzki on Twitter @alexposadzki Continue reading >>

Goldman Sachs Exploring Bitcoin Trading Operation

Goldman Sachs Exploring Bitcoin Trading Operation

Goldman Sachs exploring bitcoin trading operation Goldman Sachs is looking into a new operation for trading bitcoin and other digital currencies. "In response to client interest in digital currencies, we are exploring how best to serve them in this space," a Goldman spokeswoman said. Unlike JPMorgan Chase CEO Jamie Dimon, who called bitcoin a "fraud," Goldman's technical strategist has published analyses on bitcoin's price. Goldman Sachs is considering the launch of a new trading operation focused on bitcoin and other digital currencies, a company official said. The investment bank's exploration of a digital currency trading business is still in early stages and may not amount to anything substantial. "In response to client interest in digital currencies, we are exploring how best to serve them in this space," a Goldman spokeswoman said in a statement. Goldman Sachs has taken a more serious look at bitcoin than its peers on Wall Street. Sheba Jafari, vice president on the bank's FICC Market Strats team, was the only representative from a major Wall Street firm to issue reports on bitcoin's price as the digital currency soared earlier this year. Reports from Morgan Stanley and a few other major banks have tended to focus more on the potential applications of blockchain, the technology behind bitcoin that eliminates the need for third-party intermediaries to transact money. Goldman also has a lavish web page explaining blockchain. Top names on Wall Street are divided on whether bitcoin's development is a good thing. On the other hand, Morgan Stanley CEO James Gorman said last week that digital currencies like bitcoin are "more than just a fad." Bitcoin briefly multiplied five times in price this year from below $1,000 to above $5,000. Although the digital currency plunge Continue reading >>

Japanese Banks Exploring Own Cryptocurrency Called The J-coin

Japanese Banks Exploring Own Cryptocurrency Called The J-coin

Japanese banks are looking to launch their own digital currency called the J-Coin to wean consumers off cash. Mizuho Financial Group is one of the institutions spearheading the move. "The project is in the early stages, and we have just held study meetings with other institutions," a spokesperson for the bank told CNBC via email Wednesday. The Financial Times reported Tuesday that a consortium of banks including Japan Post Bank was involved and that the J-Coin would launch in time for the Tokyo Olympics in 2020. The Mizuho spokesperson declined to comment on the involvement of other banks or the timeline. However, the spokesperson told CNBC that there hasn't been any approval from regulators yet and provided more details on the plans for the digital currency. "This will be pegged with Japanese Yen, and hopefully used to make payments and transfers through a mobile phone app," the bank said. Mizuho has been exploring the digital currency space for the past few months. It has had a particular interest in blockchain technology that underpins the cryptocurrencies currently on the market. Blockchain is a distributed ledger system that promises to revolutionize many processes at large financial institutions, such as money transfers and trade finance, for example. Earlier this year, Mizuho completed a trade finance transaction via a blockchain. This involved sending information from Japan to Australia with key documents such as the letter of credit, all being completed on a digital platform backed by blockchain technology. Japan's government has also been open to the idea of digital currencies. Earlier this year, bitcoin was legalized as a legal payment method in Japan and large retailers began accepting the cryptocurrency. But cash is still heavily used in Japan. The J-Coin Continue reading >>

Taiwans New Central Bank Chief Talks Blockchain For Payments

Taiwans New Central Bank Chief Talks Blockchain For Payments

Taiwans New Central Bank Chief Talks Blockchain for Payments Join our community of 10 000 traders on Hacked.com for just $39 per month. Taiwans incoming central bank chief has revealed the bank will explore blockchain applications in its operations including payments. Speaking this week during a ceremonial swear-in, Taiwans new central bank governor Yang Chin-long said the authority will embrace new technologies while proactively researching and adopting innovations in artificial intelligence (AI), big data and blockchain technology. Yang, 64, who previously served as an economic researcher at the central bank in the 90s, pointed to the lack of impact by financial technologies on Taiwans policies despite their rapid advent globally in recent years. Future developments, however, could restructure the entire financial industry and the countrys currency policy. The central bank will adopt an open mind to accept new ideas, the new central bank chief added, specifically pointing to three technologies in big data, AI and artificial intelligence. The first two would enable the bank to analyze and effectively determine patterns in Taiwans economic and financial conditions, he said. In roughly translated statements on blockchain technology, he notably added: The Bank will also try to explore the feasibility of enhancing the security and efficiency of payments systems using decentralized blockchain technology. The remarks represent the first known instance of Taiwans central bank foraying into exploring blockchain technology. Like other endeavors by global counterparts elsewhere, its significant that the decentralized tech is particularly earmarked for supporting a core banking process in payments. Furthermore, Taiwan will look to embrace cryptocurrencies and ICOs in a move to f Continue reading >>

Taiwanese Central Bank Sees Future In Blockchain For Payment Systems

Taiwanese Central Bank Sees Future In Blockchain For Payment Systems

Taiwanese Central Bank Sees Future In Blockchain For Payment Systems The new governor of Taiwans central bank, Yang Chin-long, said in his welcome speech that the bank will be willing to explore Blockchain technologies. Yang Chin-long, the new governor of Taiwans central bank, indicated in a speech yesterday, Feb. 26, that the bank would be open to exploring Blockchain technologies. At the end of January, Taiwanese capital Taipei had announced that they intended to turn into a smart city , utilizing Blockchain for providing technological advances like pollution sensors and health history tracking to citizens by partnering with IOTA . During his speech at the presidential handover ceremony, Yang Chin-long said that the central bank will be open to [adopting] artificial intelligence technologies and big data analysis to better predict and analyze global economic conditions: In addition, the bank will also try to explore the feasibility of enhancing the security and efficiency of payment systems using decentralized ledger technology [Blockchain]. Continue reading >>

The Ukrainian Central Bank Is Expanding Its Blockchain Team

The Ukrainian Central Bank Is Expanding Its Blockchain Team

The Ukrainian Central Bank Is Expanding Its Blockchain Team Dec 4, 2017 at 10:00 UTC |UpdatedDec 4, 2017 at 14:18 UTC The National Bank of Ukraine is expanding the team working to move the country's national currency, thehyrvnia, to a blockchain. Revealed in an email to CoinDesk, the number of people added and who they are is being kept private for now, but the expansion shows a level of intent that hasn't been seen at many other central banks. "Today, we've reinforced our team with world-class professionals and are optimistic that the project will get a boost in upcoming months," wrote Yakiv Smolii,acting governor of the central bank. While the details of the team were not made public, CoinDesk last week reported that Ukraine-based Distributed Lab is helping with the build. Distributed Lab's founder, Pavel Kravchenko, confirmed that the startup is at least partly "responsible for [the] architecture, blockchain research and development and security analysis" of the institution's initiative. Central banks across the globe have been discussing and exploring blockchain technology for its ability to more efficiently track funds and reduce the expenses of commercial banks. For instance, the People's Bank of China has deemed the creation of a fiat-based cryptocurrency a " crucial " financial development. But still, the National Bank of Ukraine gave a more detailed vision of its undertaking to create a "national digital currency," that makes its work less theoretical than others. "National bank of Ukraine is looking forward to implementation of e-hryvnia based on blockchain technology. We consider blockchain as the next step in evolution of transactions technologies, which will become more popular and widespread during the next decades." The central bank formally began workin Continue reading >>

These Startups Are Using Blockchain To Change Digital Banking In India

These Startups Are Using Blockchain To Change Digital Banking In India

These Startups Are Using Blockchain To Change Digital Banking In India I cover startups & enterprises in India and the UAE. Opinions expressed by Forbes Contributors are their own. In 2016, over 32 blockchain firms were founded in India, according to audit and consultancy firm PwC. (Photo courtesy: Shutterstock) After years of talk and hype, Indian banks are slowly taking the first steps toward moving a significant piece of financial infrastructure onto a so-called blockchain -- the engine that drives the cryptocurrency Bitcoin.Last October, ICICI Bank carried out Indias first international trade transaction and overseas remittances using blockchain. Since then YES Bank, Kotak Mahindra Bank and Axis Bank have also started harnessing the technological concepts underlying Bitcoin. Financial institutions around the world have long been fascinated by blockchain technology -- created by a network of computers, where each transaction made has a digital signature that cannot be forged --as it introduced a new way of executing and recording financial transactions without a central authority. Over the past two years, startups have begun throwing their weight around blockchain technology vying with giant Indian IT service providers such as Infosys and TCS, to create core banking platforms. Primechain Technologies, a one-year-old startup, has created a Bankchain for banks to explore, build, and implement blockchain solutions in areas such as anti-money laundering, cross border payments, asset registry and syndication of loans.Blockchain technology has gained traction in the banking sector in India, says Rohas Nagpal, cofounder of the company. In a year, we managed to have 24 members, including State Bank of India. We hope to grow to 750 members by 2019, headds. For runningbackgro Continue reading >>

Ripple Exploring Blockchain Technology Solutions With Central Banks

Ripple Exploring Blockchain Technology Solutions With Central Banks

By UseTheBitcoin in Cryptocurrency News Home Ripple and a dozen Central Banks met at Carnegie Hall in New York City to discuss about possible solutions and implementations of Blockchain Technology in the payment industry. The intention is to explore the new fintech technologies in order to enable the next generation of payments. The International Monetary Fund (IMF) was present in the meeting and opened the summit with a presentation about the fin-tech and blockchain potential in the banking sector. As fin-tech innovations gather pace, boundaries are blurring between intermediaries, markets, and new service providers. Barriers to entry are changing, being lowered in some cases but increased in others, especially if the emergence of large closed networks reduces opportunities for competition; but trust remains essential, the FMI staff read for the audience. As Ripple was hosting the event, its CEO Brad Garlinghouse gave a speech to the public. The summit provided an opportunity to explore the full payments landscape: central banks domestic trials, Ripples growing cross border network and interoperability across systems. Together, these form the beginning of an Internet of Value, where payments move as easily as the data across the internet, Mr. Garlinghouse said. According to Ripple, value should be exchanged as quickly as information moves on the internet. At the moment, international payments are difficult to perform, they have high fees and they can take several days in order to be performed. With the Internet of Value, international transactions could happen instantly. But Internet of Value incorporates not only money, but also stocks, votes, frequent flyer points, securities, intellectual property, music, and much more things. All of this can be performed and devel Continue reading >>

Blockchain Technology For Banks | Accenture

Blockchain Technology For Banks | Accenture

How banks are building a real-time global payment network One of the most talked-about topics in the financial services industry today is blockchain. If fully adopted, it will enable banks to process payments more quickly and more accurately while reducing transaction processing costs and the requirement for exceptions. However, to capitalize on this potential, banks need to build the infrastructure required to create and operate a true global network using solutions based on this transformative technology. Our survey found that blockchain use is, indeed, top of mind among banking executives who lead payments businesses. Perhaps most critically, the survey revealed what executives believe must happen for blockchain to gain prominence globally. Thirty-two commercial banking professionals were interviewed to learn about the potential of blockchain / distributed ledger technology. Banks are definitely interested in blockchain. However, most banks we surveyed are still in the early stages of adoption, with about three-quarters either involved in a proof-of-concept, formulating their blockchain strategy, or just beginning to look into it. Regardless of progress, the most prevalent use cases banks are studying involve intra-bank cross-border transfers. Cross-border remittances, corporate payments, and inter-bank cross-border transfers are receiving comparatively less attention. But wherever they hope to deploy blockchain, executives expect a wide range of benefits, including lower costs, quicker settlement, fewer errors and exceptions, and new revenue opportunities. Nine in 10 executives said their bank is currently exploring the use of blockchain. A global network is critical to helping banks use blockchain to help transform payments at scale and help reduce risk of failure Continue reading >>

The Hype Around Central Banks, Digital Currencies, And Blockchains

The Hype Around Central Banks, Digital Currencies, And Blockchains

The hype around central banks, digital currencies, and blockchains There has been a lot of hype around central banks, interbank payments, blockchains, and central bank digital currencies (CBDCs), but the narrative has become confusing and often misses the point. Whats going on? Actually two independent things are being actively explored: Decentralisation of interbank payment systems Wider access to digital central bank money (Central Bank Digital Currencies CBDCs) Decentralisation of interbank payment systems Interbank payment systems, both real time gross settled (RTGS), and deferred net settled (DNS), are centrally run and managed by a central bank or a delegate. For a primer on these, please see a gentle introduction to interbank payment systems . These crucial systems are very efficient they should be, as economies rely on them to run smoothly. In general they work well, so why on earth would you want to decentralise them? Why not leave them alone? Because things can, and do, go wrong. Centralised systems are also single points of control and potential failure. Pub quiz: What do the Reserve Bank of Zimbabwe and the Bank of England have in common? Both have both suffered RTGS failures in the past decade. In January 2008, Zimbabwes RTGS system (with data centres in South Africa!) failed, leaving electronic payments in limbo: More famously in October 2014, the Bank of England CHAPS system failed for a day causing slight chaos: people couldnt buy houses, large invoices couldnt be settled. Alan Greenspan, Chairman of the US Federal Reserve 1987-2006, wrote in his 2007 book The Age of Turbulence: We had always thought that if you wanted to cripple the U.S. economy, you would take out the payment systems. Banks would be forced to fall back on inefficient physical transfer Continue reading >>

Banking Is Only The Beginning: 30 Big Industries Blockchain Could Transform

Banking Is Only The Beginning: 30 Big Industries Blockchain Could Transform

Banking Is Only The Beginning: 30 Big Industries Blockchain Could Transform Banking and payments aren't the only industries that could be affected by blockchain tech. Law enforcement, ride hailing, and manyother sectors could also have blockchain in their future. Bitcoin and other virtual currencies are made possible by whats known asblockchain technology. Blockchain isessentially a global public ledger capable of automatically recording and verifying a high volume of digital transactions, regardless of location. Bitcoins popularity is proving blockchains usefulness in finance, but entrepreneurs have come to believe blockchain could transformmany more industries. Ultimately, the use cases for a transparent, verifiable register of transaction data are practically endless especially since blockchain operates through a decentralized platform requiringno central supervision, while still remaining resistant to fraud. As startups use blockchain to drive greater transparency and veracity across the digital information ecosystem, theyre boosting awareness of the technology in sectors ranging from payments to public policy.Here are the latest innovative wayscompanies are harnessing the power of global blockchain. Become an expert on blockchain in this live briefing. Well provide the definitions and analogies you need to know for bitcoin, blockchain, cryptocurrencies, and more. From a macro perspective, banks serve as the globalstorehouses and transfer hubs of value. As a digitized, secure, and tamper-proof ledger, blockchain could serve thesame function, injecting enhanced accuracy and information-sharing into the financial services ecosystem. Swiss bank UBS and UK-based Barclays are both experimenting with blockchain as a way to expedite back office functions and settlement, w Continue reading >>

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