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Banks Exploring Blockchain

Blockchain Disrupting Banking

Blockchain Disrupting Banking

How blockchain technology will disrupt the banking industry. Banking is a simple business. It provides finance to companies, a safe place for their cash and facilitates payments. It is the most profitable industry sector by quite a distance even though it does not produce tangible goods. Globally banks generated profits of $920bn in 2013. Yes $920bn PROFIT according to the Financial Times and The Banker Top 1000 World Banks database! Why are banks so profitable? They hold a unique position. By virtue of their banking licenses they are at the heart of every single business and provide an important platform for global trade. They provide a more convenient alternative to physical cash. They hold the cash on behalf of their customers, effectively borrowing the money to lend on to other customers at a profit. Effectively they provide a market for money. Banking will be disrupted because it is a really simple business to disrupt. Essentially it is a data business. At the core of banking is money, the value of which is determined by the currency in which it is held. Money is represented in financial systems by data. There is phenomenal capability and potential for disruption in blockchain technology. One such example is Bitcoin. Even though its brand has been tarnished by scandal it demonstrates that crypto currencies are potentially a robust alternative to traditional currencies. It can provide payments capability at a fraction of the cost of traditional payment methods. It is already disrupting payments but the level of acceptance by businesses is quite small. The blockchain technology which is behind Bitcoin probably represents the future of banking. Blockchain principles go beyond just currency and can potentially represent an exchange of value of complex bank transaction Continue reading >>

Mclagan Investment Services | Articles

Mclagan Investment Services | Articles

In response to the many questions we received at our webinar discussing a recent white paper, Securities Services on Blockchain: A Value Analysis for Custodian Banks, we asked Alex Powell, co-author of the paper, to share his thoughts in response to the themes surrounding this important industry topic. Weve grouped the Q&A into the following themes themes: Use Cases and Opportunities, Obstacles, Incentives, Standards Needed, Regulatory Responses, Cyber-security, Potential Consequences, and The Future. You can access a copy of the original white paper by clicking here . What are the use cases that global custodians should collaboratively work on? For the most part, global custodians share common interest around elective corporate actions to reduce the risk of losing money due to operational errors. Custodian banks could use a Blockchain network to communicate details of elective corporate actions, such as rights issues and proxy votes, to clients. The present process for doing so is error-prone, with custodians paying out when an investor loses money as a result of inadequate or incorrect information. Custodians could adopt a Blockchain for this purpose. Getting issuers to publish elective corporate actions directly onto a Blockchain, however, might be a difficult step entailing the involvement of both central securities depositories (CSDs) and registrars. Another use case concerning early benefits is to pay agency for issuers. This service, offered by the corporate trust divisions of the custodians, could be more efficient if payments were made to investors on behalf of issuers via smart contracts on a Blockchain. Are custodians planning to provide custody services for digital assets, such as BTC, ETH, or ICO tokens? This is a product question for custodian banks rathe 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 >>

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 >>

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 >>

The Blockchain In Banking Report: The Future Of Blockchain Solutions And Technologies

The Blockchain In Banking Report: The Future Of Blockchain Solutions And Technologies

THE BLOCKCHAIN IN BANKING REPORT: The future of blockchain solutions and technologies This is a preview of a research report from BI Intelligence, Business Insider's premium research service. To learn more about BI Intelligence, click here . Nearly every global bank is experimenting with blockchain technology as they try to unleash the cost savings and operational efficiencies it promises to deliver. Banks are exploring the technology in a number of ways, including throughpartnerships with fintechs, membership in global consortia, and via the building of their own in-house solutions. In this report, BI Intelligenceoutlines why and in what ways banks are exploring blockchain technology, provides details on three major banks' blockchain effortsbased on in-depth interviews, and highlights other notable blockchain-based experiments underway by global banks. It also discusses the likely trends that will emerge in the technology over the next several years, and the factors that will be critical to the success of banks implementing blockchain-based solutions. Here are some of the key takeaways from the report: Most banks are exploring the use of blockchain technology in order to streamline processes and cut costs. However, they are also looking to leverage additional advantages, including increased competitiveness with fintechs, and the ability to use the technology to create new business models. Banks are starting to narrow their focus, and are increasingly honing inon tangible use cases for blockchain technology that solve real problems faced by their businesses. Regulators are taking an increased interest in blockchain technology, and they're working alongside major banks to develop regulatory frameworks. Blockchain-based solutions will start to emerge in different areas o Continue reading >>

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 >>

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 >>

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 >>

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 >>

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 >>

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 >>

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 >>

Exploring The Blockchain

Exploring The Blockchain

Blockchain has great potential to be a disruptive force in the financial sector. It is already possible to see where it might have an impact, in areas ranging from payments to settlements to smart contracts and e-identity. Blockchain, a distributed ledger technology (DLT), is based on such different principles that it forces us as a bank and as an industry to rethink the way organisations, processes and markets work. It has the potential to fundamentally change the way we think about ownership, money and risk management. Easy Trading Connect using blockchain explained 1-3-2018 - ING, Societe Generale, ABN Amro and other major industry players have a long-term ambition to improve security and operational efficiency in the commodity trading and finance sector through digitalisation and standardisation. First agricultural commodity trade through blockchain 22-1-2018 - Louis Dreyfus Company, Shandong Bohi Industry Co., Ltd, ING, Societe Generale and ABN Amro have successfully completed the first full agricultural commodity transaction using a blockchain platform. ING launches major addition to blockchain technology 16-11-2017 - ING announced the initial release of its Zero-Knowledge Range Proof solution - a specific ZKP that has been proven to be ten times more efficient than other ZKPs. This will help improve confidentiality in a public ledger at much lower operating costs. Joining forces on blockchain-based platform for energy commodities 6-11-2017 - ING is again at the forefront of the blockchain technology. This time joining forces with banks and some of the largest energy companies and trading houses to create a blockchain-based digital platform that intends to modernise and transform energy commodities trading. R3 and TradeIX develop open account trade finance infras Continue reading >>

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