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Santander Becomes First Uk Bank To Introduce Blockchain Technology For International Payments With The Launch Of A New App

Santander Becomes First Uk Bank To Introduce Blockchain Technology For International Payments With The Launch Of A New App

Santander becomes first UK bank to introduce blockchain technology for international payments with the launch of a new app Santander is the first UK bank to use Blockchain technology to transfer live international payments Payments of between 10 and 10,000 can be made, around the clock at any time of the day The long wait for international payments to be processed is over, funds will appear in the recipients account the next working day 27 de mayo de 2015. Santander is pleased to be the first UK bank to introduce Blockchain technology which facilitates international payments, through a new app. It is currently being rolled out as a staff pilot, with the intention to expand the technology at a later date. Once the app is downloaded, users need to complete their profile details and can then start to make payments. It connects to Apple Pay, where users can confirm payments securely using Touch ID. It lets users transfer between 10 and 10,000 and payments can be made from GBP to EUR and USD. Currently, payments made in EUR can be sent to 21 countries and US Dollar payments to the USA only. The Blockchain technology underpinning the app is provided by Ripple, a company which Santander Innoventures has also invested in. Working with Ripple builds on Santanders philosophy of collaborating with the most innovative companies to consistently provide better services to customers. Sigga Sigurdardottir, Head of Customer and Innovation at Santander said: The need for finance has evolved from providing a physical Pound in your pocket or card in your purse, where you pay at a till, to being seamlessly integrated into a new, always on, connected lifestyle. At Santander we work hard to ensure our banking is simple, personal and fair and believe new Blockchain technology will play a tran Continue reading >>

Nri To Conduct Proof Of Concept For Applying Blockchain Technology To Banking

Nri To Conduct Proof Of Concept For Applying Blockchain Technology To Banking

NRI to Conduct Proof of Concept for Applying Blockchain Technology to Banking NRI to Conduct Proof of Concept for Applying Blockchain Technology to Banking TOKYO, December 16, 2015 - Nomura Research Institute (NRI), a leading provider of consulting services and system solutions, today announced it will develop a proof of concept (PoC) for implementing blockchain*1 technology with banking, in collaboration with SBI Sumishin Net Bank, Ltd. (SBI Sumishin). This study aligns with NRI's dedication to promoting open innovation for new ventures, and is one of the first studies to be conducted with an internet banking firm to independently examine ways to apply blockchain technology to banking infrastructure. In October 2015, NRI also initiated a PoC for blockchain technology, focusing on the securities industry . The PoC will examine business scenarios and validation items, prepare prototype systems based on these anticipated business scenarios and materialize ways to apply blockchain technology for banking. Dragonfly Fintech Pte. Ltd.*2, an expert in blockchain technology development, will provide NRI and SBI Sumishin with the technology necessary to conduct the study. "This PoC is a strong example of NRI's continued commitment to open innovation, through collaborations with various firms, to create new value in the marketplace," said Minoru Yokote, Senior Managing Director of NRI. "NRI is committed to examining technical challenges of blockchain and suggesting ways to apply this technology to the banking industry." *1blockchain: Underlying distributed ledger technology that supports the exchange of crypto currency and cryptographically secured financial assets. *2Dragonfly Fintech Pte. Ltd.: Founded in August 2015 by Makoto Takemiya who is the core developer of NEM. NEM is Continue reading >>

Expert Q&a On Blockchain Technology In Banking And Financial Services

Expert Q&a On Blockchain Technology In Banking And Financial Services

This article was published onAugust 9, 2016 by Practical Law Finance . 2016 Thomson Reuters. All rights reserved. It is reprinted here with permission. Also, published in the November 15,2016 (Fall 2016) issue of Commercial Law Newsletter, a joint newsletter published bythe Commercial Finance and Uniform Commercial Code Committees of the ABA Business Law Section. A blockchain is a type of database. At a basic level, it is as simple as that. What makes a blockchain different from most other databases is the way in which a user interacts with it. For example, common attributes of a blockchain database are that it is distributed and self-proving. Distributed means that copies of a blockchain can be kept and maintained by many people or organizations and no copy is the master or lead copy. Self-proving means that from merely looking at a blockchain, the user can tell whether the data in that blockchain is correct or whether it has been tampered with. Blockchains can potentially serve at least two functions: First, a blockchain provides a self-contained record of a transaction or series of transactions. Second, a blockchain can serve as a store of value. A well-known example of a blockchain application is the cryptocurrency Bitcoin. Bitcoin uses blockchain both for recordkeeping and as a store of value because the entries in a Bitcoin blockchain have their own intrinsic value. What Does It Mean to be a Distributed and Decentralized Database? The original creator of a blockchain creates the first entry in a blockchain. The original creator can then establish rules for adding new entries to that blockchain and can make it public and available for copying by anyone on the internet. After that anyone can create their own clone of that blockchain and, with the right software tha Continue reading >>

Blockchain As The Newest Regtech Application The Opportunity To Reduce The Burden Of Kyc For Financial Institutions

Blockchain As The Newest Regtech Application The Opportunity To Reduce The Burden Of Kyc For Financial Institutions

Blockchain as the Newest Regtech Application the Opportunity to Reduce the Burden of KYC for Financial Institutions Home Blockchain as the Newest Regtech Application the Opportunity to Reduce the Burden of KYC for Financial Institutions The aim of this paper is to provide insight into the regulatory landscape surrounding much criticized regulatory reporting and know your customer (KYC) requirements for financial institutions and to describe how regulatory technology can be used for improvement. In terms of potential cost reduction, efficiency gains, and customer satisfaction, significant benefits are to be expected from (regulatory) technology in this domain. Additional factors that will shape the future financial environment are taken into account. First a general summary of upcoming regulation, regulatory technology, blockchain, and KYC are outlined. Subsequently blockchain application in the field of KYC is explained, including an overview of the major benefits and related challenges. The backlash of the 2008 financial crisis and new technology are the main drivers that have given shape to the new paradigm in the financial industry. Regulators maintain record-low interest rates while establishing a firm legal grip on financial institutions. On top of this, technological innovations lead to changed demands and new forms of competition. Recently FINTECH (financial technology) companies, whose business model revolves around providing automated alternatives to mainstream banking products, have received much attention. With their offer they appeal to the younger generation millennials) of customers that demands quick, digital, and personalized service. Surveys confirm that this generation has alow degree of trust in traditional banks, which makes them receptive to those Continue reading >>

How The Blockchain Will Transform Everything From Banking To Government To Our Identities

How The Blockchain Will Transform Everything From Banking To Government To Our Identities

How The Blockchain Will Transform Everything From Banking To Government To Our Identities Father and son duo Don and Alex Tapscott have impeccable timing. Just as their new book, Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, And The World , came out, ventures centered on blockchain, the technology behind Bitcoin, were in the news including the DAO, the most funded crowdfunded project in history , which had raised $147 million as of press time. But the seeds of their book were first planted back in 2013 when Alex began hearing about Silk Road. I approached it with some level of caution, but the deeper I got the more convinced I became that this technology held the potential to be a really big deal and to transform a lot of industries, he says. At the time, Don was running a $4 million research project called Global Solution Networks at the University of Toronto on new ways of doing global problem solving, including Bitcoin. Since Alex, a former investment banker who now heads up blockchain advisory firm Northwest Passage Ventures, had almost a decade in financial services, he wrote the2014 paper, A Bitcoin Governance Network , which in turn led to their book deal. Additionally, Don, CEO of Tapscott Group, who, in 1994, had written one of the first books on the web and business, The Digital Economy. In 2013, he was working on some mini-chapters for the 20th anniversary. He realized that he had written that it was possible the internet would be captured by powerful forces and the benefits will be asymmetrical, leading ultimately not to prosperity but growing social inequality, he says. Realizing hed been on the mark, he began considering technologies that could help create a more prosperous world, which piqued his curiosity in Bitco Continue reading >>

Blockchain Application And Outlook In The Banking Industry

Blockchain Application And Outlook In The Banking Industry

Blockchain application and outlook in the banking industry Blockchain technology is a core, underlying technology with promising application prospects in the banking industry. On one hand, the banking industry in China is facing the impact of interest rate liberalization and profit decline caused by the narrowing interest-rate spread. On the other hand, it is also affected by economic transformation, Internet development, and financial innovations. Hence, the banking industry requires urgent transformation and is seeking new growth avenues. As such, blockchains could revolutionize the underlying technology of the payment clearing and credit information systems in banks, thus upgrading and transforming them. Blockchain applications also promote the formation of multi-center, weakly intermediated scenarios, which will enhance the efficiency of the banking industry. However, despite the permissionless and self-governing nature of blockchains, the regulation and actual implementation of a decentralized system are problems that remain to be resolved. Therefore, we propose the urgent establishment of a regulatory sandbox and the development of industry standards. Blockchain is currently a concept that has received significant attention in financial technology (FinTech). It combines several computer technologies, including distributed data storage, point-to-point transmission, consensus mechanisms, and encryption algorithms. It has also been identified as a disruptive innovation of the Internet era. However, as blockchain is a major breakthrough in data storage and information transmission, it might fundamentally transform the existing operating models of finance and economy, which might lead to a new round of technological innovations and industrial transformation within the 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

A vertical stack of three evenly spaced horizontal lines. * Copyright 2018 Business Insider Inc. All rights reserved. Registration on or use of this site constitutes acceptance of our 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 through partnerships with fintechs, membership in global consortia, and via the building of their own in-house solutions. In this report, BI Intelligence outlines why and in what ways banks are exploring blockchain technology, provides details on three major banks' blockchain efforts based 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 in on 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 Continue reading >>

Blockchain Technology Is The Coolest Thing In Indian Finance Right Now But Nobody Really Gets It

Blockchain Technology Is The Coolest Thing In Indian Finance Right Now But Nobody Really Gets It

Heres an explanation of how blockchain technology works by Quartz writer Joon Ian Wong : A blockchain is a digital registry that cant be tampered with. It provides a mechanism for various parties to agree on a set of facts. It prevents those parties from making false statements, since everyone else can check the facts; it also prevents statements from being changed after theyve been recorded, since all parties are alerted to these changes. With bitcoin, for instance, the blockchain acts as a ledger of every transaction, thus, providing proof of who owns how many bitcoins. Bitcoins, though, use a public blockchain technology which anyone can access to transact. Banks, on the other hand, are creating private blockchain technologies which gives network access to a limited number of parties involved in the transactions. In India, while 56% of the companies surveyed by PwC said that blockchain is a part of their innovation strategy, not many have actually implemented it. The most common uses of this technology in the country, according to PwCs survey, are in fund transfers, digital identity, and payments infrastructure. Banks in India have begun using blockchain for transactions but it is still sporadic. ICICI Bank, YES Bank, Kotak Mahindra Bank, and Axis Bank have used it for vendor financing and international trade finance. Typically the lenders work with external firms and startups which write a smart contract or software codeto implement the technology as per the use-case. The technology eliminates multiple processes which are time-consuming and costly. The process is still underway but as the understanding of the technology increases, blockchain will enter the mainstream and be adopted on a greater scale, the PwC report said. But there have been doubts whether the tech Continue reading >>

Blockchain Technology Bitcoin, Cryptocurrency Sbi Bank Po/ssc Free Pdf/video In Hindi/english

Blockchain Technology Bitcoin, Cryptocurrency Sbi Bank Po/ssc Free Pdf/video In Hindi/english

The double spending problem is the main problem you need to solve if you introduce a new electronic money scheme Bitcoin is the first proposed system to solve this problem Half of the adults around the world doesnt have access to financial services because the financial institutions are too far away / or too expensive to use The 2008 financial crisis were several banks failed teaches us that there is no such thing as a trusted third party . They fail because of mismanagement , greed or they can be involved in illegal bank activities Third parties have the power to suspend customers accounts .For ex: 2010 Paypal has suspend wikileaks donation account How Blockchain technology solves these issues ? Many of you may be familiar with Bitcoin, a type of digital currency that operates independently from a central bank, but the tech behind that system most people are not familiar with is blockchain. There are many different blockchainspublic and privateand they allow anyone to send value anywhere in the world where the blockchain file can be accessed. Think of each chain as an online database stored in a distributed, peer-to-peer fashion. The storage devices for the database are not all connected to a common processor and each blockordered recordshas a timestamp and a link to a previous block. The Blockchain is an Internet-based, distributed, public database where transactions can only be added once they are validated through complex mathematics that prove authenticity of the data. The blockchain is a public ledger of all transactions that have ever been executed. It is constantly growing as blocks are added. The blocks are added to the blockchain in a linear, chronological order. Each node maintains an exact copy of the blockchain. The blockchain has a complete ledger contain Continue reading >>

First Bank In Southeast Asia To Use Blockchain Technology For Payment Services

First Bank In Southeast Asia To Use Blockchain Technology For Payment Services

OCBC Banks latest fintech innovation initiative supports the Monetary Authority of Singapores (MAS) vision of a Smart Financial Centre and a culture of innovation within the financial industry. MAS Managing Director Ravi Menon had shared this vision, which is part of the governments Smart Nation initiative, at the Global Technology Law Conference on 29 June 2015. 1. A cross-border funds transfer between OCBC Bank Singapore and OCBC Malaysia 2. A local funds transfer between OCBC Bank Singapore and its private banking arm, Bank of Singapore. Cross-border and local funds transfers using payment blockchain solution The benefits of using the payment blockchain solution: (1) Highly secure: The funds transfer data is recorded in the digital ledger which, once encrypted, cannot be modified or tampered with. This keeps the transaction information private and secure, reducing the risk of fraud. (2) Faster turnaround time: With the removal of the intermediary and the need for manual processing in the traditional payments setting, the funds transfers are directly conducted between the originating bank and receiving bank in a straight-through process which cuts down processing time. For instance, funds transfers between OCBC Singapore and OCBC Malaysia which typically require up to 1 day could be completed in less than 5 minutes. (3) More transparency: With the removal of the traditional intermediary transaction platform, there is visibility of transaction flows between senders and recipients and the transactions can be much more easily tracked. (4) Lower cost: The distributed nature of blockchains digital ledger removes the need for centralised institutions (intermediaries) and manual processing, which translates to lower cost. The successful application of blockchain, one of the Continue reading >>

The Blockchain Will Do To The Financial System What The Internet Did To Media

The Blockchain Will Do To The Financial System What The Internet Did To Media

The Blockchain Will Do to the Financial System What the Internet Did to Media Even years into the deployment of the internet, many believed that it was still a fad. Of course, the internet has since become a major influence on our lives, from how we buy goods and services, to the ways we socialize with friends, to the Arab Spring, to the 2016 U.S. presidential election. Yet,in the 1990s, the mainstream press scoffed when Nicholas Negroponte predicted that most of us would soon be reading our news online rather than from a newspaper. Fast forward two decades: Will we soon be seeing a similar impact from cryptocurrencies and blockchains? There are certainly many parallels. Like the internet, cryptocurrencies such asBitcoin are driven by advances in core technologies along with a new, open architecture the Bitcoin blockchain. Like the internet, this technology is designed to be decentralized, with layers, where each layer is defined by an interoperable open protocol on top of which companies, as well as individuals, can build products and services. Likethe internet, in the early stages of development there are many competing technologies, so its important to specify which blockchain youre talking about. And,like the internet, blockchain technology is strongest when everyone is using the same network, so in the future we might all be talking about the blockchain. The internet and its layers took decades to develop, with each technical layer unlocking an explosion of creative and entrepreneurial activity. Early on, Ethernet standardized the way in which computers transmitted bits over wires, and companies such as3Com were able to build empires on their network switching products. The TCP/IP protocol was used to address and control how packets of data were routed between com Continue reading >>

Heres How The Internet Of Value Can Trigger Mass Market Adoption For Blockchain

Heres How The Internet Of Value Can Trigger Mass Market Adoption For Blockchain

heres how the internet of value can trigger mass market adoption for blockchain Heres How the Internet of Value Can Trigger Mass Market Adoption for Blockchain With blockchain technology, we now have an internet of values where theres an actual exchange of value from one person to another without the facilitation of a third party. Blockchain technology is a disruptive phenomenon and the world has not even begun to scratch the surface of the unprecedented paradigm shift that it will engender. Bitcoin, one of the interesting applications of blockchain application is simply a daring gamble on the part of Satoshi Nakamato, but the world will never go back to be the same. Of course, Bitcoin is not the only cryptocurrency and theres now a growing list of cryptocurrencies that have the potential to develop better value than Bitcoin, but I digress. Before the development of cryptocurrencies, there was no way to transmit value from one person to another without using the instrumentality and support of third parties. The third parties simply provided the trust factor to facilitate exchange and transfer of value. With the introduction of Bitcoin, people caught on to the revolutionary concept of instantaneous peer-to-peer transfer of value. However, the proliferation of different blockchain projects and cryptocurrencies has opened up another Pandoras Box of new challenges. One of the biggest challenges facing the cryptocurrency market is the lack of cooperation/interoperability among the different blockchain projects. The Internet of Values is birthing a new order The Internet and the information highway that it powers is superb; yet, the internet remains largely limited in its ability to facilitate the transfer of value . When you send information (an email, PDF, PowerPoint, what Continue reading >>

Australias Central Bank Is Studying Blockchain Technology

Australias Central Bank Is Studying Blockchain Technology

Australias Central Bank is Studying Blockchain Technology Join our community of 10 000 traders on Hacked.com for just $39 per month. A newly published assessment of the Reserve Bank of Australias take on the current financial system has revealed multiple endeavors by the central bank to study and develop blockchain solutions. The Reserve Bank of Australias report [PDF] on new developments on financial infrastructure has notably pointed to the establishment of a previously unknown internal working group to consider the implications of blockchain technology. The Australian government has been pushing a FinTech-friendly agenda to encourage industry firms and startups to develop solutions in the country. The central bank underlined blockchain technology as an aspect of FinTech that has been examined closely. Australias national standards authority is also leading the global ISO effort to develop international blockchain standards, unveiling a roadmap earlier this year. Published as a part of its Financial Stability Review, the central bank revealed: The Bank is participating in a working group of the Committee on Payments and Market Infrastructures examining DLT (Distributed Ledger or Blockchain Tech) and its implications. Few other details of the internal working group are known at this time. Over a year ago, RBAs payments policy department chief Tony Richards confirmed that the bank was keeping an eye on developments in the digital currency space, effectively hinting at a possible national digital dollar in the future. The Bank will be interested to see what proves to be possible and what proves to be problematic, as countries consider going down the path of digital currency issuance, Richards said at the time, referencing efforts in England , Canada and most notably, Ch Continue reading >>

Blockchain Application And Outlook In The Banking Industry

Blockchain Application And Outlook In The Banking Industry

Blockchain technology is a core, underlying technology with promising application prospects in the banking industry. On one hand, the banking industry in China is facing the impact of interest rate liberalization and profit decline caused by the narrowing interest-rate spread. On the other hand, it is also affected by economic transformation, Internet development, and financial innovations. Hence, the banking industry requires urgent transformation and is seeking new growth avenues. As such, blockchains could revolutionize the underlying technology of the payment clearing and credit information systems in banks, thus upgrading and transforming them. Blockchain applications also promote the formation of multi-center, weakly intermediated scenarios, which will enhance the efficiency of the banking industry. However, despite the permissionless and self-governing nature of blockchains, the regulation and actual implementation of a decentralized system are problems that remain to be resolved. Therefore, we propose the urgent establishment of a regulatory sandboxand the Keywords: Blockchain, Decentralization, Banking industry transformation Blockchain is currently a concept that has received significant attention in financial technol- ogy (FinTech). It combines several computer technologies, including distributed data storage, point-to-point transmission, consensus mechanisms, and encryption algorithms. It has also been identified as a disruptive innovation of the Internet era. However, as blockchain is a major breakthrough in data storage and information transmission, it might fundamentally transform the existing operating models of finance and economy, which might lead to a new round of technological innovations and industrial transformation within the FinTech industry Rec Continue reading >>

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