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    Blockchain

    News about Blockchain.

    Royal Mint to develop blockchain for gold trade

    December 5th, 2016

    The UK’s Royal Mint is working with derivatives marketplace CME Group to develop a new gold trading system using blockchain technology. Launching in 2017, Royal Mint will issue Royal Mint Gold (RMG) as a digital record of ownership for gold stored at its storage facility. CME Group will develop and operate the digital trading platform to “provide an easier, cost-effective and cryptographically secure alternative to buying, holding and trading spot gold”.

    Mastercard blockchain patent applications

    November 30th, 2016

    Mastercard has filed patent applications describing systems and methods for authorising and securing blockchain transactions using existing payment networks. “[The] use of traditional payment networks and payment systems technologies in combination with blockchain currencies may provide consumers and merchants the benefits of the decentralized blockchain, while still maintaining security of account information and provide a strong defense against fraud and theft,” the payments company says.

    Dutch bank in logistics blockchain project

    November 25th, 2016

    Dutch bank ABN Amro is working with Delft University of Technology and 14 other partners to launch a two-year project to apply blockchain technology to the logistics sector. The TKI Dinalog project aims to deliver three user cases: supply chain finance, inventory finance and circular economy. “We are applying blockchain technology to the financial routes in logistics. But that’s just the start,” says ABN Amro’s Martijn Siebrand. “I can see this development culminate in the logistics sector of the future, more coherent and smooth all across the chain.”

    R3 investment details take shape

    November 24th, 2016

    Blockchain consortium R3 has reduced the amount it aims to raise from bank members in its first large round of equity funding to US$150m from US$200m, Reuters reports. More than 90% of its original 42 bank members have expressed an interest in investing, but Goldman Sachs and Banco Santander, both original participants, are not renewing their memberships, it adds. Morgan Stanley and National Australia Bank meanwhile are also not participating.

    NFC and blockchain combined to create supply chain security solution

    November 23rd, 2016

    Pharmaceuticals, fine art and forensic evidence could be secured along their supply chains by a new identity and authentication prototype, incorporating NFC chips and blockchain registration and verification, unveiled by US blockchain and internet of… More

    OCBC bank in local and cross-border blockchain payments trial

    November 17th, 2016

    Singapore’s OCBC Bank says it has become the first bank in South East Asia to use blockchain technology in national and international payments. A pilot payment transaction took place on 8 November, involving a cross-border funds transfer between OCBC Bank and OCBC Malaysia, and a local funds transfer between OCBC Bank and Bank of Singapore. “This is a milestone not only for us but for Singapore as Asia’s financial hub as we pave the way to revolutionising the traditional cross-border payments model,” says Praveen Raina from OCBC Bank.

    PwC in digital currency project for everyday banking

    November 16th, 2016

    Global consultancy firm PwC has joined forces with US blockchain technology outfit Bloq to create a platform allowing digital currencies to be used for everyday banking. Vulcan Digital Asset Services will “provide digital currency wallets, international payment processing, and investment and trading services, and will soon offer point-of-sale and merchant services and the ability to create and support native digital currencies and rewards-based systems”, Bloq says. The partnership also involves blockchain analytics provider Libra and digital currency solutions firm Netki.

    UK bank celebrates blockchain contactless payments trial

    November 16th, 2016

    Metro Bank in the UK has successfully trialled a blockchain retail payment system, allowing consumers to make purchases from merchants equipped with contactless terminals, with merchant and consumer balances updated in real time. London-based financial… More

    IBM in blockchain project with Singapore fintech startup

    November 15th, 2016

    IBM has announced a blockchain project with Singapore fintech startup KYCK! to enable the financial services provider to create new customer accounts more quickly and securely. Using the open source Hyperledger Project Fabric, KYCK! intends to provide brokerages a platform with video conferencing and encrypted document submission capabilities. “We have seen how blockchain can improve operational efficiency, increase transparency and reduce transaction risks,” says Darryl Tan, co-founder of KYCK!.

    Indonesian mobile wallet joins with blockchain money transfer network

    November 15th, 2016

    Hong Kong-based blockchain money transfer network OKLink has teamed up with Doku, an Indonesian mobile wallet, to provide customers with cheap, real-time money transfers. The Doku Wallet allows consumers to top up their account via an ATM, through cash at convenience stores, or by linking it with a credit card. OKLink announced last month that it will subsidise all fees on the first US$100,000 of cross-border transfers for every partner on the OKLink network, up to a total of US$100m.

    R3 develops KYC registry using blockchain

    November 14th, 2016

    Blockchain consortium R3 and 10 of its member banks have developed a proof-of-concept Know Your Customer (KYC) registry using distributed ledger technology to address the “challenges associated with satisfying regulatory requirements” and allowing identities to be managed by their owners. “The project simulated establishing the identity of both a legal entity and an individual using KYC data and identity attestations by third-parties,” International Business Times reports.

    Fashion brand adds NFC and blockchain for authentic personal clothing

    November 14th, 2016

    Fashion brand Babyghost has partnered with Chinese blockchain-as-a-service company BitSE and its VeChain project to deliver a range of clothes incorporating NFC tags and verified using blockchain technology. Demonstrating the development of fashion technology, or… More

    Microsoft in blockchain trial for travel booking website

    November 11th, 2016

    Australian travel booking website Webjet has teamed up with Microsoft to develop a blockchain proof-of-concept solution for online booking services. ‘Smart contracts’ are being built to remove the risk of data inaccuracies, streamline payment processes and improve data security. “Blockchain… could potentially assist every one of our partners in the [travel] supply chain to improve their efficiency,” says John Guscic from Webjet.

    Nordic bank to use blockchain for money transfers

    November 9th, 2016

    Nordic bank SEB has signed an agreement with distributed financial technology provider Ripple to use the company’s blockchain technology solution as a basis for payment transactions. “The first step will be to enable customers to make real-time transfers between SEB accounts in Stockholm and New York,” the bank says. “The first customer transactions are planned for next year, and will offer customers real-time transfers with later cut-off times than today.”

    Half of global banking customers use fintech services, but trust remains low

    November 4th, 2016

    Half of banking customers around the world are using the products or services of at least one fintech firm, according to the first World FinTech Report (WFTR) from Capgemini and LinkedIn, but customer trust in… More

    Mastercard adds blockchain APIs to developer site

    November 2nd, 2016

    Mastercard has added blockchain APIs to its developer site to “facilitate new commerce opportunities for the digital transfer of value”, following Visa’s announcement last month it aims to pilot its B2B Connect system next year… More

    Nine out of 10 commercial banks exploring blockchain for payments, survey finds

    October 28th, 2016

    Nine out of 10 US, European and Canadian commercial banks are exploring the use of blockchain technology for payments, according to a survey of 32 top banking professionals by Accenture. Some 30% of banks are… More

    Blockchain NFC start-up focuses on expansion after $10m funding

    October 28th, 2016

    Canadian payments start-up NanoPay has completed a US$10m Series A funding round. The company recently bought the MintChip platform, which uses NFC technology to enable purchases with a Bitcoin alternative, from Royal Canadian Mint. Alongside the new finance, NanoPay CEO Laurence Cooke says its focus is “now on expanding the platform beyond digital cash to a broad range of B2B use cases that have global applications”.

    Blockchain authentication for mobile transactions

    October 24th, 2016

    South Korea’s KB Kookmin Card is working with Bitcoin exchange service startup Coinplug to release a blockchain-based personal authentication service for mobile transactions next month, Pulse reports. It will first be implemented in its mobile credit card app, simplifying the current system that requires additional personal authentication steps for logging in, registering a new credit card and for making mobile payments of 300,000 won (US$264.08) or above.

    Visa works on blockchain B2B payment system

    October 21st, 2016

    Visa says it is working with blockchain developer Chain to develop a near real-time transaction system for high-value international payments between participating banks. “The time has never been better for the global business community to take advantage of new payment technologies and improve some of the most fundamental processes needed to run their businesses,” says Visa’s Jim McCarthy. The Visa B2B Connect system will pilot in 2017.

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