News about Blockchain.
January 18th, 2017
“The time is ripe” for the adoption of blockchain technology in India, according to the Reserve Bank of India’s research arm which believes the technology has the potential to digitise the country’s fiat currency. “We feel that BCT [blockchain technology] has matured enough and there is sufficient awareness among the stakeholders, which makes this an appropriate time for initiating suitable efforts towards digitising the Indian rupee through BCT,” the Institute for Development and Research in Banking Technology says in a white paper.
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”.
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.
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.”
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.
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…
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.
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.
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…
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!.
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.
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.
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…
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.
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.”
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…
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…
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…
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”.
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.