News about Blockchain.
March 27th, 2017
Significant confusion and a high level of fragmentation can be expected over the next five years as European financial institutions become accustomed to new regulations under the Payment Services Directive (PSD2) which will open the door to new competition within the European payment services market, says Nordea Bank’s vice president of strategic business development, transaction banking and business innovation.
March 21st, 2017
A blockchain-based digital identity network that will let Canadians verify their identity to organisations of their choice and access services such as new bank accounts, driving licenses or utilities using a mobile app is now undergoing testing ahead of a planned launch later this year. The service is backed by a group of Canadian banks that includes BMO, CIBC, Desjardins, RBC, Scotiabank and TD.
February 21st, 2017
A pilot test of a cryptocurrency based on blockchain technology has taken place in the canton of Ticino, Switzerland. The use of the paperless Ticinocoin is designed to promote the local economy, and will “save many administrative costs [while] every transaction would be transparent, safe and verifiable by all”, says founder Michele Fiscalini.
February 16th, 2017
IBM is to integrate Visa Token Service into its Watson IoT cognitive technology platform to enable payments to be embedded into “any device connected to the Internet of Things (IoT)”, with all of IBM’s Watson…
What’s New in Payments: Leading international innovators explain the latest payments trends and technologies in free special report
February 16th, 2017
Senior executives from Starbucks, Pizza Hut, Barclaycard, Swatch and CaixaBank are among 12 leading payments innovators who have contributed to What’s New in Payments, a 104-page special report that is now available to download free…
February 7th, 2017
Cities will begin separating from their country’s national currency to launch their own digital money within 10 years, according to the CEO of blockchain-based financial network Bluzelle. “Blockchain and digital currencies make now the right time for a city to adopt its own currency,” Pavel Bains writes in an opinion piece published by CoinDesk.
February 6th, 2017
The UK city of Liverpool has launched its own digital currency using blockchain technology supplied by Tel-Aviv-based digital wallet provider Colu. The Liverpool Local Pound (LLP) is available through Colu’s app. Users can top it up using a credit card and will receive five free LLPs when signing up, equalling £5 (US$6). “Transactions happen at the swipe of a finger and the money is transferred between accounts immediately,” The Telegraph reports.
January 24th, 2017
Alibaba’s payment affiliate Ant Financial is “definitely” looking into using blockchain to underpin its mobile payments platform Alipay, CEO Eric Jing has told CNBC, adding that artificial intelligence and blockchain will be “deeply” integrated into Ant Financial’s operations. “My vision [is] that we want to serve 2bn people in the next 10 years by using technology, by working together with partners to serve those underserved,” Jing says. Alipay now has more than 450m users.
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.