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September 25, 2018
On the web
Walmart is betting on the blockchain to improve food safety
TechCrunch
September 18, 2018
On the web
Ripple’s XRP Product xRapid May Go Live in the Next Month
NewsBTC
“xRapid is unique from Ripple’s other blockchain-based settlement system, xCurrent, in that it utilizes XRP and the XRP ledger in order to facilitate cheap and instant cross border transactions, with the product being specifically marketed towards banks and other financial institutions. The product allows a group, like a bank, to convert their fiat currency to XRP, which is then sent to the receiving party, and quickly converted to the receiving party’s fiat currency. This system completes these processes automatically, allowing fiat currency to be converted and moved to anywhere in the world in an incredibly short amount of time as compared to current settlement systems.”
IBM partners Stronghold for new digital stable coin
Reuters
“International Business Machines Corp (IBM.N) is backing a new cryptocurrency pegged to the U.S. dollar, in a partnership with U.S.-based financial services provider Stronghold that adds stability to a sector known for its volatility, the companies said.”
With blockchain, financial institutions hope to avoid scams in a digital world
Live Mint
“However, as data analytics becomes increasingly important for banks to extend their omnichannel reach, there is simultaneously the pressing need to protect consumer privacy, ensure transparency of transactions and prevent security breaches to avoid scams in a digital world. It is in this context that blockchain, the technology that powers cryptocurrencies such as the volatile bitcoin, may provide credible solutions to financial institutions across the world.”
September 17, 2018
On the web
Mastercard Patent Filings Tout Blockchain for Immutable Data Records
Coindesk
“In a series of largely similar patent applications published last week by the U.S. Patent and Trademark Office, Mastercard outlines how a distributed ledger can be used to record “point-to-point transactions” as they are processed. This information can then be used by organizations or members of those organizations to create a log of items procured during the course of business.”
On the wires
Metal Pay Launches With Peer-to-Peer Payments App That Rewards Users With Up to Five Percent Back in Cryptocurrency
“Metallicus Inc., a blockchain-based payment processing platform, today announced the launch of its flagship product Metal Pay. Metal Pay allows people to instantly send money to friends, family and businesses with just a phone number and rewards them with some cryptocurrency for each transaction — think next-generation Venmo or Paypal. These rewards, called “Pop,” are delivered in Metal’s cryptocurrency MTL and can be immediately converted into dollars, sent to another Metal Pay user or held as an investment.”
September 12, 2018
On the web
Softbank Completes Blockchain Test for Cross-Carrier Mobile Payments
Coindesk
“Japanese telecoms giant Softbank Corp. has completed a blockchain proof-of-concept (PoC) that allows P2P mobile payments across different carriers. Softbank said on Wednesday the technology was developed in partnership with blockchain startup TBCASoft, as well as Synchronoss, a Nasdaq-listed firm that delivered a SMS-replacement communications protocol called Rich Communication Service (RCS) in Japan.”
September 10, 2018
Top Post
Visa-Backed Blockchain Firm Embraces Stellar Cryptocurrency Via Merger
Forbes
“As part of the all-cash deal for an undisclosed amount, San Francisco-based Chain’s existing investors, including Visa, Nasdaq and Citi Ventures, will all receive a return on their investment, according to Chain co-founder Adam Ludwin.But from a larger perspective, the deal stands out for being some of the clearest evidence yet of the blurring of the once-firm division between private, enterprise blockchain solutions and public blockchains supporting a native cryptocurrency.”
August 31, 2018
On the web
Programmable money: Will central banks take the lead? ExpertInsights@IBV
IBM
“The financial services industry is exploring the promise of blockchain technology. A variety of consortia, including the business-focused Digital Trade Chain Consortium and the technology-focused Hyperledger, have been having thoughtful discussions. These discussions and experimentation have given rise to collaborative pilots and private implementations. Some of these pilots have now matured into production systems. Many high-impact projects are likely to be implemented within the next 12 months.”
August 29, 2018
On the web
Bank of America Wants to Patent a Cryptocurrency Storage System
CCN
“The patent, which specifically details how a computing device would manage blockchain encryption tags, is the continuation of a proposal for a cryptocurrency online vault storage system that Bank of America first began developing in 2014. The patent envisions a future in which cryptocurrency is widely adopted by the general public but that consumers still entrust their funds to custodians such as banks rather than maintaining their own private keys.”
August 21, 2018
On the wires
Crowdz Selected for Barclays Techstars London Accelerator
“The primary goal of Crowdz’s blockchain-based Smart Transaction Networks is to use the blockchain, along with the associated technologies of artificial intelligence, self-executing smart contracts, and IoT (Internet-of-Things) sensing, to accelerate business-commerce transactions within the $25 trillion global business-to-business commerce market from the current weeks or months to literally milliseconds.”
August 3, 2018
On the web
Blockchain Firm Swych Goes Cross-Border Gifting
BankingTech
“With the new integration of the recently-purchased platform, US users can now send digital gift cards to friends and family in India in real time. Swych offers gifting options for hundreds of local retailers including Big Bazaar, Flipkart, and Myntra. This move is the company’s first foray into the international market and another step toward its goal “to facilitate mobile gifting for users across borders worldwide”.”
Business Payments Directory Association Teams With Discover For Blockchain PoC
BankingTech
The US-based Business Payments Directory Association (BPDA) has partnered with Discover Financial Services to develop a proof of concept (PoC) platform for its B2B directory built on blockchain technology. BPDA’s directory offers a searchable database of electronic payments information for business transactions. “Despite payments advancements, cheques are still the dominant form of payment for B2B payments,” says Lawrence Buettner, BDPA chairman. “Our B2B directory will not only provide access to this information, but support routing instructions, preferred payment methods, remittance details, [and] delivery preferences.” The directory will be structured as a network of credentialed service provider “sub-directories”, in which trusted and validated payee information will be stored.”
August 2, 2018
On the wires
Juniper Research: Blockchain Deployments To Save Banks More Than $27bn Annually By 2030
Business Wire
“According to the research, The Future of Blockchain: Key Vertical Opportunities & Deployment Strategies 2018-2030, banks that integrate blockchain will achieve cost reductions not just in payment processing and reconciliation, but in treasury operations and compliance. Indeed, the research argued that in compliance, automation of identity/money-laundering checks, allied to capability of the blockchain to verify the digital identity of an individual, should enable savings of up to 50% of the existing costs base within a few years. However, the research cautioned that the need to parallel-run blockchain-based services with legacy systems would mean that savings would not be realised for several years after initial deployment, with annual cost reductions not reaching $1 billion per annum until 2024.”
July 30, 2018
On the web
IBM And FX Giant CLS Team Up To Launch Blockchain App Store For Banks
CoinDesk
“Even private and permissioned blockchains need to build ecosystems and achieve network effects, just like their permissionless, public counterparts. At least, that’s the thinking behind LedgerConnect, a financial blockchain “app store” that aims to make it easier for banks to access distributed ledger technology (DLT) solutions from fintech and software providers, and for those vendors in turn to reach bank customers. Announced Monday, LedgerConnect is the offspring of bank-owned currency trading utility CLS and enterprise software giant IBM, and counts major banks Barclays and Citigroup among its founding members.”
July 23, 2018
On the web
Bank Of England Confirms Blockchain Viability For RTGS
BankingTech
“]I]n March 2018, the PoC emerged, as a result of the collaboration among the bank, Baton Systems, Clearmatics Technologies, R3 and Token, with the aim to show how this new service could improve new payment networks, particularly those based on blockchain. As a result, the companies involved have some recommendations on the matter: consider how account structures could be used in the renewed RTGS service; investigate whether the service could provide and consume cryptographic proofs; and engage with fintech firms to keep up to date with innovation in payment technology.”
July 20, 2018
On the web
Barclays Seeks Twin Blockchain Patents For Banking Services
CoinDesk
“The U.S. Patent and Trademark Office published two applications by the U.K.’s second-largest bank Thursday, both of which revolve around account security. Perhaps most notably, however, was an application for a patent which outlined a blockchain-platform which could facilitate cryptocurrency transfers. The bank also proposed streamlining know-your-customer processes by storing identifying information on a private blockchain. Though the existence of a patent application does not necessarily mean the bank is planning to develop any products with the technology, the releases indicate members of the bank are examining the nascent technology.”
July 18, 2018
On the web
Hong Kong Regulator, Banks Launch Blockchain-based Trade Finance Platform
Reuters
“Hong Kong’s banking regulator and seven banks, including HSBC Holdings PLC and Standard Chartered PLC, on Tuesday said they will jointly launch a trade finance platform in September using blockchain technology.The platform will be one of the largest examples globally of a government-led, cross-bank effort to reform the multi-billion dollar trade finance sector using the distributed ledger technology that underpins digital currencies such as bitcoin.”
July 17, 2018
On the web
Mastercard Wins Patent For Speeding Up Crypto Payments
CoinDesk
“To reduce these transaction times, the company would be offering a new type of user account able to transact in cryptocurrencies but pegged to a fiat currency. This account would link a series of profiles able to identify a user’s “fiat currency amount, a blockchain currency amount, an account identifier and an address.” The transactions themselves would use the fiat currency’s payment rails and security features, but each transaction would represent a cryptocurrency. Mastercard also adds that by processing transactions made with cryptocurrencies in this way, “payment networks may be able to evaluate the likelihood of fraud and assess risk for blockchain transactions using existing fraud and risk algorithms and information that is available to payment networks, such as historical fiat and blockchain transaction data, credit bureau data, demographic information, etc., that is unavailable for use in blockchain networks.””
July 9, 2018
On the web
World’s Largest Bank Eyes Faster Asset Exchange With Blockchain
CoinDesk
“The Industrial and Commercial Bank of China (ICBC), one of China’s “Big Four” state-owned commercial banks and one of the world’s largest by total assets, is seeking to patent a blockchain system for the exchange of financial assets. According to a patent application filed by the bank in January and revealed on Friday, the system envisions a platform whereby participating institutions can function as nodes to form a distributed network.”
June 29, 2018
On the web
Alibaba Seeks To Eliminate Middlemen In Blockchain Payments Patent
CoinDesk
“The patent application – “A System and Method That Adjusts Account Balance on a Blockchain” – was filed with the China State Intellectual Property Office in January of this year and was revealed on Friday. Aimed to tackle the broad concept of adjusting account balances over a blockchain, the company explained how the system could be used to facilitate cross-border transactions that specifically involve a third-party payment vendor. For instance, the document said that third-party payment services and their banking partners in different regions will all function as nodes to form the envisioned blockchain. Subsequently each node will maintain a ledger of user balances, reflecting accounts in third-party payment vendors’ mobile wallets.”
June 27, 2018
On the web
Cryptocurrencies: Looking Beyond The Hype
Bank for International Settlement
“Cryptocurrencies promise to replace trusted institutions with distributed ledger technology. Yet, looking beyond the hype, it is hard to identify a specific economic problem which they currently solve. Transactions are slow and costly, prone to congestion, and cannot scale with demand. The decentralised consensus behind the technology is also fragile and consumes vast amounts of energy. Still, distributed ledger technology could have promise in other applications. Policy responses need to prevent abuses while allowing further experimentation.”
June 26, 2018
On the web
Stellar To Acquire Crypto Firm Chain For $500m
BankingTech
“Stellar, which is also the creator of the cryptocurrency Lumens, plans to purchase Chain for $500 million paid in Lumens (XLM) according to Fortune. Created by Ripple co-founder Jed McCaleb, Stellar Lumens is the seventh most valuable cryptocurrency. Fortune says the move is an “acqui-hire”– in other words, Stellar is more interested in acquiring Chain’s team of developers rather than its technology.”
June 25, 2018
On the web
Bank Of England To Rebuild Settlement System To Interface With Blockchain Platforms
CoinTelegraph
“The Bank of England is planning to rebuild its Real Time Gross Settlement (RTGS) system so that it can interface with private business and platforms using distributed ledger technology (DLT), the bank’s Governor Mark Carney announced in a speech June 21. Speaking at Mansion House in London, Carney said that the bank will conduct an “ambitious rebuild” of its RTGS system, which is, according to him, the backbone of every payment in the U.K. RTGS is a system generally used to transfer large volumes of funds between banks.”
Ant Financial Turns To Standard Chartered For Blockchain Payments
BankingTech
“Like many others, Ant Financial is looking to grab a share of the financial inclusion market. The remittance service will be first available in Hong Kong and the Philippines. This will be the “first blockchain-based cross-digital wallet remittance service” and is offered through AlipayHK in Hong Kong and GCash in the Philippines…As core partner bank, Standard Chartered will act as the settlement bank for AlipayHK and GCash. The bank says it will provide instant foreign exchange rates and liquidity to enable real-time fund transfers between the two licensed wallet service providers.”
June 21, 2018
On the web
Atlantis Resort Rolls Out Blockchain-based Guest Payment Solution
ITP.net
“The new payment system gives guests at Atlantis either a wristband or a digital wallet to charge all their services during their stay. Details of every transaction are recorded in Lucid Pay, so that in the event of any dispute, both parties are able to see exactly what was charged for. Visibility into transactions will also help in combating fraud. The solution is fully integrated with the resort’s existing payment and point-of-sales systems, Micros Symphony and Micros Opera, to enable integration with billing. The solution will also be able to support loyalty applications.”
On the wires
ASC X9 Publishes New Report On Card-Not-Present Fraud Mitigation And White Paper On Distributed Ledger/Blockchain Technologies
Business Wire
“Today the Accredited Standards Committee X9 Inc. (X9) announced the publication of two new documents: Technical Report 48 – “Card-Not-Present (CNP) Fraud Mitigation in the United States: Strategies for Preventing, Detecting, and Responding to a Growing Threat” and a white paper from the X9 Distributed Ledger and Blockchain Technology Study Group. TR 48 summarizes guidelines to mitigate CNP fraud in the U.S. It identifies the primary types of CNP fraud attack trends currently affecting the payments industry, and it outlines the types of CNP fraud mitigation tools and strategies employed by industry stakeholders. The document also provides information and recommendations for industry stakeholders to evaluate their current approaches for mitigating CNP fraud and reducing overall fraud losses. TR 48 is available for download now.”
June 19, 2018
On the web
Bancor Launches Blockchain Platform In Kenya To Enable Community Currencies
Venture Beat
“Cryptocurrency platform Bancor announced today that it will launch a new blockchain service in Kenya as part of a financial system designed to help alleviate poverty. The service will facilitate the creation of “community currencies” to boost local commerce and peer-to-peer collaboration. A community currency is a kind of alternative financial system that a group can use to encourage the creation and purchase of goods and services within a certain geographic region.”
How Kik Is Banking On A Crypto-Based Strategy
Tearsheet
“Kik rolled out the home-built cryptocurrency Kin last year on the Ethereum blockchain. The Kin foundation it set up to oversee the development of Kin crypto recently announced that it’s building its own blockchain that’s a hybrid of Ethereum and Stellar. Users could purchase the cryptocurrency on exchanges and use it to buy “stickers” or emoji-like symbols they would use while communicating with contacts on the platform. Six months ago, Kik let brands offer users cryptocurrency if they answered a survey or performed other minor tasks. The idea is to get Kik users to do these activities to gain crypto that they can turn around spend elsewhere online through Kik’s partners like gifting platform Blackhawk — which effectively opens up redemption opportunities at hundreds of retailers, including Target, iTunes and Home Depot.”
June 15, 2018
On the wires
Wirecard Launches Supply Chain Payment Platform Based On Blockchain Technology
Wirecard
“Wirecard is expanding its existing digital payment and banking platform with the supply chain payment solution based on blockchain technology. The prototype focusses on linking merchants with producers, capturing all business processes in so-called “smart contracts” – digital contracts based on blockchain – while minimizing the risk of fraud. In this way, all steps along the commercial chain, from drawing up contracts, to quality assurance and guarantee of origin, are mapped transparently in a decentralized database. Digitalization is therefore now shaping global supply chains where today many processes are still conducted via analogue data carriers such as fax and written documents.”
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