US needs to lead digital currency revolution, or other nations will
While the U.S. is consumed by understanding the Russian hacking into its presidential election, the other global power is claiming silent victory in a worldwide cryptocurrency competition. Currently, China is the biggest entity mining bitcoins, claiming 70 percent of all mining equipment globally. Computers, known as “miners”, solve complicated mathematical algorithms, provide hashing power, keep record of transactions and get awarded by a bitcoin. The miners are rewarded with bitcoins for solving challenging cryptographic problems that verify other bitcoin transactions worldwide. At the beginning of the blockchain revolution, bitcoin mining was easier; algorithms were less complicated. Over time, algorithms become more complicated and soon there will barely be any algorithms […]
China launches $1.5bn fintech fund
A consortium of Chinese state-owned companies and private enterprises has created a $1.44 billion investment fund dedicated to fintech mergers and acquisitions. The fund, Asia FinTech Merger and Acquisition Fund of Funds, is led by Hong Kong-listed Credit China FinTech Holdings along with a number of other Chinese companies such as Shanghai Xinhua Distribution Group, China Huarong International and eight other corporate partners. Investments will focus on fintech fields such as big data, artificial intelligence, mobile payments, supply chain financing, and blockchain technology. The investment fund is another signal of China’s growing status in the global fintech market. According to estimates from Credit China FinTech, China’s investment in fintech ventures […]
Magic Software and Tymlez partner to develop Blockchain Apps
Tymlez and Magic Benelux have agreed to cooperate and collaborate in developing complete automated blockchain architectures for enterprises and to explore other potential mutually-beneficial blockchain-related scenarios. Under the terms of the agreement, Tymlez will use Magic’s integration platform to connect its blockchain management system to existing legacy enterprise environments. Tymlez will also be able to employ Magic’s multi-channel low code development platform to mobilize blockchain information. Magic Software Benelux will be able to work and experiment with the blockchain technology offered by Tymlez. Tymlez Blockchain architecture provides a trusted environment which enables businesses to drastically speed up processes and reduce costs. “Just like other types of enterprise systems, Tymlez Blockchain […]
Citi backs foreign exchange blockchain startup Cobalt DL
Citi has made an undisclosed investment in Cobalt DL, a London startup aiming to use the technology behind bitcoin to simplify foreign exchange trading. Cobalt DL, founded by two veteran bankers, aims to apply distributed ledger technology, also known as blockchain, to the foreign exchange trading market. Currently, when banks trade currencies with each other there are multiple different records of the transaction held by the buyer, seller, broker, clearer, and other third parties, all of which have to be reconciled. This slows the process down and adds to costs. The company aims to create a single, shared view of each transaction by using blockchain technology, which uses complex cryptography […]
Blockchain: The Tech at the Heart of the Future of Finance
If you want to talk about a big trend that began taking shape in 2016, look no further than the state of cash — the pace at which currencies across the globe were challenged or devalued accelerated in the past year. The stage is now set for even greater momentum: In 2017, there’ll be a global sprint toward digital currencies. Sweden — where barely 2% of all payments are in cash — is leading the way. Government-orchestrated demonetisation efforts in India, Britain, France, Austria, Belgium and other countries are also fuelling the cashless movement. Ranging from eliminating some currencies, to negative interest rates on cash deposits, to assigning fees to […]
Barclay’s Antony Jenkins jumps aboard Blockchain bitcoin start-up
One of Europe’s top bankers is joining a bitcoin start-up. Antony Jenkins, the former chief executive of Barclays, has joined the board of Blockchain, a London-based start-up that provides services related to bitcoin and cryptocurrencies. The company, named after the basic technology that creates the shared network used to move and track bitcoin, raised $US30 million ($40m) in an initial fundraising in 2014. Blockchain software has been used by other bitcoin firms, such as Coinbase, as well as its own app and website service for consumers to buy and sell digital currency. It is also developing tools for using bitcoin’s underlying technology for things such as tracking identity information or […]
5 enterprise-related things you can do with blockchain technology today
Diamonds. Bitcoin. Pork. If you think you’ve spotted the odd one out, think again: All three are things you can track using blockchain technologies today. Blockchains are distributed, tamper-proof, public ledgers of transactions, brought to public attention by the cryptocurrency bitcoin, which is based on what is still the most widespread blockchain. But blockchains are being used for a whole lot more than making pseudonymous payments outside the traditional banking system. Because blockchains are distributed, an industry or a marketplace can use them without the risk of a single point of failure. And because they can’t be modified, there is no question of whether the record keeper can be trusted. […]
Blockchain lures central banks as Danes consider minting e-krone
There’s a growing number of central banks questioning the point of printing paper money. In Denmark, the wardens of cash are now looking into producing a virtual currency instead, which they predict will make crime harder and oversight easier. The Danes aren’t alone. Britain and Sweden are blazing a trail in Europe. Singapore and Canada have already tested blockchain-based currency systems for internet payments. Governor Lars Rohde, whose job as of next year will no longer include overseeing a cash printing press in Copenhagen, says pros include lower transaction costs. But the risks are considerable. It’s uncharted territory, and the potential unintended consequences have the scope to upend the economy. […]
