Westpac says RBA-issued digital currency would boost blockchain
Westpac Banking Corp, National Australia Bank, Macquarie Group and nine other international members of the R3 consortium have completed a trial of blockchain technology which saw funds transferred between banks across borders using Ripple’s cryptocurrency XRP. The tests confirm cross-border payments is shaping up as one of the initial use cases for blockchain in financial services and point to a future where money is transferred directly and instantly without the need for overnight clearing and settlement by central banks. The project was designed to help banks unlock liquidity and reduce the costs of international banking. Using Ripple’s distributed ledger, the dozen banks converted domestic currency into XRP and sent this […]
Blockchain report: Where are we now, and where are we going?
A report by international law firm Allens investigates the use cases for blockchain and where the technology is now. International law firm Allens, which has offices in Australia and Asia, has released a detailed report investigating the attributes, problems and possible use cases for blockchain. The report’s lead authors say blockchain first got on Allens’ radar in 2012 due to a junior lawyer’s penchant for blockchain, and the fascination stemmed from there. “We’ve seen distributed ledger technology move out of the lab and onto the C-suite agenda of our clients, from startups to multinational giants with centuries of transactions behind them,” they said. While perspectives are many and varied, the […]
ANZ, Wells Fargo test blockchain for cross-border payments
Blockchain technology promises to reduce the time and cost of transferring funds and increase access to liquidity, according to ANZ Banking Group and Wells Fargo. The companies made the comments following the completion of a six-month project that built and tested a distributed ledger for reconciling and settling payments between the two banks. In a recent report on their “proof on concept” the banks said blockchain could “add real value to both the customer experience and the efficiency” of correspondent banking relationships, which refers to deals between global banks over access to local payment systems. “Cross-border payments and correspondent banking are ripe for rejuvenation,” ANZ and Wells Fargo said, pointing […]
UBS invests big in blockchain future
Global investment bank UBS is throwing its resources behind the blockchain’s transformative potential, investigating a range of applications such as smart bonds, cross border payment transactions on the distributed ledger and a digital representation of physical currency. In 2015 the bank opened an innovation lab designed to explore how the blockchain could be used by the financial services sector and how it would disrupt traditional banking models. Now its research will turn into reality. UBS group chief operating officer Axel Lehmann told The Australian Financial Review the blockchain could be “the next internet” in terms of its potential, but there were still questions to be answered. “We don’t want to […]
Australia leads the way in revolutionary blockchain technology
Good news on the #Innovation front! Australia leads the way in developing international standards for blockchain technology. Neil Buckland explains this new technology predicted to revolutionise practically anything! Australia leads the way for incorporated blockchain technology Blockchain technology has been in the news a lot recently. Many industries are even predicting it could be the future for the way in which they operate. Australia has recently received the go-ahead to develop the international standards of the technology; a move which Standards Australia says will create better market confidence and certainty. So what exactly is blockchain technology and how could it aid businesses? Understanding blockchain technology Blockchain technology is most commonly […]
Sydney Fintech startup, Othera, doing more than just talking about blockchain platforms
This month, Othera, a Sydney based business credit and data technology start up, began testing their innovative Blockchain Lending Platform and Digital Asset Trading Exchange prototypes. Having launched their proprietary credit decisioning software to the market earlier this year, they have followed up with the delivery of an innovative two-part blockchain solution that will redefine how the global financial systems manage and trade debt and other asset back securities- and retail investors can get in on the action too. Since the GFC, there has been increasing dissatisfaction within the banking system and institutional and private investment sectors. Traditional investment products are historically complex, are inherently risky, provide limited visibility on […]
The blockchain revolution in banking and trading
A change is coming to financial services that its proponents compare to the introduction of the internet: its effects will be dramatic, but it’s hard to see all its potential yet. The change is the introduction of blockchain, or distributed ledger, technology, which could have broad impacts across banking and trading for both individuals and institutions. For private investors, the technology could allow for cheaper share trading and faster settlement. It could also help provide confidence to market participants in times of stress and allow more issuance of stock, particularly from smaller companies. Blockchain technology is best known for its role underpinning digital currency bitcoin, but its uses are much […]
Banks to develop new digital cash unit for settlement
Four of the world’s biggest banks have teamed up to develop a new form of digital cash they believe will become an industry standard to clear and settle financial trades using blockchain, the technology underpinning bitcoin. UBS, the Swiss bank, pioneered the “utility settlement coin” and has now joined forces with Deutsche Bank, Santander and BNY Mellon – as well as the broker ICAP – to pitch the idea to central banks, aiming for its commercial launch by early 2018. The move is the first example of a group of leading banks coming together to co-operate on a specific blockchain technology to harness the power of decentralised computer networks and […]
