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 […]
The Pulse of Fintech
‘ The Pulse of Fintech ’ is a quarterly report created by KPMG along with KPMG Enterprise’s Global Network for Innovative Startups and CB Insights (the ‘go to’ name for insights related to venture capital investment) which launched on August 17th, 2016. The series analyses the latest global trends in venture capital investment data on the fintech sector. Given the significant interest in fintech globally, and its ongoing evolution in terms of market drivers, technologies and potential use-cases, KPMG and CB Insights are partnering to bring you the pulse on fintech investment globally. Each quarter, we’ll highlight key fintech deals, issues and challenges around the world, in addition to key […]
Blockchain prototype gives ASX confidence
Market operator ASX says its successful blockchain prototype has given it the confidence that it can develop a system that could eventually replace the trading platform that underpins the $2 trillion Australian market. While chief executive Dominic Stevens cautioned that he could only give a “two week view” having been appointed on August 1, the trials run on the prototype suggested that it could eventually handle the required volumes and make the market more efficient for regulators, ASX customers and other stakeholders. Further development will occur over the next 18 months with Digital Asset Holdings, the blockchain start-up run by former JPMorgan executive Blythe Masters. ASX owns 8.5 per cent […]
Perth firm claims to have created first Australian blockchain
Perth company Ledger Assets says it has created the first Australian blockchain and slashed the amount of energy used by the revolutionary technology. Blockchain technology underpins the bitcoin virtual currency and a worldwide race is on to find other uses in areas from stock exchange settlements and financial transactions to medical records and art, energy and wine trading. Ledger Assets’ blockchain is already supporting another Perth startup – Power Ledger – which is trialling peer-to-peer trading of surplus household solar power which has the potential to further disrupt the centralised power grid. Ledger Assets is also exploring further opportunities in the arts, medical records and insurance sectors using its pioneering […]
6 enterprise technologies that may affect your business this year
We’re just over halfway through 2016, and it’s already proven to be a turbulent year in the realm of technology. We’re seeing more and more intersection between technology and other economic and industrial forces. Whether it’s Apple’s refusal to unlock the iPhone for the FBI or the upcoming presidential election adding uncertainty to the future of Biotech stocks, technology is practically inextricable from the other major factors that keep our world going. These turbulent shifts in tech are catching the attention of huge enterprises, as new products have led to innovative practices in consumer tech, manufacturing, and even politics. There’s still half of 2016 left to go, and these next […]
Blockchain power trading platform to rival batteries
A Perth startup will begin trials of consumer-to-consumer electricity trading this month using Blockchain technology – a small but potentially seismic step towards a future energy system. Perth company Power Ledger has teamed up with Ledger Assets – Australia’s largest blockchain company – to conduct trials aimed at devising business models for peer-to-peer energy trading. This could cut out the middleman – the energy retailer – and help households and firms get more out of their rooftop solar panels and storage batteries. People without solar panels could also buy solar power cheaply from neighbours. Power Ledger combines the revolution in decentralised renewable energy and batteries with blockchain to develop business […]
CBA trials blockchain for trade finance
Commonwealth Bank of Australia has successfully used “smart contracts” to execute invoice financing documents and letters of credit with 14 other global banks financing international trade, in another indication that blockchain technology is set to be deployed in the coming years by global banks to reduce costs. R3 CEV, a consortium of 51 global banks including CBA, said its Corda platform is “significantly faster, more reliable and cost-effective” than traditional trade finance processes that are largely paper-based, risky and open to fraud. Blockchain refers to networks of computers holding synchronised copies of information. Corda has been developed by R3 to allow banks to only share what’s needed for other banks […]
Australia among first to introduce bitcoin regulations
Australia will be one of the first countries to impose regulations for bitcoin and other cryptocurrencies under anti-money laundering and counter-terrorism laws. Australia’s financial intelligence agency, AUSTRAC, is co-hosting a counter-terrorism financing summit with in Bali and, ahead of this, has highlighted that ecurrency such as bitcoin enables terrorists to transfer money anonymously. Justice Minister Michael Keenan said: “The report recommends strengthening an already robust legal framework to respond to new and emerging threats.” “The government is committed to facilitating growth and innovation in this sector and appropriate anti-money laundering and counter-terrorism financing regulation will aid that development.” The AUSTRAC report, Terrorism Financing in Australia 2014, said: “Terrorist groups engaged […]
