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Showing posts with label blockchain Framework. Show all posts
Showing posts with label blockchain Framework. Show all posts

Thursday, 22 June 2017

19:59

Providing physical of identity (IDs) may soon become a thing of the past.

Providing physical of identity (IDs) may soon become a thing of the past.

While it’s not entirely possible to have the correct identification within reach at all times, there may be a new way to certify someone’s identity without the need to produce papers or a plastic ID card, all while promoting cybersecurity in the process.

This week brings us news that Accenture and Microsoft are partnering up to help develop a digital ID network through the use of distributed ledger blockchain technology. This is part of a larger United Nations-backed project to provide legal identification to people around the world without an official document. The goal of this project is to help refugees (currently 1.1 billion people) prove they are who they say they are in order to receive essential services like education and healthcare.
During the second ID2020 Summit in New York this week, the prototype for this distributed ledger network, which will connect with current record-keeping systems with blockchain technology, was debuted. Thanks to the partnership between Accenture and Microsoft, through this new system, refugees will be able to access their virtual paperwork wherever they’re located.
Accenture’s Managing Director of Financial Services, David Treat, highlighted the importance of legal ID access with this new offering. “Without an identity,” he said, “you can’t access education, financial services, healthcare, you name it. You are disenfranchised and marginalized from society.”

Source:PYMNTS.com
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Sunday, 19 March 2017

11:41

Blockchain Registry:How Does It Work?

Block chain Registry:How Does It Work


GEORGIA ON MY CHAIN


The Eastern European Republic, that is, not the US State.
The tendrils of blockchain seem to be getting everywhere these days, not just in financial transactions.
The former Soviet Union member state has signed a Memorandum of Understanding with blockchain tech co Bitfury to bring blockchain authenticated land titling to the republic by this summer, after a pilot programme that commence in 2016.
The system will publish hashes direct to Bitcoin to benefit from the cryptocurrency’s “unmatched security”.
Bitfury’s CEO Valery Vavilov said;
“With this technology, where there is a will, there is a way. And thanks to the forward-looking Georgian government, there is a will. The possibilities for trusted solutions are limitless, and the land-titling project is the first of many creative solutions projects we are developing in concert with the Republic of Georgia and the Blockchain Trust Accelerator to better serve its citizens.”

 Source:NextMoney


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11:34

Chained Finance:BlockChain

Chained Finance:BlockChain

Chinese online lender Dianrong and iPhone manufacturer FnConn this week announced the launch of Chained Finance, the first-ever blockchain platform for supply chain finance. 
The new platform leverages advanced financial technology to meet the hugely underserved needs of supply chain finance in China.
Supply chain finance companies have been limited by existing technology and, to date, have only served about 15 percent of suppliers needing financial resources.  As a result, the vast majority of the 40 million SMEs in China remain unserved.  Chained Finance enables supply chain finance to deliver needed capital to smaller supply chain suppliers and provide large multinational manufacturers with enhanced visibility and transparency.
The two companies recently completed a successful pilot and proof of concept of Chained Finance by securing funding for small and medium enterprises in China that were otherwise unable to secure needed capital.  Chained Finance originated US$6.5 million in loans for these SME supply chain operators.
Chained Finance is initially targeting three major industries: electronics, auto and garment manufacturing.  It is expected that Chained Finance could help supply chain finance operators potentially triple the number of SME supply chain operators with access to funding in China.
“Blockchain is revolutionizing the finance industry and offers seamless solutions to any company operating and financing complicated supply chains,”
said Soul Htite, Founder and CEO of Dianrong.
“The complexity and scale of supply chain finance has posed major challenges in ensuring adequate funding and efficient operations.  Chained Finance creates a unique ecosystem that will provide supply chains with easier access to funding at competitive rates.”
This notable use for blockchain could have global significance, for example in the construction sector where subcontractor chains are notoriously long.

Source:NextMoney



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Wednesday, 8 February 2017

08:06

Threats to Bitcoin users from cyberattacks and illegal activities -RBI

Threats to Bitcoin users from cyberattacks and illegal activities -RBI

Post RBI caution, startups form a chain around blockchain tech

Bitcoin players such as Zebpay, Unocoin, Coinsecure and Searchtrade have formed the Blockchain and Virtual currency Association of India and are in the process of formally registering it.
A circular by the Reserve Bank of India last week, cautioning users about virtual currencies such as Bitcoin, may have led to an alarm among Bitcoin investors in the country , but for startups in this space, it has served as the right push for creating an industry association.
Bitcoin players such as Zebpay, Unocoin, Coinsecure and Searchtrade have formed the Blockchain and Virtual currency Association of India and are in the process of formally registering it. In fact, in their first meeting in Mumbai on Friday, the members discussed the RBI circular among other things. "While we have been planning to create an association for some time, we finally pushed things after the circular,“ said Saurabh Agarwal, cofounder of Bitcoin trading and wallet company Zebpay .
"We had thought of reviving the old association -Bitcoin Alliance of India (formed in 2014 but now defunct), but we also decided to add blockchain companies and create a larger association," he said. Currently , there are four member companies, but the association looks to add more from the 20 odd Bitcoin star tups in the country. Mohit Kalra, CEO of Coinsecure, said that the first attempt at a Bitcoin association had failed since the companies were still small.
The main objective of the new association is to create an industry body to engage with regulators, but the association will also focus on making Bitcoin trading safe by ensuring members follow strong KYC measures and by creating awareness among users about Ponzi schemes and other risks.
"The goal is to have a uniform self-regulation amongst ourselves," said Sathvik Vishwanath, cofounder of Blume Ventures-backed startup Unocoin. Bitcoin is currently not regulated in India, and as per the RBI's notice on February 1, in which it reissued a circular from 2013, the regulator "has not given any licenceauthorisation to any entitycompany to operate such schemes or deal with Bitcoin or any virtual currency." The RBI said that the creation, trading or usage of virtual currencies such as Bitcoins as a medium of payment are not authorised by any central bank or monetary authority .It also warned of threats to Bitcoin users from cyberattacks and illegal activities.
The warning comes even as Bitcoin's popularity in India seems to be on the rise, especially after its value rallied post events such as Brexit, demonetisation and Donald Trump's victory . It was also considered the best-performing currency globally last year.

 Source:Banking Updates
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Friday, 13 January 2017

07:51

Banking 2017, it’s all about blockchain

Banking 2017, it’s all about blockchain

A major shift in the thought process of big banks is underway, and we all have blockchain to thank for that. When blockchain first came on the scene, major banks worldwide ignored it. They were able to associate it with bitcoin, in their unlimited wisdom, they ignored bitcoin too.
Blockchain for 2017 and beyond.
Fast forward a few short years and what a change we have seen. Major banks worldwide are adopting blockchain technology to leverage out a tiny piece of the transformational money-handling technology that is blockchain. Low estimates indicate that at least fifteen percent of banking institutions worldwide will adopt some form of blockchain technology to offer to their clients in 2017. More moderate predictions indicate that fifty percent of banks worldwide will do the blockchain roll out in 2017. Granted, their adaptations are still under a central authority, which sort of defeats the purpose of cryptocurrency and blockchain. While we nod homage to their frantic attempts at cashing in on blockchain technology, it won’t be enough.
Blockchain and your money.
Blockchain technologies and cryptocurrencies have the banking institutions of nations in turmoil because consumers in their millions are adopting blockchain technology and digital wallets. This allows them to forgo banks entirely. The brilliance of blockchain technology allows an extremely safe distributed ledger for individuals to store money, credit cards, intellectual property and anything of value on a system not regulated by a central authority. Everyone wants in on blockchain, from credit card providers to personal loan companies, and the banks are not pleased.
It’s also completely anonymous.
However you decide to use blockchain/cryptocurrency, you are able to retain complete anonymity while doing so. This does not make you a criminal, rather it makes you someone who values their privacy. The nature of cryptocurrency is just that; hidden. If you decide to take advantage of bank blockchain technology, be aware that every transaction you engage in will be monitored and reported. For most of us, that isn’t an issue. Perhaps a blend of traditional banking and blockchain banking is the best approach. How you decide to set-up your banking is your business, big banks are panicked over how many people are eschewing their services entirely.
2017 is just the start.
As cryptocurrency and blockchain continue to dominate financial market news, banks will be transferring more and more of their financial services into the blockchain format. If you are a customer, definitely take advantage. If not, turn to blockchain and cryptocurrency for a different way to bank your money.

 Source:TalkMarkets

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Wednesday, 21 December 2016

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Saturday, 15 October 2016

07:50

Axis, Kotak Mahindra banks test blockchain transactions

Axis, Kotak Mahindra banks test blockchain transactions

With ICICI Bank having successfully executed its first two transactions using blockchain technology, other Indian private sector banks are also gradually warming up to the concept.
Two private sector lenders, Axis Bank Ltd and Kotak Mahindra Bank Ltd, are conducting pilot transactions. They are experimenting in various business segments, to establish whether there is a business model for blockchain in India.
“We are theoretically convinced that blockchain is the way ahead. But we have to establish a practical use of the technology. As of now, the focus is on whether the technology is scalable in the near future,” said Deepak Sharma, chief digital officer, Kotak Mahindra Bank.
According to Sharma, Kotak Mahindra Bank is currently conducting pilot transactions in cross-border remittances and trade settlements, using blockchain. The bank is also working with some international banks and a technology provider for these pilots, Sharma added.
“Typically, cross-border remittances take two days to settle. Using blockchain, we can reduce this time to a few minutes, which will save us a lot of time,” he said.
Axis Bank believes that it would successfully conduct full-fledged transactions, before it comes out with a product in the market. The bank is examining scenarios in businesses involving foreign exchange and in some other corporate banking operations, according to Amit Sethi, chief information officer.
“While we believe there might be some use of blockchain technology in the retail businesses, we think that it will first come out in the corporate banking operations. Cost and the speed of transactions will be key differentiators, but the efficiency and ease of conducting transactions will also matter,” Sethi said.
“We will come out with solutions for our customers soon, but we don’t want to commit to any time frame,” Sethi added.
HDFC Bank, India’s largest private sector bank by asset value, is still assessing the opportunity, a spokesperson said, without getting into details.
Blockchain is a decentralized ledger, which allows all stakeholders to receive instant information regarding the state of transactions across various stages. This typically comes in handy when tracking complex financial transactions where there are multiple points of entry and exit for the funds involved.
Currently, this information has to be sought manually from each person involved and there are high chances of duplication of data. Blockchain eliminates the need for such inquiries. Globally, multiple banks are trying to use this technology to see whether they have any use for it in their respective businesses.
The Reserve Bank of India (RBI) does not have any regulations about blockchain.
The pilot transaction at ICICI Bank was executed to showcase confirmation of import of shredded steel melting scrap by a Mumbai-based export-import firm from a Dubai-based supplier, the bank had said in a statement on Wednesday.
The second initiative involved a transaction on the blockchain application that enabled an ICICI Bank branch in Mumbai to remit funds to an Emirates NBD branch in Dubai in real time.

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Friday, 29 April 2016

08:29

EdgeVerve launches blockchain framework for financial services

EdgeVerve launches blockchain framework for financial services

EdgeVerve Systems, a product subsidiary of Infosys, has launched a blockchain framework targeted at the financial services sector.

Called EdgeVerve Blockchain Framework, it is a permissioned ledger that allows banks to deploy blockchain-based services for “varied” business areas.

EdgeVerve says it can “scale to the levels needed to support international, cross-border transactional business”; and therefore can be a platform to run payments and “other high volume transactional banking services”.

Anirban Dey, president of customer and operations at EdgeVerve, says it is making “significant investments in this space”, which includes its research facility in Ireland and “important financial industry partnerships”.

He adds that several financial institutions are already collaborating with EdgeVerve to build blockchain-powered banking applications and networks.

Other highlights of the framework:
“Asset agnostic” – Banks can create multiple assets, and therefore store and transfer a variety of transaction assets within a single network;
Extensible – Includes an API layer that supports extensibility and administrative tools. Banks can develop and deploy their own custom blockchain solutions along with the framework.

Something must break

News on blockchain is a never-ending story of praise, scorn or doubt. What follows is mercifully brief in order to preserve your sanity.

Morgan Stanley recently brought blockchain back to earth, calling it a “double-edged sword” because while it helps banks reduce clutter, profits could fall or shift to new players.

Meanwhile, at the Swift Business Forum London 2016, blockchain was called a revolution in reconciliation but not in payments.

 Source:BankingTech.com 
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