4 Jul
0
Citibank study on Bitcoin: read here their report on digital currencies
A few days ago the Citibank study on Bitcoin and other cryptocurrencies was released, where it explains that they should not be considered as disruptive for banks and other traditional institutions.
Citibank, in fact, published a 56-page report about bitcoin and digital currencies, – written by Keith Horowitz with contributions from Adrien Porter, Frieda Liao, and Michael Cronin; it also explains how Citibank sees lots of new opportunities in the blockchain technology.
This is an extract:
“The power behind an open network like bitcoin is the possibility of incorporating it with other technologies to bring about true innovation, such as applications that support the Internet of Things (eg machine-to-machine payments).”
Citibank study on Bitcoin
The Citibank study explains how bitcoin and the other digital currencies could revolutionize the market, especially where there isn’t a good payments infrastructure.
However, in this study on bitcoin there is a critical eye on the bitcoin benefits for payments, as the authors explain that they don’t believe the immutability of the blockchain to be a good thing for money transactions.
“Having written three reports on the topic of blockchain, one common theme we have observed is the limited use-cases for the peer-to-peer transfer of value due to a number of issues including scalability, network adoption and lack of a legal/regulatory framework for dispute resolution.”
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28 Jun
0
BNP Paribas Blockchain: banks love the distributed ledger
A few days ago BNP Paribas revealed its new project related to the Blockchain: a lab that will study the distributed ledger technology with the goal of building new solutions for data and money management, as well as a tool to help users in case of liquitidity needs.
BNP Paribas Blockchain: a partnership with SmartAngels
Previously this year, BNP Paribas announced its interest in the blockchain technology when it started a partnership with SmartAngels, a crowdfunding platform that will help the bank to develop a project to be launched by the end of 2016.
According to the press release published in April, BNP Paribas would develop a ledger for shares in companies through the blockchain.
Also a few months ago BNP confirmed its interest in the blockchain for financial applications and announced that they were working on their own blockchain called Bizhackathon, that aims at finding use cases for the distributed ledger technology in the banking system.
Growing interest in Blockchain
All the central banks worldwide are expressing their own interest in the distributed ledger and digital currencies.
For example, recenlty we talked about the idea of the Central Bank of Canada to create its own digital currency called CadCoin.
Also, another revevant news on banks and cryptocurrency came yesterday when the Dutch Central Bank revealed its tests on the blockchain.
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27 Jun
0
Dutch Central Bank Tests Bitcoin Blockchain
Dutch Central bank presented the results of their digital currencies tests whose goal was to better understand the Bitcoin blockchain to adopt it within the main bank institutions.
After this test conducted in 2015 by De Nederlandsche Bank (DNB), the bank presented the results earlier this month.
On 20th June Ron Berndsen, head of the bank’s market infrastructure policy department, explained to Coindesk:
“The general idea was that by adapting the Bitcoin software ourselves we could learn deeper how an actual implementation of the blockchain really works than if we would only perform desk research and go to conferences such as these, no matter how interesting.”
Dutch Central Bank test number one
To do the first test the DNB created a working group who acts as fictional participants in the digital currency world, as they want to replicate how the bitcoin environment seemed in the first two months of its existence.
Also, they sent each other several coins, testing the process.
DNB Second test
“The second DNBcoin prototype takes the other extreme of bitcoin by jumping to the year 2140, the year when the last fraction of the 21 million bitcoins will be issued,” said Berndsen.
For this second test, the team mined all of the DNBcoins in advance, beginning with a block reward of 1 billion of DNBcoins.
“In doing so we were able to generate 3 billion DNBcoins in 30 seconds. In addition, we observed that after all DNBcoins had been generated, blocks could still be mined and added to the blockchain. The reward was reduced to zero but transaction fees were still collected by the miner who finds the next block.”
Blockchain central bank adoption
Central banks are increasing their interest in the blockchain.
Recently, in fact, we talked about several central banks who studied, tested and adopted the blockchain.
For example, you may be interested in the news related to the Central Bank of Canada that revealed its new digital currency called Cadcoin.
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24 Jun
0
Bitcoin price rise again thanks to the Brexit
After reaching a low of $550 during the week, the bitcoin price rose again reaching a high of $650 today.
Although it was normal to see a correction after the fast climb of the previous weeks, the bitcoin price probably fell also because of the “Bremain”, or the possibility of UK to remain into the EU.
This volatility has a main reason: Brexit and Bremain.
When it seemed that England would remain in the European Union the bitcoin price fell immediately.
Conversely, now with the official news of the Brexit, the Bitcoin price is finally starting to rise again.
Brexit and Bitcoin price rise
Yesterday England had to vote for a referendum in which voters had to decide if their country should remain (Bremain) or leave (Brexit) the EU.
When the official news of 54.4% votes for the Brexit arrived, the Bitcoin price increased from $560 to $655.
This phenomenon is probably due to the fear led by the volatility in the fiat currency and traditional markets.
5 reasons why Bitcoin price rise
Few days ago we talked about the causes of the Bitcoin price rise.
Among these we quoted the Brexit, and in fact it seems to be confirmed by the market movements.
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23 Jun
0
Bitcoin Price Drops because of the Bremain
Bremain and Bitcoin
Today Bitcoin price drops of about $100, falling to peak of 15% by reaching the value of $551 according to Bitstamp.
In the recent weeks we talked about the 5 reasons of the Bitcoin price was rising so fast. In the list we quoted the “Brexit” as a possible reason.
In fact, the uncertainty caused by this move could be a foundamental reason for the Bitcoin growth.
Bitcoin price Drops
This Bitcoin fall is a continuation of the recent correction – probably due to the previous too fast growth, as explained George Sammam – that began on June 18th, when the price hit $774.
A possible reason for this Bitcoin decline is the “Bremain”, or the possibility of the UK to remain in the European Union.
In fact, experts suggested that maybe the bitcoin price is falling down because of the increasing possibility that UK will vote to remain in the EU.
Tim Enneking of Crypto Currency Fund; investor Vinny Linghan and Arthur Hayes, co-founder of BitMEX, all quoted the ‘Brexit’ vote as a possible reason for this drop:
“The drop below $600 indicates that many traders believe that ‘Bremain’ will prevail. The vote is still too close to call with various polls indicating ‘Brexit’ and ‘Bremain’ in a dead heat.”
So, will the Bitcoin price continue to fall or it will remain stable? Stay tuned for next updates.
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21 Jun
0
Central Bank of Canada revealed the digital Cad coin
Is Cad Coin the future for Canada?
Yesterday the Central Bank of Canada announced its new project: Cad coin, or the digital version of the Canadian dollar based on the blockchain.
Cad coin is just a part of a greater study about the blockchain, called “Project Jasper”, according to The Financial Times.
Bank of Canada is not the only bank involved: in fact, other important banks such as Bank of Montreal, CIBC, Royal Bank of Canada, Scotiabank and TD Bank are participating to this innovative project.
As you can read on a Forbes post, Bank of Canada is doing tests on a system that allows people to give their cash to the bank that will convert it into Cad coin.
Banks: in love with the Blockchain?
During the last months, we read about several bank projects related to the blockchain and digital currencies.
For example, in March, Bank of England announced the decision to create its cryptocurrency called RS Coin, as you can read here.
A similar news came in February, when Bank of Russia revealed to study the blockchain for their own business applications.
“The development of modern financial markets is inseparable from the development of financial technology”, said Bank of Russia’s deputy chairman Olga Skorobogatova.
Are these news the proof that banks love blockchain applications or is it just fear?
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14 Jun
0
White House Fintech Summit
The Bitcoin Blockchain officially reached Capitol Hill, organizing a White House Fintech Summit.
After an event with the American President technological advisors organized last month, now there are more and more meetings and speeches about the blockchain.
Also, a few days ago the White House was theater for a Blockchain Summit, during which there were guests such as Secretary Penny Pritzker, president for economic policy Adrienne Harris, director for digital currencies initiatives at the MIT Media Lab Brian Forde and Matthew Roszak of the Chamber of Digital Commerce.
Held by the Eisenhower Executive Office Building, the event was officially called the “White House Fintech Summit”.
In the audience there were also representatives from companies such as Deloitte, JP Morgan, PayPal and Microsoft.
President Obama’s special assistant Harris published a blog post with the conclusions of this event, you can read it here.
The article, titled The Future of Finance is Now was published on June 10th, the same day of the event, and it contains several ideas and thoughts about fintech and its implications such as people financial health and civil rights.
“Today at the White House, we convened stakeholders from across the financial technology (fintech) ecosystem, including traditional financial services institutions, fintech startups, investors, thought leaders, and policy makers, to discuss how fintech can help advance critical economic policy priorities”.
Recently CNBC said that Barack Obama needs to embrace Bitcoin and Blockchain soon, so maybe this is a good start for the US government to study and implement the distributed ledger.
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14 Jun
0
5 reasons Bitcoin price is rising
Reasons Bitcoin Price is rising
The bitcoin price keeps rising and it is reaching the value of $700, growing more than 20% during the weekend.
Today, in fact, the Bitcoin price is $695, according to Coindesk and it seems it doesn’t want to turn back.
Experts are trying to provide several reasons for this rise, including the Chinese Domain and the halving of miners rewards.
Below you can read the 5 reasons Bitcoin price is rising so fast:
Halving of Rewards
In July it will take place the event of the halving of the miners rewards: the mining process, in fact, will be rewarded 12.5 BTC per block, instead of the previous amount of 25 BTC.
This process called halving is aimed at preventing a digital currency inflation by reducing the amount of new currency created over time, until it reaches it maximum amount of 21 million bitcoin ever created.
More interests in the Blockchain
Another reason could be the growing interest in the Blockchain by several worldwide companies such as Microsoft, IBM and more.
As the interest in the different applications of the distributed ledger is growing, more and more people start to approach bitcoin too.
Chinese Domain
As we tried to explain into this blog post, one of the possible reasons of the rise of the Bitcoin Price is the increase of the Chinese domain.
In fact, its price in CNY on the local exchange is growing up quickly, reaching more than the current bitcoin price.
Joe Lee, founder at the trading platform called Magnr, explained:
“Capital flight continues as the IMF (International Monetary Fund) is now signalling warnings at the increasing default risk against China’s corporate debt. China’s economy is changing rapidly and debt fueled growth can only be sustained for so long.”
FIAT Currencies Flow
Another reason why the Bitcoin price is growing could be a fiat currencies flow.
This is the point of view of Chris Burniske, who explained:
“What this implies to me is we have lots of new fiat money flowing into bitcoin, and bitcoin’s price action is not being driven by people swapping out of ether, which we’ve often seen before.”
UK out of Europe
Other bitcoin experts explained that another possible reason could be the fear that the UK could leave the UE.
A recent survey showed that 52% want this split, while 33% prefer that it remains.
This is the same thing happened when it appeared that Greece would leave the European Union: for this reason the bitcoin price hit about $300.
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13 Jun
0
US Government awards Blockchain projects
Blockchain Award
The US government awards Blockchain projects: $600,000 in grants to six companies that work on blockchain applications.
The Department of Homeland Security (DHS) decided to destinate $3.1m to 29 businesses based in the American area and focused on data analytics, connected devices and blockchain.
Each awarded business will receive $100,000, according to the official press release.
This money came from the so-called program Small Business Innovation Research (SBIR) that started back in December 2015.
These US Government Blockchain Awards were assigned to Digital Bazaar, Inc., Respect Network Corporation, Narf Industries LLC, Celerity Government Solutions LLC, BlockCypher and RAM Laboratories LLC.
Governments Interested in Bitcoin
In April the European Parliament defined the blockchain as the“perfect technology” and aimed at realizing new rules related to the distributed ledger.
Also, several European countries started to accept Bitcoin for public services. Among these there is Switzerland. In fact, Zug was probably chosen because it is the Swiss financial centre that has a good reputation for its low taxes.
In the meantime, the US Postal Service will start studying for the creation of a new digital currencies to be used for their own applications.
Another important news came in May, when Japan decided to officially recognize Bitcoin.
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10 Jun
0
IBM Watson uses the Blockchain in Singapore
IBM Watson project and the Bitcoin blockchain are two new technologies that might change the way we live and work in the near future.
Today tech giant IBM opened a new incubator with 5,000 computer technicians that aim at creating several prototypes by using the IBM Watson AI tools and the Bitcoin Blockchain.
This innovative environment is called the Watson Centre and it is situated in the Marina Bay in Singapore and in the IBM Garage, specialized in developing blockchain applications thanks to the IBM Open Standards tools within the Global Entrepreneur program that was launched back in 2010.
Randy Walker, CEO at IBM for the Asian zone, explained this project with these words:
“Watson and blockchain are two technologies that will rapidly change the way we live and work, and our clients in Asia Pacific are eager to lead the way in envisioning and creating that future.”
IBM Watson and blockchain
This new center comes thanks the study of the distributed ledger applications started back in 2015 when IBM joined the Hyperledger project.
Also, at the beginning of 2016, Chris Ferris, CTO at IBM, became the project leader of the aforesaid open-source blockchain project.
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