Search Results For: proof of concept

The newest Deutsche Börse Blockchain project

A new Deutsche Börse blockchain project was unveiled today as the market operator revealed a new blockchain proof-of-concept to manage bank cash transfers.

The so-called ‘CollCo’ (or, ‘collateralized coin’), is the new Deutsche Börse blockchain project created together with Eurex Clearing, or the clearing house used by the Deutsche Börse.

Using the same code of the Hyperledger Fabric project as a basis, the company wants to obtain a patent approval for this revolutionary transfer solution available thanks to the distributed ledger.

According to the official press release shared by the Deutsche Börse, the next step is to work with customers, regulatory and central banking contacts.

This is the official description for CollCo:

“All peer-to-peer payments based on tokenised commercial bank money are accompanied by movements of collateral between the respective Eurex Clearing members using the [central counter party’s] functionality and rules.”

The press release continues by saying that the idea links together “existing and potential new use cases” as the “handling of margining requirements, credit risk free payments, and delivery-versus-payment asset/value transfer on the blockchain”.

The Deutsche Börse has spent much time during the past year testing several blockchain use cases, including one thanks to a partnership with Germany’s central bank.

Also, in February 2016, the company partecipated at the New York blockchain startup Digital Asset Holding’s $60m funding round.

During a speech given last week, CEO Carsten Kengeter talked about the so-dubbed “Exchange 4.0” powered by next-generation technologies.

“Exchange 4.0 will use blockchain intelligently. Exchange 4.0 will convert data into investment tools. Finally, Exchange 4.0 will be as varied – and perhaps also as easy to use – as an app store,” he explained.

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Amelia Tomasicchio

blockchain, Deutsche Börse

2 Nov 1

Blockchain Japan Banks: a new Consortium

42 financial institutions created a new Blockchain Japan Banks Consortium focused on decentralized payments.

Created by the financial service called SBI and co-launched with the distributed ledger startup Ripple, this new blockchain consortium includes a wide range of large and small companies and institutions. The creation of this blockchain consortium comes a few days after SBI revealed that it would work to create its own digital currency exchange in Japan.

Members involved in this new program want to share resources and work on a cross-border proof-of-concept, with the goal of creating a new common ground for commercial-scale products in 2017.

SBI explained in a statement:

“The Consortium will promote discussion, from both technical and operational perspectives, on activities required in domestic and foreign exchange services to utilize blockchain and other new technologies, consolidate domestic and foreign exchange services, and build 24-hour and real-time remittance infrastructure, and will try to finish PoC by next March to move forward commercial base.”

Also, SBI explained that efforts to create this blockchain consortium began in August, with the first goal to involve 15 member banks, but the group has rapidly increased its members during the promotional period, the company commented.

This blockchain Japan Banks consortium created by SBI is the latest effort of its kind. Similar groups have been created in recent months among Russian financial companies and European insurance brands. Read more here.

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Amelia Tomasicchio

9 Sep 0

Bank of England Blockchain: how to explore fintech

A few days ago it was revealed that Bank of England Blockchain project is looking for more ways to study the distributed ledger.

During a speech in London, Victoria Cleland of Bank of England explained that the central bank is exploring the financial technology, creating a startup accelerator to help financial projects.

Cleland commented:

“Blockchain is still in its infancy, and there are numerous questions that need exploring. The Bank has already undertaken a proof-of-concept using this technology and we are looking for new opportunities through our FinTech accelerator.”

Earlier this year, Bank of England revelaed its project to create a new digital currency, to be called RScoin, projected by the University College of London.

A similar idea was developed by the Bank of Canada, who aims at creating a new cryptocurrency called CadCoin, as well as the Dutch Central Bank that planned to develop a new blockchain called “DNBCoin”.

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Satoshi

22 Aug 0

The FCA wants to approve blockchain startups in England

In fact, a “small but significant number of firms” that use the blockchain and works in the fintech industry could officially receive the FCA authorization.

To do so, the FCA is looking for blockchain projects involved in the Project Innovate program.

The FCA is evaluating more than 150 startups and 40 of them will be approved for further study.

The number of blockchain startups is growing fast, but regulators are always concerned about illegal activity and bitcoin volatility.

The FCA director of strategy and competition, Chris Woolard explained:

“We do think blockchain has got some potentially interesting applications and we are talking to firms thinking about how to apply that to financial services and how it could benefit consumers or indeed make the business of compliance easier.— There may be areas where we might want to encourage it a bit.”

He explains the FCA will announce more details about this project by the end of 2016.

These startups will be the first to receive approval from the English FCA.

Blockchain investments

Companies such as Greenwich Associates, EY, Accenture, and PwC explained that they believe that financial institutions will spend $1 billion USD for the distributed ledger technology during the current year.

Jeremy Millar of Ledger Partners said:

“Reports have claimed up to $100bn could be saved on the post-trade settlement process by using blockchain. Another estimate by Goldman Sachs said there could be $50bn of savings in the US repo market alone. The numbers are huge.”

The technology behind Bitcoin is growing its popularity within the fintech industry. More and more financial institutions and governments are developing and studying its applications.

This way, the English FCA could be the next authority to officially recognize the potential of the ledger.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Satoshi

11 Aug 0

Bank of America to use the Blockchain to authenticate bank data

Bank of America and HSBC joined forces with the Singapore government’s IT and telecom agency to develop a project related to the blockchain.

Revealed today on Business Times, Bank of America, HSBC and the Infocomm Development Authority of Singapore have started to create a blockchain application within the Hyperledger system.

The project’s the goal is replicating the letter of credit transaction process among banks, exporters and importers and they aim at understanding how the distributed ledger could place trust between parties.

In fact, usually parties need to rely on banks to issue and recognize documents for facilitating trade.

Bank of America to use the Blockchain

According to International Business Times, the proof-of-concept project is composed by a seven-step process that will show how a blockchain can be used to authenticate data.

“Many people are talking about the theory of blockchain, but for the first time we can start to see how this technology might be used to solve the real world challenges our customers face,” said Vive Ramachandran, global head of product for HSBC trade finance business.

This is not the only project to be launched, in fact, Bank of America and IDA are already working on similar goals related to the blockchain.

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Satoshi

5 Jul 0

Russian Banks work on a Blockchain Unit

A few days ago Russian Banks and public institutions revealed that they will create a unit that aims at studying blockchain applications.

Announced on July 1st, this private consortium includes QIWI, B&N Bank, Khanty-Mansiysk Otkritie Bank, Tinkoff Bank, MDM Bank, and Accenture.

The project was announced during the 25th International Financial Congress in St. Petersburg, hosted by the Russian Central Bank.

This unit focuses on the development of “blockchain proofs-of-concept, work on joint research and policy outreach, and the creation of technology standards”.

The idea for this project came when the QIWI revealed its hope for creating the so-called “Russia’s R3CEV”, a group of financial services focused on the distributed ledger.

CEO Sergey Solonin explained:

“I’m convinced that the Consortium, which brought together the Russia’s largest financial company, is able to become an effective platform for multilateral cooperation in exploration, launching innovations and their implementations in financial services.”

Bank of Russia works on the Blockchain

Bank of Russia is not new to an involvement with the Blockchain, in fact,

A few months ago Olga Skorobogatova of Bank of Russia explained that “the development of modern financial markets is inseparable from the development of financial technology”, when the bank revealed his purpose to start studying the distributed ledger back in February 2016.

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Open your free digital wallet here to store your cryptocurrencies in a safe place.

Satoshi

30 Jun 0

IBM blockchain project for identity verification

Today the tech-giant IBM revealed its latest blockchain project thanks to the French bank Crédit Mutuel Arkéa, an idea that aimed at creating a system for identity verification.

IBM Blockchain for identity confirmations

IBM explained that the concept exploit the Hyperledger blockchain to allow users to have a proof of their identity, one of the few projects with the blockchain used as a non-financial application.

Frédéric Laurent of the Crédit Mutuel COO explained:

“This project offered a complete view of customers’ documents across our distributed network and helped us to understand and master blockchain for other client uses.”

This is not the first time we heard about blockchain projects conceived by the IBM. In fact, in April we wrote about Watson, an artificial intelligence connected to the blockchain and created by IBM itself.

This device will be registered on the Bitcoin ledger and – thanks to smart contracts – it will create different kinds of access, allowing lots of functions and customization.

Banks and blockchain applications

The news come when the French bank decided to use the blockchain technology, after several other banks announced their own projects related to the distributed ledger.

A few days ago we talked about the BNP Paribas project to study the blockchain as it aims at building new tools for data and money management.

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Satoshi

19 May 0

Nasdaq Blockchain to build a Solar Energy Market

Today, during an event organized by Nasdaq, the well-known stock exchange announced its new service that allows solar power providers to sell certificates using its Linq blockchain.

This special solar panels are linked to the Internet connection through a technology created by Filament, a Nevada blockchain startup that built a system able to connect traditional devices to the internet.

Thanks to the Nasdaq private blockchain called Linq, it is possible to create certificates that can be purchased by anyone who wants to finance the solar energy.

Even if there were a couple of bugs, the resultant certificate appeared on the screen during the live video demonstration.

During an interview conducted by Coindesk, Alexander Zinder, director of the global software development at Nasdaq, cleared up how this new technology works.

“The solar panel is actually hard-wired into the IoT device through a converter which enables us to measure the wattage they’re putting out and producing into the grid.”

This innovative project was born thanks to a partnership between Nasdaq and IDEO’s CoLab.

“We think it’s a very compelling use case, but there’s a lot of opportunity, but it’s extremely early in our exploration”, continued Zinder.

Blockchain and energy: Usizo

This is not the first time we hear about a project related to energy and the blockchain.

A few months ago, in fact, we talked about Usizo, a crowdfunding company who is trying to improve energy payments between users and schools in the African country.

Usizo works thanks to a smart meter that accept digital currencies and through a crowdfunding platform where people can donate their bitcoin.

Donators can see the electricity needed by a school and can know how much he will contribute based on the BTC he donates.

Ethereum used for Car Charging

Also, a German power company, RWE, started a partnership with the Ethereum-based startup Slock.it, to develop proofs-of-concepts using the Ethereum blockchain.

RWE Carsten Stöcker commented:

“We would like to solve the problems and really push electric vehicle deployment forward by looking into establishing a seamless and affordable electrical charging infrastructure.”

How to pay energy with Ethereum

An American resident used the Ethereum blockchain to sell energy to his neighbors.

The two men did the transaction through the LO3, a startup that aims at changing the energy industry.

Lawrence Orsini, founder at LO3, explained that his startup wants to show how people can use the blockchain on a daily basis to facilitate their peer-to-peer exchange.

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Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio

bitcoin, blockchain, energy, Ethereum, nasdaq, usizo

11 May 0

Bitcoin, the trust chain that banks and governments cannot corrupt

Bitcoin is a trustless money

For centuries the use of money evolved according to available technologies and society needs. Bitcoin is a currency and each currency is information.

The information must be exchanged, only this way it can be recognized and associated with a value, especially in today’s world drawn as a network.

How trust can be betrayed

Problems arise when – while exchanging information – there are intermediaries who betray the trust, for example:

1 .central banks, if it inflates the currency (es. quantitative easing, or a tool to inject more liquidity into the market in order to indirectly encourage households and consumer businesses);

2. banks, if they fail, taking away our funds on current accounts (see bail-in or, in case of failure, no longer pays the state, but shareholders , creditors and depositors);

3. governments, if it confiscates assets or block transfers (Amato government in ’92) ;

4. national currency, if it is accepted everywhere (or if it is excluded from a stronger system, for example euro ) ;

5. privacy, if it is violated during the online shopping;

Whoever believes in a cryptocurrency such as bitcoin, knows that history (Argentina, Cyprus, Greece, etc.) has already shown that it is not possible to have confidence in all these linked subjects, because each one carries its own interests.

A centralized entity can actually change, omit or delete any data that passes through its control, since in these entities work people that have a corruptible nature.

What is the “pre-trust” ?

Now, not only friction, costs and transaction times can be reduced, but corruption can be eliminated too. It is virtually impossible to corrupt the ledger: you cannot write on it, and you cannot change what other people write on it: it is no longer a human job.

So, if there is no trust, to have a secure system we need a network that can perform an action associated with a cost. Since you don’t know the other person you are exchanging the value with you have to “pre-trust” in 3 basic elements: mathematicians, economists, technicians.

1. Mathematicians, with the asymmetric encryption, or the concept of public and private keys, you need to certify who is the true owner of the property;

2. Technicians, with the network that reaches consensus through the “proof-of-work” system, and valid the transactions before they are permanently written onto the blockchain, so it is no longer possible to repeat the processing fraudulently (thus solving the problem of double spending)

3. Economists, because of the incentive to earn money with bitcoin. For these reasons a public blockchain cannot live without the use of bitcoin if we want to have its maximum security .

All the above systems are designed to work together without the need for intermediaries.

Now people are starting to use cryptocurrencies, such as Bitcoin, as a method of payment and at the same time entities that accept it are spreading quickly.

On CoinMap you can see the map of all the places where these exchanges take place. And, what is the infrastructure that supports this exchange? The blockchain.

Blockchain, the infrastructure that runs bitcoin

The blockchain – to define it in simple terms – is a timestamp, so it is only a consequence. The important thing is the protocol, the safe encryption with which transactions are signed.

It is not important the account balance, but how reliable is that publicly available data.

So far, paradoxically, it relied on the piece of paper in the hands of anyone. But the paper documents are now easily forged, to be trusted more if we read the declaration of property on blockchain .

Lavoiser stated: “Nothing is created, nothing is lost , everything is transformed .”

But it was a law that applies only to the material world . For the digital world , in blockchain format , the new law is : “Everything is created , nothing is lost , nothing can be changed.”

This article was originally written by Massimo Chiriatti on Startup Italia.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio

authority, banks, bitcoin, blockchain, intermediaries, security, trust, trustless

15 Mar 0

Ethereum Launches Homestead

Blockchain project Ethereum has just launched Homestead, the first release of its software implemented at block 1,150,000.

Here you can read the full documentation about the Homestead release.

ethereum launches homestead, homestead release

This new implementation comes at a time when more and more financial institutions and startups are revealing their interest in Ethereum and in creating projects related to the blockchain.

Just a few days ago, in fact, we talked about how Ethereum now is bigger than ever.

Special advisor at Ethereum Foundation, William Mougayar, explained that Ethereum processes almost 25,000 transactions per day: about 10% of the number of Bitcoin.

“You need to look at the growth of the Ethereum network via the growth of its nodes, sitting at 5,100 versus bitcoin’s about 6,000 roughly. That’s quite significant and shows the stability and global nature of the Ethereum network,” commented Mougayar.

Homestead vs Frontier

Homested is preceded by Frontier, that was released in July 2015.

Co-founder of ConsenSys Enterprise, Andrew Key, commented that Homestead will help users to expand their possibility on Ethereum and the simplicity that will allow them to be able to build proof-of-concept products.

Keys said to CoinDesk:

“Homestead’s arrival will begin to demonstrate the next generation of blockchain technology, whereby anything we can dream of, can be accomplished in a decentralized manner using Ethereum.”

“We’ve seen Microsoft and IBM doing projects on Ethereum. There’s a lot of coders. It’s exciting to see something you were in on in the early stages growing and bearing fruit,” said Ethereum co-founder Anthony Di Iorio.

Ethereum helps Car Charging

In Germany the startup called Slock is working with RWE on a project to use Ethereum for car charging uses.

This project debuted at the Lift 2016 conference in Geneva, Switzerland and it will play out within 2017.

According to the RWE, customers will use charging stations by accepting a smart contract programmed on the Ethereum blockchain.

proof of concept

Search Results For: proof of concept

The newest Deutsche Börse Blockchain project

Blockchain Japan Banks: a new Consortium

Bank of England Blockchain: how to explore fintech

The FCA wants to approve blockchain startups in England

Blockchain investments

Bank of America to use the Blockchain to authenticate bank data

Bank of America to use the Blockchain

Russian Banks work on a Blockchain Unit

Russian Banks work on a Blockchain Unit

Bank of Russia works on the Blockchain

Universal Wallet

IBM blockchain project for identity verification

IBM Blockchain for identity confirmations

Banks and blockchain applications

Universal Wallet for Cryptocurrencies

Nasdaq Blockchain to build a Solar Energy Market

Blockchain and energy: Usizo

Ethereum used for Car Charging

How to pay energy with Ethereum

MULTICURRENCY WALLET

Bitcoin, the trust chain that banks and governments cannot corrupt

Bitcoin is a trustless money

How trust can be betrayed

What is the “pre-trust” ?

Blockchain, the infrastructure that runs bitcoin

Ethereum Launches Homestead

Homestead vs Frontier

Ethereum helps Car Charging

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