Search Results For: bank
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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28 Jul
0
South Korean Bank to work on the Blockchain
One of the most important banks in South Korea revealed today an agreement with the most funded Asiatic startup of the bitcoin sector.
KB Kookmin, in fact, announced today that will sign a memorandum of understanding with the Bitcoin startups Circle and Coinplug.
Based in South Korea, Coinplug is also working with the same Korean bank to develop a blockchain prototype that aims at improving international remittance to simplify foreign exchanges.
KB Kookmin: South Korean bank to work on the Blockchain
According to Business Korea, KB Koomkin wants to promote businesses related to the blockchain field.
To do so, KB Koomking recently signed another agreement to work on distributed ledger applications for mobile device certification.
Talking about Circle, recently this startup revelaed a $60m fundraise received from several Chinese investors. This way it became one of the best funded startup in the Asian cryptocurrency market.
“We are excited to work with the top tech companies in London, a hub of the FinTech industry. KB Kookmin Bank will strive to provide our customers with new experience by adopting cutting-edge technologies,” explained a KB Kookmin representative.
Universal wallet
More details will be revelead soon, so stay tuned on the HolyTransaction blog.
In the meantime, you should open your new multicurrency wallet.
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23 Jul
0
Reserve Bank of India to study blockchain applications
Reserve Bank of India (RBI) proposed to local banks to study blockchain applications.
In fact, a bank deputy governor encouraged other Indian banks to collaborate within a research group previously created by the central bank on blockchain projects.
During a recent event held by the Institute for Development and Research in Banking Technology (IDRBT) on 19th July, Rama Gandhi explained how banks should develop applications for the blockchain and cryptocurrencies.
These were his words:
“Cloud-based computing, blockchain processing technologies and virtualization of IT systems are a few examples which hold potential for being used in a big way … Banks and IDRBT can work together to study these, test them out and adapt for best use.”
Bank of India wants its own digital currency
The Reserve Bank of India has been investigating distributed ledger applications of the technology since 2014, according to reports.
Back then Central bank governor Raghuram Rajan said that the bank could release its own cryptocurrency but no more details are available about this project.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
5 Jul
0
Russian Banks work on a Blockchain Unit
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.
Universal Wallet
HolyTransaction is a universal wallet where you can store several different kinds of cryptocurrencies in a safe and unique place, easy to manage.
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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.”
Universal Wallet for Digital Currencies
Bitcoin and other digital currencies can be store in a universal wallet where you can manage and store in a safe way different kinds of cryptocurrencies, such as Bitcoin, Peercoin, Ethereum, Dogecoin, Litecoin, Blackcoin and more.
To open your own wallet, click here and visit the official HolyTransaction Universal Wallet.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
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.
Universal Digital Currencies Wallet
If you want to store your bitcoin you may need a secure wallet.
Thanks to our innovative system, you can now open your own wallet here for free and you can store not only Bitcoins but also several other cryptocyrrencies (eg. Peercoin, Ethereum, Dogecoin, etc…) in a universal wallet that is very simple to use.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
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.
Universal Digital Currencies Wallet 
If you want to store your bitcoin you may need a secure wallet.
Thanks to our innovative system, you can now open your own wallet here for free and you can store not only Bitcoins but also several other cryptocyrrencies (eg. Peercoin, Ethereum, Dogecoin, etc…) in a universal wallet that is very simple to use.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
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.
Universal Wallet
You are now ready to open a wallet, where you can store Bitcoin and other digital currencies in an easy and safe way.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
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.
Universal Wallet
You are now ready to open a wallet, where you can store Bitcoin and other digital currencies in an easy and safe way.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
22 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?
Open your free digital wallet here to store your cryptocurrencies in a safe place.