HSBC forex trading costs cut sharply by blockchain - executive
LONDON (Reuters) - HSBC has reduced the cost of settling foreign
exchange trades by a quarter through its blockchain-based system, an
executive overseeing the project told Reuters, offering a glimpse of the
savings the technology could offer banks.
The bank processes between 3,500 and 5,000 trades a day on its "FX
Everywhere" system, settling trades worth $350 billion (£273 billion),
Mark Williamson, chief operating officer of FX cash trading and risk
management, told Reuters.
The HSBC platform is a rare example of blockchain technology being put
to practical use by a major bank. Last month the London-based lender
said it had processed FX trades worth $250 billion on the platform since
February last year.
The fresh details of the scale of the HSBC project suggest that the
potential of blockchain to make significant cost savings in the
financial services industry - long touted by its proponents of the
technology - is being realised.
"We going at a pace now," Williamson said. "We're able to demonstrate
that this is not a one-off proof of concept or just one or two trades."
Supporters say blockchain - a shared database that can securely process
and settle transactions without the need for third-party checks - could
transform industries from finance to real estate by obviating cumbersome
and inefficient processes.
That hype, though, has rarely been backed up by examples of large companies moving beyond tests on a limited scale.
Financial institutions have so far taken a cautious approach with the
technology originally conceived to underpin of the bitcoin
cryptocurrency. Many are concerned by uncertainty over security,
regulation and the impact on existing systems.
February 14, 2019 by Tom Wilson
READ FULL ARTICLE
https://www.euronews.com/2019/02/14/hsbc-forex-trading-costs-cut-sharply-by-blockchain-executive
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Meet The Blockchain Startups That Want To Change How We Communicate
When was the last time you actually read a terms of service agreement before clicking "accept"?
Although it's become commonplace to see and agree to these digital
policies that are in practical terms only offering a take-it-or-leave-it
proposition, each one of those accept buttons is another step toward
giving up our rights to privacy and our personal data that may in fact
be far more valuable than we realize.
Facebook's privacy scandals serve to illustrate that personal data has
become a valuable commodity in the digital age. The latest allegation
against the social network was that it had given more than 150 companies
far greater access to people's data than it had disclosed previously,
according to the New York Times. And that revelation came after
a string of others that started almost a year ago when we learned that
political consulting firm Cambridge Analytica had used Facebook's data
to influence the 2016 presidential campaign.
Cheap and instant communications coupled with the protection of our
privacy would be the best of both worlds. But how can this be achieved?
Decentralization may be the answer. Uncensorable communication, personal
cloud servers, and private data streaming would allow users to take
back control of their privacy and personal data. Blockchain technology
could be used to revolutionize the way we chat to each other, from basic
text messages to grandiose interconnected communities, and a few
startups are bringing the best of decentralization to bear on our future
communications.
Uncensorable Communications
Freedom House, a U.S.-based independent watchdog group, said that
internet freedom had declined for the eighth consecutive year in 2018,
with an increasing number of governments tightening control over their
citizens’ activities on the web. Regardless of the agenda, many voices
are monitored and censored on social media, and once governments have
such power it's not a great leap for them to begin using it to
orchestrate influence campaigns and manipulate society. India's
government has recently proposed to introduce a policy which would
require companies to take down any content deemed inappropriate by
authorities. Censorship efforts like these will be far more difficult to
implement in the decentralized world.
Mainframe is a privacy platform and an example of a company seeking to
build secure communications. Users have the ability to send and receive
private messages on a network that is designed to prevents data from
ever being censored. Only the user with the correct keys will be able to
unlock the data.
February 8, 2019 by Sherman Lee
READ FULL ARTICLE
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Meet The Blockchain Startups That Want To Change How We Communicate
When was the last time you actually read a terms of service agreement before clicking "accept"?
Although it's become commonplace to see and agree to these digital
policies that are in practical terms only offering a take-it-or-leave-it
proposition, each one of those accept buttons is another step toward
giving up our rights to privacy and our personal data that may in fact
be far more valuable than we realize.
Facebook's privacy scandals serve to illustrate that personal data has
become a valuable commodity in the digital age. The latest allegation
against the social network was that it had given more than 150 companies
far greater access to people's data than it had disclosed previously,
according to the New York Times. And that revelation came after
a string of others that started almost a year ago when we learned that
political consulting firm Cambridge Analytica had used Facebook's data
to influence the 2016 presidential campaign.
Cheap and instant communications coupled with the protection of our
privacy would be the best of both worlds. But how can this be achieved?
Decentralization may be the answer. Uncensorable communication, personal
cloud servers, and private data streaming would allow users to take
back control of their privacy and personal data. Blockchain technology
could be used to revolutionize the way we chat to each other, from basic
text messages to grandiose interconnected communities, and a few
startups are bringing the best of decentralization to bear on our future
communications.
Uncensorable Communications
Freedom House, a U.S.-based independent watchdog group, said that
internet freedom had declined for the eighth consecutive year in 2018,
with an increasing number of governments tightening control over their
citizens’ activities on the web. Regardless of the agenda, many voices
are monitored and censored on social media, and once governments have
such power it's not a great leap for them to begin using it to
orchestrate influence campaigns and manipulate society. India's
government has recently proposed to introduce a policy which would
require companies to take down any content deemed inappropriate by
authorities. Censorship efforts like these will be far more difficult to
implement in the decentralized world.
Mainframe is a privacy platform and an example of a company seeking to
build secure communications. Users have the ability to send and receive
private messages on a network that is designed to prevents data from
ever being censored. Only the user with the correct keys will be able to
unlock the data.
February 8, 2019 by Sherman Lee
READ FULL ARTICLE
https://www.forbes.com/sites/shermanlee/2019/02/08/meet-the-blockchain-startups-that-want-to-change-how-we-communicate/#4ef721d36b20
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AKAMAY and MUFG announce joint venture for blockchain-based online payment network
Akamai
Technologies, Inc. (NASDAQ: AKAM), the intelligent edge platform for
securing and delivering digital experiences, and Mitsubishi UFJ
Financial Group (NYSE: MUFG), one of the world’s leading financial
groups, today announced an expansion of their relationship through the
establishment of a joint venture, the Global Open Network, Inc. (GO-NET)
and their plans to offer a new blockchain-based online payment network
enabling next-generation transaction security, scale and responsiveness.
GO-NET is the result of more than three years of close collaboration
between Akamai and MUFG. Both Akamai and MUFG will be investors in
GO-NET, which is expected to make the new payment network available in
Japan during the first half of 2020. GO-NET aims to provide a
comprehensive set of services, including support for existing payment
processing functions, pay-per-use, micropayments and other developing
IoT-enabled payment transactions.
Critical to the joint venture will be Akamai’s innovative Blockchain as a
Service solution, which will leverage its globally distributed
Intelligent Edge Platform to power the online payment network. Akamai’s
Blockchain solution is proven to be capable of processing more than one
million transactions per second at under two-second latency per
transaction, which is orders of magnitude faster than existing
solutions. In addition, transactions executed on the platform will be
secured and accelerated by Akamai’s market-leading cloud security and
performance offerings, which positions it extremely well as a robust
enterprise platform for real-time transactions at scale. MUFG, as one of
the world’s leading global financial groups with a long history and
excellent reputation for trust, will provide extensive know-how of
financial services and expertise in business development to bring
sustainable growth and success to the joint venture.
“This joint venture with MUFG sets the stage for a new blockchain-based
online payment system that can better serve customers’ and partners’
payment processing needs,” said Dr. Tom Leighton, CEO and co-founder of
Akamai. “The collaboration between MUFG and Akamai over the last three
years has demonstrated what is possible when industry leaders join
forces to solve a challenging problem. Akamai and MUFG are committed to
delivering innovative solutions at a level of security, scale and
responsiveness never before achieved.”
February 12, 2019 by Tim Whitman
READ FULL ARTICLE
https://www.akamai.com/us/en/about/news/press/2019-press/akamai-mufg-announce-joint-venture-for-blockchain-based-online-payment-network.jsp
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JPMorgan Chase to create digital coins using blockchain for payments
JPMorgan
Chase & Co said on Thursday it plans to launch its own digital
coins, called “JPM Coin”, that customers will be able to use for instant
transfer of payments over a blockchain network.
The largest U.S. bank by assets said customers, on depositing money at
the bank, will be issued the cryptocurrency that they will be able to
use for transactions over the network with other JPMorgan clients.
The coin can be redeemed for a U.S. dollar, so its value will largely remain stable, the bank said bit.ly/2V0lFsV.
When one client sends money to another over the blockchain, JPM Coins
are transferred and instantaneously redeemed for the equivalent amount
of U.S. dollars, reducing the typical settlement time, the bank said.
Chief Executive Officer Jamie Dimon once criticized the former
high-flying bitcoin, calling it a “fraud” in 2017. Back then Dimon said
cryptocurrencies are “worse than tulips bulbs,” referring to a famous
market bubble from the 1600s.
He tempered his view a few months later, saying he regretted calling
bitcoin a fraud, but maintained his disinterest in the cryptocurrency.
The bank said in a presentation on its website discussing the new JPM
Coin that it was supportive of “cryptocurrencies as long as they are
properly controlled and regulated.”
“As a globally regulated bank, we believe we have a unique opportunity
to develop the capability in a responsible way with the oversight of our
regulators,” said JPMorgan’s Head of digital treasury services and
blockchain Umar Farooq.
JPMorgan also said it believed in the potential of blockchain
technology, and expects its new digital coin to yield significant
benefits for blockchain use by reducing clients’ counterparty and
settlement risk, decreasing capital requirements and enabling instant
value transfer.
February 14, 2019 by Aparajita Saxena
READ FULL ARTICLE
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About STARBIT
Starbit
aims at spreading theoretical - practical knowledge among ordinary
people, without being an expert or willing to become an expert. Starbit
is aware of the impact that blockchain and crypto currencies will have
on people's lives: for this reason it promotes a mass literacy.
Starbit selects everything needed for a person to be informed and about
blockchain technologies and various applications, making it easier, in a
progressive manner, accessible to all, thus saving time and resources
to anyone interested in this area. The goal is to offer various degrees
of knowledge (first level is free as Club Member and the others included
in the products purchasable by customers) to those who are interested
in playing an acting rule. Starbit also offers an opportunity to those
who want to transform all this in a work from home opportunity.
DISCLAIMER
Registration
to the Club is totally free and gives access to the basic information
on Blockchain and its applications on the market, the most important of
which is constituted by the so-called crypto currencies. At the Club
members who are interested in having a more complete knowledge and
information is also offered the possibility (it is an option, not an
obligation) to buy upgradable services or applications (the acquisition
of knowledge is a fact known to be progressive over time).
Any coins (when free attributed by third parties) that may result
gradually, will of course be the exclusive property of the customer and
should not be considered in any relationship the servicies or
applications purchased.
For maximum clarity applies the following example: if a person acquires
an organic farming course that includes in addition to the theory, also a
practical detection of cultivation of an organic garden (like was done
by Michelle Obama at the White House), any products (carrots, tomatoes,
peas, etc.) that will enrich his table, will obviously be of full
ownership of those who have grown the organic garden and will not of
course no relation to the person who sold the course, even if he has
supplied the equipment for the practical test, such as seeds, tools,
pots, fertilizers, various preparations, etc.
Subscribers to the Club have the power to start the business, if
authorized and in acceptance of all the terms and conditions for the
Promoter, explained in the Promoter Agreement and in the Policies and
Procedures. They should not incur any fees and never any obligation to
buy anything. If as a result of the promotion done, some new Club
member, decide to buy a package Information, the Promoter will receive a
commercial fee as provided by the terms and conditions above mentioned.
It is not authorized anyone to provide news other than those listed
here and on the official website, to promise false gains and / or try to
push the purchase of the products, which must instead be the result of
personal conviction. In particular, it must never be made no reference
to any kind of investment if not purely cultural nature. This Club is
fully committed to compliance with the laws of the countries in which it
operates. It's also open to collaboration with those who help him to
improve.For each queries or suggestions please contact via the official
website. For questions please contact support@starbit.com
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