Blockchain technology trialled to tackle slavery in the fishing industry

Blockchain technology trialled to tackle slavery in the fishing industry @tom_levitt

  • Technology could be used to differentiate fish caught sustainably to those caught illegally, or linked to human rights abuses
  • The pilot shows that complex, global supply chains can be made transparent by using blockchain technology.”
  • With the seafood industry notorious for human rights abuses and illegal fishing, campaigners hope the technology, piloted by a UK-based company Provenance , could help retailers, manufacturers and restaurants prove the origins of their fish.
  • Blockchain technology trialled to tackle slavery in the fishing industry
  • At present the buying and selling of seafood is tracked by paper records and tags on the fish.

Technology could be used to differentiate fish caught sustainably to those caught illegally, or linked to human rights abuses
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Banks adopting blockchain ‘dramatically faster’ than expected

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‘Banks adopting blockchain ‘dramatically faster’ than expected – IBM’ on Yahoo Finance UK. Banks and other financial institutions are adopting blockchain technology “dramatically faster” than initially expected, with 15 percent of top global banks intending to roll out full-scale, commercial blockchain products in 2017, IBM said on Wednesday. The technology company said 65 percent of banks expected to have blockchain projects in production in three years’ time, with larger banks – those with more than 100,000 employees – leading the charge. Blockchain, which originates from digital currency bitcoin, works as an electronic transaction-processing and record-keeping system that allows all parties to track information through a secure network, with no need for third-party verification.
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Blockchain Adoption Moving Rapidly in Banking and Financial Markets: Some 65 Percent of Surveyed Banks Expect to be in Production in Three Years

  • (2) “Blockchain Rewires Financial Markets: Trailblazers Take the Lead,” IBM Institute of Business Value (IBV), September 2016, ibm.biz/blockchainfm
  • A second new IBM study, “Blockchain Rewires Financial Markets: Trailblazers Take the Lead (2),” is based on a survey of 200 global financial markets institutions.
  • As the market evolves, blockchain technology may add at least one new revenue stream; the potential to monetize reference data looms large.
  • IBM is advancing the science of blockchain, helping to remove complexity, and making it more accessible and open.
  • “To start, first movers are setting business standards and creating new models that will be used by future adopters of blockchain technology.

ARMONK, N.Y., Sept. 28, 2016 /PRNewswire/ —   Commercial blockchain solutions are rapidly being adopted throughout banking and financial markets, dramatically faster than initially expected, finds two …
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Blockchain Startups Are Hoping to Fix the Cannabis Industry’s Banking Problem

Blockchain startups are hoping to fix the cannabis industry’s banking problem

  • A number of startups are using blockchain technology to to facilitate business transactions in the cannabis industry.
  • “The blockchain is ‘trustless’ and provides transparency and audit ability into wholesale cannabis transactions,” Eugene Lopin, cofounder of CHEX, told Motherboard .
  • While the nearly $ 7 billion weed industry is growing, the conflict between federal marijuana prohibition and state laws authorizing medical and recreational pot use makes it almost impossible for many cannabis businesses to have bank accounts or accept credit cards.
  • Zarrad described the blockchain as a series of algorithms that compete to record data and facilitate transactions to meet compliance guidelines.
  • Regulators can look into the blockchain to see a transaction instead of requesting an audit with a company’s central server, which requires special access.

“You’re putting out a message that your company has integrity.”
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Spain arrests 30 suspected of laundering money in bitcoin centers

  • Spain arrests 30 suspected of laundering money in bitcoin centers
  • The proceeds were allegedly laundered through investments in banking products, luxury cars, property as well as Bitcoin centers.
  • Spanish police said on Wednesday they had arrested 30 people suspected of illegally distributing pay television content and of laundering the proceeds by investing in bitcoin “mining” centers for processing transactions in the digital currency, which use intensive computing power to generate more bitcoins.
  • Six bitcoin “mining” centers were seized in the raid, they added, after an investigation alongside Spain’s tax office that started as a crackdown on a scheme to illegally decode and distribute pay-TV content.
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Spanish police say they’ve arrested 30 people suspected of illegally distributing pay TV content & of laundering proceeds by investing in bitcoin “mining” centres.

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Microsoft and BAML team up on blockchain-based trade finance project

  • “The underlying nature of trade finance in its current form is highly manual, it’s highly time-consuming and it’s paper-based, so we thought this would be a good opportunity to streamline the way trade transactions are processed,” BAML’s head of global trade and supply chain finance, Percy Batliwalla, told Reuters.
  • LONDON (Reuters) – Microsoft and Bank of America Merrill Lynch have joined forces on a project to use blockchain technology to make trade finance transactions faster, cheaper, safer and more transparent, the companies said on Tuesday.
  • Trade transactions using the existing process typically take between seven and 10 days to complete and involve a complicated paper trail that is vulnerable to document fraud.
  • Microsoft’s cloud-based Azure platform will be used for the project.
  • Barclays and an Israel-based start-up said this month that they had carried out the first real-word trade deal using the technology.

Microsoft and Bank of America Merrill Lynch have joined forces on a project to use blockchain technology to make trade finance transactions faster, cheaper, safer and more transparent, the companies said on Tuesday. The two multinationals said at the Sibos financial services conference in Geneva that
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ASX to decide on blockchain by end of 2017

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‘ASX to decide on blockchain by end of 2017’ on Yahoo7 Finance Australia. The Australian share market will able to reveal whether a new blockchain-style system will replace its current method for clearing and settling stocks by the end of next year. Market operator ASX’s chief …
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Teenager appears in court over TalkTalk cyber-attack

  • Daniel Kelley, 19, from South Wales, is accused of demanding more than £216,000 worth of bitcoin as a blackmail payment
  • Kelley alleged carried out his attack on TalkTalk last October and then demanded a payment of 465 bitcoins, worth about £216,000.
  • A teenager has appeared in court accused of hacking the internet company TalkTalk to obtain customer data before asking for a six-figure blackmail payment in bitcoin.
  • Daniel Kelley, 19, appeared at Westminster magistrates court on Tuesday accused of demanding 465 bitcoins, worth about £216,000, from the company after allegedly carrying out a cyber-attack on its website in October last year.
  • He did not enter a plea in court on Tuesday and was released on conditional bail to appear at the Old Bailey on 10 October.

Daniel Kelley, 19, from South Wales, is accused of demanding more than £216,000 worth of bitcoin as a blackmail payment
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Interest rates are persistently low. In our first article we ask who or what is to blame. In the second we look at one outcome: a looming pensions crisis

  • Low rates beget low rates.
  • Attempts to guard against the impact of low rates may perversely become a cause of even lower rates.
  • In the period since the financial crisis, real rates have fallen even faster.
  • As a consequence of this, saving increased and real interest rates have steadily fallen.
  • Since the start of 2008, real long-term rates have fallen further, and faster, to around -0.5% (see chart 2).

Interest rates are persistently low. In our first article we ask who or what is to blame. In the second we look at one outcome: a looming pensions crisis
Continue reading “Interest rates are persistently low. In our first article we ask who or what is to blame. In the second we look at one outcome: a looming pensions crisis”