Bitcoin price surpasses $5,000 for first time — RT Business

  • The price of Bitcoin surpassed $5,000 for the first time, reaching a historic new high for the cryptocurrency, before quickly dipping back below the record-breaking mark.
  • The cryptocurrency reportedly reached its highest market price of $5,149 thanks to Chinese bitcoin exchange OkCoin.
  • The new record comes amid news that six big banks have joined a project developing a new settlement currency based on blockchain technology – the world’s leading software technology used by bitcoin, ethereum, and other cryptocurrencies.
  • Originally started by UBS, the new currency could pioneer how central banks chose issue cryptocurrencies.
  • “We see it as a stepping stone to a future where central banks issue their own [cryptocurrency] at some point,” UBS director Hyder Jaffrey told CoinDesk.

The price of Bitcoin surpassed $5,000 for the first time, reaching a historic new high for the cryptocurrency, before quickly dipping back below the record-breaking mark.
Continue reading “Bitcoin price surpasses $5,000 for first time — RT Business”

Several big banks are teaming up for a new digital currency

  • Six of the world’s biggest banks have joined a project to create a new digital currency, the Financial Times reported Thursday.
  • Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG and State Street are working on the “utility settlement coin” that was created by UBS, the newspaper added.
  • The banks are in discussions with central banks and regulators, FT reported, citing Hyder Jaffrey, UBS’ head of strategic investment and fintech innovation.
  • The “utility settlement coin” project first launched in 2015, and has been reported on regularly.
  • Still, this week’s news is about the transition into the next phase of the project “in which its members aim to deepen discussions with central banks and to work on tightening up its data privacy and cyber security protections,” according to the FT.

    Read the Financial Times’ story about the “utility settlement coin” project.

Six of the world’s biggest banks have joined a project to create a new digital currency, Financial Times reported on Thursday.
Continue reading “Several big banks are teaming up for a new digital currency”

Major banks trade cotton using blockchain in a move that could transform a major industry

  • Earlier this year, Barclays trialed the use of smart contracts to trade derivatives , while a number of other major lenders have tested the use of blockchain technology to carry out cross-border payments .
  • Blockchain works like a huge, decentralized ledger for the digital currency bitcoin, recording every transaction and storing this information on a global network so it cannot be tampered with.
  • Wells Fargo and the Commonwealth Bank of Australia (CBA) have used blockchain – the technology that drives bitcoin – to process and execute a shipment of cotton from the U.S. to China, in a move that could provide a big breakthrough for the future of international trade.
  • Major banks trade cotton using blockchain in a move that could transform a major industry
  • Blockchain and so-called “smart contracts” can remove the need for all of this.

Wells Fargo and the Commonwealth Bank of Australia (CBA) have used blockchain – the technology that drives bitcoin – to process and execute a shipment of cotton from the U.S. to China, in a move that could provide a big breakthrough for the future of international trade.

Continue reading “Major banks trade cotton using blockchain in a move that could transform a major industry”

Major banks trade cotton using blockchain in a move that could transform a major industry

Major banks trade cotton using blockchain in a move that could transform a major industry

  • Earlier this year, Barclays trialed the use of smart contracts to trade derivatives , while a number of other major lenders have tested the use of blockchain technology to carry out cross-border payments .
  • Blockchain works like a huge, decentralized ledger for the digital currency bitcoin, recording every transaction and storing this information on a global network so it cannot be tampered with.
  • To learn more about how we use your information, please read our Privacy Policy and Terms of Service .
  • Major banks trade cotton using blockchain in a move that could transform a major industry
  • Blockchain and so-called “smart contracts” can remove the need for all of this.

Wells Fargo and the Commonwealth Bank of Australia (CBA) have used blockchain – the technology that drives bitcoin – to process and execute a shipment of cotton from the U.S. to China, in a move that could provide a big breakthrough for the future of international trade.

Continue reading “Major banks trade cotton using blockchain in a move that could transform a major industry”

Major banks trade cotton using blockchain in a move that could transform a major industry

Major banks trade cotton using blockchain in a move that could transform a major industry

  • Earlier this year, Barclays trialed the use of smart contracts to trade derivatives , while a number of other major lenders have tested the use of blockchain technology to carry out cross-border payments .
  • Blockchain works like a huge, decentralized ledger for the digital currency bitcoin, recording every transaction and storing this information on a global network so it cannot be tampered with.
  • To learn more about how we use your information, please read our Privacy Policy and Terms of Service .
  • Major banks trade cotton using blockchain in a move that could transform a major industry
  • Blockchain and so-called “smart contracts” can remove the need for all of this.

Wells Fargo and the Commonwealth Bank of Australia (CBA) have used blockchain – the technology that drives bitcoin – to process and execute a shipment of cotton from the U.S. to China, in a move that could provide a big breakthrough for the future of international trade.

Continue reading “Major banks trade cotton using blockchain in a move that could transform a major industry”

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
Continue reading “Microsoft and BAML team up on blockchain-based trade finance project”

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

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

  • 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.
  • 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.
  • Barclays and an Israel-based start-up said this month that they had carried out the first real-word trade deal using the technology.
  • “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.
  • Proponents of the technology, which originates from digital currency bitcoin, say that it will make all kinds of transactions faster, more reliable and easier to audit because it does not require manual processing, nor authentication through intermediaries.

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
Continue reading “Microsoft and BAML team up on blockchain-based trade finance project”