Blockchain start-ups pair up on currency processing platform

  • “We’ve worked with a different (blockchain platform), but we didn’t think it was fit for purpose for a market the size of FX.
  • The current foreign exchange market requires multiple records to be created for buyer, seller, broker, clearer and third parties in currency trades, and then reconciliation across multiple systems.
  • LONDON (Reuters) – Two London-based start-ups have joined forces on a platform to process currency trades with blockchain technology, in an effort to cut settlement times and costs in the $5 trillion-a-day (4.10 trillion pounds) global foreign exchange market.
  • Blockchain, which originated in the digital currency bitcoin, works as a web-based transaction-processing and settlement system.
  • Like Cobalt DL, SETL is also run by heavyweights from the world of finance, rather than pure technologists.

By Jemima Kelly LONDON (Reuters) – Two London-based start-ups have joined forces on a platform to process currency trades with blockchain technology, in an effort to cut settlement times and costs in the $5 trillion-a-day (4.10 trillion pounds) global foreign exchange market. Cobalt DL, fronted by
Continue reading “Blockchain start-ups pair up on currency processing platform”

European banks risk lagging Wall Street in blockchain race

#European #banks risk lagging #WallStreet in #blockchain race:

  • LONDON (Reuters) – The blockchain technology behind bitcoin was designed to do away with banks.
  • In an ironic reverse, investment banks are now racing to make it work for them – but cash-strapped European players risk falling behind their Wall Street rivals.
  • “There are some banks – Goldman Sachs being the epitome of this – that …
  • The six global banks approached by Reuters for this story – in the United States and Europe – declined to say how much they had spent.
  • A survey of 200 top global banks by tech firm IBM last month found that 15 percent will have rolled out commercial blockchain products by the end of 2017.

The blockchain technology behind bitcoin was designed to do away with banks. In an ironic reverse, investment banks are now racing to make it work for them – but cash-strapped European players risk falling behind their Wall Street rivals. Blockchain was developed eight years ago, enabling transactions
Continue reading “European banks risk lagging Wall Street in blockchain race”

Exclusive: Blockchain platform developed by banks to be open-source

Exclusive: #blockchain platform developed by banks to be open - source #tech #news

  • Yahoo News has your full coverage from the evening, from the Yahoo Studios in New York and on
  • Gunman kills two Americans near Kabul base, NATO says
  • Dudley, in clear signal, expects Fed rate hike this year
  • “One of the great things about America’s democracy is that we have a vigorous, sometimes bitter political contest,” Obama said Tuesday during joint news conference with Italian Prime Minister Matteo Renzi at the White House. “
  • Separatist violence erupted in eastern Ukraine in 2014 and has killed 9,600 people so far.

By Jemima Kelly LONDON (Reuters) – A blockchain platform developed by a group that includes more than 70 of the world’s biggest financial institutions is making its code publicly available, in what could become the industry standard for the nascent technology. The Corda platform has been developed
Continue reading “Exclusive: Blockchain platform developed by banks to be open-source”

European banks risk lagging Wall Street in blockchain race

  • In an ironic reverse, investment banks are now racing to make it work for them – but cash-strapped European players risk falling behind their Wall Street rivals.
  • * The technology originally designed to remove need for banks
  • “There are some banks – Goldman Sachs being the epitome of this – that …
  • LONDON, Oct 19 (Reuters) – The blockchain technology behind bitcoin was designed to do away with banks.
  • A survey of 200 top global banks by tech firm IBM last month found that 15 percent will have rolled out commercial blockchain products by the end of 2017.

The blockchain technology behind bitcoin was designed to do away with banks. In an ironic reverse, investment banks are now racing to make it work for them – but cash-strapped European players risk falling behind their Wall Street rivals. Blockchain was developed eight years ago, enabling transactions
Continue reading “European banks risk lagging Wall Street in blockchain race”

European banks risk lagging Wall Street in blockchain race

  • New Delhi [India], Oct. 18 (ANI): A high level delegation led by United States Trade representative Michael Froman will attend the 10th India-United States Trade Policy Forum (TPF) meetings scheduled from October 19 to 20 at the national capital.
  • New Delhi [India], Oct 19 (ANI): The jewelry industry in India is emerging on a grand scale.
  • New Delhi [India], Oct. 18 (ANI): External Affairs Minister (EAM) Sushma Swaraj called on Myanmar State Counsellor Aung San Suu Kyi on Tuesday and offered all possible assistance from India in keeping with latter’s priorities.
  • New Delhi [India], Oct. 19 (ANI): Accusing the Bharatiya Janata Party (BJP) of using the Ram Temple issue to siphon off a victory in the upcoming Uttar Pradesh polls, Nationalist Congress Party general secretary Tariq Anwar on Wednesday said the BJP has taken up the Ram temple issue because they have no other issues to talk about. “
  • New Delhi [India], Oct. 19 (ANI): Bollywood megastar Amitabh Bachchan recently went vocal with his thoughts on the cynical take of some people on India’s big win against Argentina in kabbadi at the World Cup.

By Jemima Kelly and Anjuli Davies LONDON (Reuters) – The blockchain technology behind bitcoin was designed to do away with banks. In an ironic reverse, investment banks are now racing to make it work for them – but cash-strapped European players risk falling behind their Wall Street rivals. Blockchain
Continue reading “European banks risk lagging Wall Street in blockchain race”

European banks risk lagging Wall Street in blockchain race

  • In an ironic reverse, investment banks are now racing to make it work for them – but cash-strapped European players risk falling behind their Wall Street rivals.
  • LONDON (Reuters) – The blockchain technology behind bitcoin was designed to do away with banks.
  • “There are some banks – Goldman Sachs being the epitome of this – that …
  • A survey of 200 top global banks by tech firm IBM last month found that 15 percent will have rolled out commercial blockchain products by the end of 2017.
  • The six global banks approached by Reuters for this story – in the United States and Europe – declined to say how much they had spent.

The blockchain technology behind bitcoin was designed to do away with banks. In an ironic reverse, investment banks are now racing to make it work for them – but cash-strapped European players risk falling behind their Wall Street rivals. Blockchain was developed eight years ago, enabling transactions
Continue reading “European banks risk lagging Wall Street in blockchain race”

Banks adopting blockchain ‘dramatically faster’ than expected: IBM

  • Banks adopting blockchain ‘dramatically faster’ than expected: IBM
  • “2017 looks to be the year banking on blockchains shifts from zero to sixty.”
  • LONDON (Reuters) – 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 industry is hurtling toward blockchain adoption far faster than many expected,” IBM said in its report.
  • “First movers are setting business standards and creating new models that will be used by future adopters of blockchain technology,” said IBM Banking and Financial Markets general manager Likhit Wagle.

By Jemima Kelly LONDON (Reuters) – 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.
Continue reading “Banks adopting blockchain ‘dramatically faster’ than expected: IBM”

Banks adopting blockchain ‘dramatically faster’ than expected

  • The Latest: Russia calls probe into MH17 downing ‘biased’ Associated Press – 1 hour 12 minutes ago
  • US stocks give up an early gain and turn lower at midday Associated Press – 31 minutes ago
  • Deutsche Bank hits 30-year low as market prepares for Berlin bailout International Business Times – 1 hour 22 minutes ago
  • Europe shares close higher as Deutsche Bank rallies CNBC – 37 minutes ago
  • Apple to create London HQ at Battersea Power station Associated Press – 39 minutes ago

‘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.
Continue reading “Banks adopting blockchain ‘dramatically faster’ than expected”

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”