Blockchain technology is moving into the financial mainstream with IBM and seven European banks

#blockchain technology is moving into the financial mainstream with IBM and seven European

  • It’s the underlying technology that makes cryptocurrencies such as bitcoin and Ethereum possible, but it has also been talked up by banks as a way to streamline processes and make them more efficient and cheaper.
  • IBM is building this new blockchain, Digital Trade Chain, to help parties track, manage and transact internationally.
  • When a merchant sells goods to another party and those goods arrive, the blockchain triggers a payment to take place, explained Wiebe Draijer, chairman of the executive board at Rabobank, one of the participating banks.
  • “We take care of the payment that’s still the old payment technology,” Draijer told CNBC in a TV interview on Monday, “but the whole infrastructure, the administration is done on the blockchain.
  • And ultimately we will also move the payment into that blockchain solution, when the payment in blockchain is ready to be robust for large-scale application.”

Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale and Unicredit are the banks that are part of the consortium.
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Blockchain technology is moving into the financial mainstream with IBM and seven European banks

  • IBM is building blockchain technology that will be used by seven of Europe’s largest banks, including HSBC and Rabobank, to facilitate international trade for small and medium-size enterprises, the company said on Tuesday.
  • The project will mark one of the first real-world use cases of blockchain technology in financial institutions.
  • The potential of blockchain has been praised by the banking industry over the past couple of years, but the first real applications are beginning.

Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale and Unicredit are the banks that are part of the consortium.
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Idaho teenager becomes millionaire by investing $1,000 gift in Bitcoin

  • Mr Finman has been celebrated on news channels, and lauded in the tech community.
  • For his story is little short of remarkable.
  • Mr Finman, whose parents Paul and Lorna met at Stanford University in the 1980s, when Paul was getting his PhD in electrical engineering and Lorna was getting hers in physics, took the cash and invested it in Bitcoin, following a tip from his brother Scott.
  • The Finman siblings, three brothers, admit to being fiendishly competitive.
  • Erik describes his family as being the “Elon Musk version of the Kardashians” – both his older brothers work in tech and engineering, and the youngest Finman was frustrated by school.

Three years ago Erik Finman made a bet with his parents.
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Ethereum based TokenCard is a Game-Changer for Global Financial Markets

  • The Federal Reserve, World Bank, big banks and virtually all major international financial institutions have created a broken system that steers wealth from the middle class into the coffers of big corporations.
  • Despite trillions of dollars that make up the flow of the global financial system, simply by moving money, money quickly finds it’s way in the pockets of governments and corporations.
  • In recent years, more than any other time in history, consumers are beholden to the imbalances and inequities of the financial markets around them.
  • This broken financial system has undermined the lives of working and middle class citizens around the world, destroyed families and collapsed entire economies.
  • TokenCard allows everyday consumers to spend their Ethereum and ERC20 tokens at VISA® terminals, which are present in virtually every country around the world.

The global financial markets are broken. For all of recent history, our livelihoods have been beholden to the economics of a financial market that does n…
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BBC Radio 4

  • Does the accelerating pace of technology change the way we think about the future?
  • It’s said that science fiction writers now spend more time telling stories about today than about tomorrow, because the potential of existing technology to change our world is so rich that there is no need to imagine the future – it’s already here.
  • Does this mean the future is dead?
  • Or that we are experiencing a profound shift in our understanding of what the future means to us, how it arrives, and what forces will shape it?
  • Presenters Timandra Harkness and Leo Johnson explore how our evolving understanding of time and the potential of technological change are transforming the way we think about the future.

How does the accelerating pace of technology change the way we think about the future?
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Ethereum based TokenCard is a Game-Changer for Global Financial Markets

  • The Federal Reserve, World Bank, big banks and virtually all major international financial institutions have created a broken system that steers wealth from the middle class into the coffers of big corporations.
  • Despite trillions of dollars that make up the flow of the global financial system, simply by moving money, money quickly finds it’s way in the pockets of governments and corporations.
  • In recent years, more than any other time in history, consumers are beholden to the imbalances and inequities of the financial markets around them.
  • This broken financial system has undermined the lives of working and middle class citizens around the world, destroyed families and collapsed entire economies.
  • TokenCard allows everyday consumers to spend their Ethereum and ERC20 tokens at VISA® terminals, which are present in virtually every country around the world.

The global financial markets are broken. For all of recent history, our livelihoods have been beholden to the economics of a financial market that does n…
Continue reading “Ethereum based TokenCard is a Game-Changer for Global Financial Markets”

Los Angeles hospital paid $17,000 in bitcoin to ransomware hackers

  • Los Angeles hospital paid $17,000 in bitcoin to ransomware hackers
  • A Los Angeles hospital hit by ransomware swallowed the bitter pill: it paid off the hackers.
  • At least two small Massachusetts police departments have paid off ransomware hackers after they lost access to their files.
  • Hollywood Presbyterian Medical Center had lost access to its computer systems since 5 February after hackers installed a virus that encrypted their files
  • Federal investigators often discourage victims from paying the ransom, out of fear that it just encourages hackers.

Hollywood Presbyterian Medical Center had lost access to its computer systems since 5 February after hackers installed a virus that encrypted their files
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Central Banks Consider Bitcoin’s Technology, if Not Bitcoin

  • The Bank of England has produced several research papers on the topic.
  • If the central banks succeed, it would be one of the greatest unexpected twists in new technology: An invention aimed at dethroning central banks and making it harder for money to be tracked instead ends up empowering those central banks and making money more easily traceable.
  • Most financial institutions and central banks are looking at distributed ledgers that would be maintained on the computers of all the major players in the financial system, including the central bank and the biggest financial institutions.
  • Critics of blockchain technology have noted the apparent contradiction in central banks’ looking to distributed ledgers.
  • The distributed ledgers being considered by the financial industry and central banks would generally allow only a small number of registered entities to join in and take part in the network.

Central banks view the technology behind the virtual currency as a possible way to compete and record transactions, or to issue their own currencies.
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