Less than a month after the Sydney Stock exchange announced its intention to press forward with the development of its own open blockchain solution, they have just announced the successful test of their prototype blockchain platform. In partnership with blockchain open source startup Bit Trade Labs, Sydney Stock exchange formed APX Settlement Pty Limited to oversee the project, who announced the latest development. From here they are now looking to further collaboration with cybersecurity experts to ensure security integrity remains intact through the development process.
There are an ever growing army of people who are using the internet and its ability to allow us to make connections around the world to build a career. Freelancers, contractors and entrepreneurs in ever greater numbers are providing work to businesses and individuals all around the world, and Bitwage has been providing a secure, bitcoin based payment system for these people for a while. Now they are making this service even more attractive with the addition of a verification service to help build trust between customers and providers through their My Employment service.
There is much talk about blockchain and its various applications and possibilities, so hearing about a vision for the future of blockchain applications from another perspective is always welcome. Thomas Jordan, president and chairman of the board of Switzerland’s central bank, recently gave his views on blockchain and how it was changing the banking industry. The decentralization behind blockchain is the exact opposite of the history of the banking industry, and he noted that the introduction of the technology was turning his industry on its head in many ways.
Defining the legal status of digital currencies has become something of an issue, with contrary rulings coming one of after the other, no sooner has one judge ruled bitcoin is not money, another judge in New York, Judge Alison Nathan, rules that it is money and should be treated as such in the case she is presiding over. This illustrates a clear need for legal ruling, especially in the US, to enable the industry to move forward. A final decision is important to the broader digital currency industry and will be needed for new initiatives to succeed.
Having Bitcoin funds was, in the early days, a means to an end, in that the entire point for owning Bitcoin was to own some digital currency. Things have moved on in the following years, and today the digital currency industry is focused on ensuring that any cryptocurrency is not just easy to purchase, but easy to use, and the more uses the better. It has transitioned from an idea to a platform that wants to be a genuine alternative to fiat currency, and with the latest announcement from Straits Financial LLC, that users of their trading platforms will be able to fund accounts directly using Bitcoin, the industry has taken another step closer to that goal.