One of the most time-consuming aspects of buying a property is dealing with valuations and verifying property values for mortgage lenders. A new initiative by a group of banks and lenders in Hong Kong seeks to address this by utilizing blockchain infrastructure to establish a database of property valuations that can be quickly and easily accessed and updated by relevant parties. Initially in testing with the Bank of China, this innovative idea will go live in the near future, with more Hong Kong based lenders looking to get involved as tests progress.
Bonding over Bitcoin: India and Singapore Join Hands Regarding Blockchain and Fintech; Will the World Follow Their Lead?
The central bank of Singapore and Andhra Pradesh (a South Indian province) announced their intention to join together and promote financial technology innovation on Saturday. To cement the deal, an agreement called the “Fintech Cooperation Agreement” was signed binding the two states.
Fearing Loss of Control, European Central Bank Seeks to Rein in Cryptocurrency
Calent Analyst Wants Central Banks to Issue Cryptocurrencies
Mitsubishi Testing Crypto Rewards for Employees
GameCredits to Sponsor CoinAgenda October 25-26
Despite a hotly contested presidential race, a new consensus among US congress members shows that they need to learn more about bitcoin and blockchain technology before any action is taken.
It is well documented that many lawmakers around the world are unsure of both bitcoin and the blockchain technology that supports it. Even the legitimacy earned in Japan was done so after the Mt. Gox scandal. The result of legal guidelines has been an upsurge in trade for bitcoin in the Japanese market.
Blockchain is once again at the center of an initiative to improve operational efficiency and reduce costs, this time in the field of correspondent banking. A blog post by the team, comprising of a partnership between Wells Fargo, Swift and ANZ, has described the prototype system they have created using blockchain. Using a distributed ledger to create a real-time transaction log, the system will track payments made on the swift platform to enable banks to track such payments much quicker. The system should offer significant improvements over current methodology.
Poland’s Parliament Holds Public Crypto Consultation
Avalon Life Adopts DASH
Shake Debit Cards Supporting Dash Top-Ups
Zcash to Launch at End of October
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.
One of the key technical challenges for Bitcoin is the issue of congestion within the blockchain that drives the entire digital currency. Slowing transactions and confirmations as a result, it is an issue that much of the cryptocurrency industry is looking at, with several proposed solutions under development. One of those, from Blockstream, is the Lightening Network, that takes the approach of separating transactions away from the main blockchain. They recently announced the first successful micro transaction using the system, and this could be a significant moment in the ongoing development of the digital currency.
Recent comments made by Richard Branson, Virgin Group founder and billionaire entrepreneur, suggest his belief that “blockchain could produce an economic revolution”. At an event in London, he stated this revolution could have a global impact, affecting numerous countries worldwide.
Bring on the Lawyers!
State of Jersey Amends Laws Covering Crypto Exchanges
Fed Launches Study of Digital Currency and Blockchain Tech
HitBC Exchange Offering Increased USD and EUR Deposit Support
Several organizations showed off blockchain prototypes at a Sibos event in Geneva recently. There was plenty of discussion regarding the technology. Russia’s National Settlement Depository(NSD) and South Africa’s Central Securities Depositories (CSDs) came away from the event having signed a letter of intent to begin initiatives using distributed ledger protocols.
Spain Labels Cryptocurrency Mining as Taxable Economic Activity
FCA Issues OneCoin Warning; Company Responds
Dash Partners with Coinfirm
CME Group Bitcoin Index Adds OKCoin Exchange
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.
Innovation, new ideas, new approaches, all these are essential to the advancement of the digital currency industry and blockchain technology itself. The UK Government has a history of recognizing this and has demonstrated it once again with the launch of its latest initiative. A competition to encourage new ideas and new applications for blockchain and distributed ledger with a £15 million fund for rewarding companies involved is another boost to the UK digital currency industry.
When Bitcoin made its debut in 2009, few people thought that the technology behind it could change the world, but in ever increasing numbers, this is how researchers are seeing blockchain. The latest is automotive multinational Wanxiang, who have announced their new smart cities initiative will utilize blockchain at its core. With the current focus on their existing business, the ways in which blockchain can be used to streamline the management of electric vehicle servicing demonstrates the versatility and importance being placed on the technology.
Op. Ed.: Blockchain and the Battle for ‘Blood Antiquities’: Could Digital Currency Platforms Help to End the World’s Deadliest Trade?
Antiquities are not something many in the digital currency community consider; similarly, technology is not a priority for archaeologists and historians. But could Blockchain technology solve the most dangerous problem posed by the trade in antiquities? Terror groups in Iraq and Syria – the richest archaeological region in the world – have been profiting from an illicit trade in antiquities which destroys our shared cultural heritage and which funds the terrorist war-machine which has committed the worst atrocities experienced in the 21st Century so far. Economic historian Chris Cooper explains how Blockchain title deeds – a new type of smart contract – could help law enforcement agencies trace antiquities and stamp out the world’s deadliest trade.
Santander to Launch New Blockchain Token Cryptocurrency
Synereo Destroys Half of its Digital Currency
Ethereum Suffers DDoS
Russian Official: Digital Currency Could Lead to Destruction of Russian Economy
One of the largest industries in the world, global shipping covers every continent and involves trade in almost every country on the planet, with over $4 trillion in goods being moved around the world each year. However, the systems that enable all of this have not changed in 60 years, and in many cases still rely on matching physical paperwork with shipments and payment data. Blockfreight recently announced their new initiative to leverage the power of blockchain to streamline the administration and tracking of cargo and revolutionize the shipping industry itself.
Europol Creates Cryptocurrency Working Group
House Passes Resolution Supporting Cryptocurrency
Bitsquare Now Supporting Lisk
New Filmmaker Creating First Feature Film Funded by Crypto Crowdsale
Blockchain payment company Circle have just announced that with the release of the new iOS 10 software, Apple’s mobile operating system found in all their latest iPhones and iPads, their easy to use instant payment system that allows funds in several currencies, including Bitcoin, will be integrated into the iOS 10 message service, iMessage. Given the sheer popularity of not just Apple’s products, but iMessage as a communication tool, it is often cited as the worlds most used app, this represents an opportunity for the digital currency industry.