Blockchain Weekly Recap 1-23-2016
New UK Science Office Report Recommends Blockchain
In a new published report from the UK Government Office for Science, the country’s Chief Scientist offers a glowing assessment of distributed ledger technology’s potential benefits for better governance. The report by Chief Scientist Sir Mark Walport, is titled Distributed Ledger Technology: Beyond Block Chain, and examines in detail the technology that empowers the blockchain, its disruptive potential in the marketplace, regulatory issues, security concerns, and possible applications for the government. It also offers specific recommendations for how the UK government can better understand the technology and eventually take advantage of the benefits it can provide.
Masters’ Firm Receives Backing from Finance Industry
Blythe Masters’ Digital Asset Holdings LLC recently received some big financial industry backing - to the tune of more than fifty million dollars - to help finance its efforts to create blockchain solutions for the mainstream economy. The funding came from a group of investors that include such well-known names as Citigroup and JPMorgan Chase. In addition to its success in acquiring needed funding, Digital Asset was also recently hired to create a distributed ledger solution for Australian exchange ASX.
Consumer Research White Paper Released, Highlights Blockchain Challenges and Potential
This week’s North American Bitcoin Conference saw the release of a massive Consumer Research white paper that examines Bitcoin and the blockchain. That paper, which you can read here, explores the origins of digital currency and the blockchain, the technology’s current application in financial transactions, and its potential use in everything from identity management to contracts.
Davos Forum Includes Focus on Finance Technology
At the annual World Economic Forum gathering in Davos Switzerland, the assembled elites this year have spent their time discussing everything from trade reform and the Syrian refugee crisis to their fears that Donald Trump might somehow win election to the US presidency. This week, those elites also managed to find time to discuss the blockchain and other financial technology and service issues.
The consensus seemed to be that most of the assembled leaders from the public and private sectors remain interested in this emerging technology, but are at the same time reluctant to completely invest in these innovations until they can better understand how it will impact their organizations and industries.
PwC Recruits Tech Team to Explore Blockchain
London’s PricewaterhouseCoopers (PwC) announced this week that it has assembled a team of technology experts to research the blockchain’s potential commercial applications and benefits. The initial team includes 15 experts, and is expected to expand throughout the coming months. The research project was undertaken in direct response to feedback from the firm’s clients, who have expressed increased interest in learning about how this new technology can benefit their businesses. The move was also inspired in part by Sir Mark Walpor’s recent recommendation that the nation publicly embrace distributed ledger solutions, and a desire on PwC’s part to establish itself as a FinTech leader.
Dimon Believes the Blockchain is Real
Yesterday, we told you how JPMorgan’s CEO Jamie Dimon recently reiterated his disdain for Bitcoin. During that same series of comments on CNBC, the ever-consistent cryptocurrency critic had something to say about distributed ledger technology as well. Apparently, he has come to the realization that the blockchain is real. As Barron’s reported in its Tech Trader Daily, Dimon acknowledged that:
“The blockchain is a technology which we’ve been studying, and yes it’s real, it can probably reduce the cost of doing business. If it proves to be cheap and secure, it would be adopted for a whole bunch of stuff.”
Yes, Virginia, there is a blockchain. And it might even be useful for… stuff.