Blockchain Weekly Recap 10-15-2016
Capgemini Report: Blockchain Could Mean Billions in Savings for Consumers
A new report from technology and consulting firm Capgemini forecasts that the blockchain’s capacity for eliminating paper documentation through the use of smart contracts could ultimately help consumers to save about $16 billion worth of insurance and bank fees. By moving contract documentation to the digital realm, the report notes, there will be reductions in process time, risk, and overall costs -all of which could be passed on to consumers. While the exact savings are anybody’s guess, most people familiar with digital ledger technology agree that the underlying premise of the report is almost certainly accurate: there would be cost savings were these contracts digitized. The real question is whether those industries would share those savings with their customers.
Russia’s Central Bank Tests Masterchain
The Bank of Russia has successfully tested its Masterchain prototype – an Ethereum blockchain system designed to facilitate secure communications among the nation’s banks. The platform, developed in concert with Qiwi, Alfa Bank, Sberbank, and other Russian financial interests, enables rapid confirmation of customer and transaction details while maintaining relevant security standards. The banks involved in the project recently completed test transactions using the Masterchain, and those involved in the project are moving forward with other uses for the technology.
Nasdaq Wants to Bring Blockchain Tech to Hong Kong Stock Exchange
Nasdaq has reportedly expressed interest in working with the Hong Kong Stock Exchange to bring blockchain technology to Hong Kong’s markets. The Hong Kong Monetary Authority has confirmed within the last months that it will be creating an innovation hub to evaluate and test the technology – a move that would see it join the ten other major exchanges across the globe that are currently testing distributed ledgers. Nasdaq successfully launched its own platform back in May, and the exchange’s COO Adena Friedman has expressed interest in working with the Hong Kong exchange to help it adopt the technology as well. While extolling the benefits of that Nasdaq system, Friedman noted that her exchange is “agnostic” when it comes to deciding which variety of blockchain technology any individual market decides to use.
Blockchain Newcomer Loyall Taking Part in Dubai Accelerators Program
A new blockchain startup called Loyall will be among those participating in the Dubai Future Accelerators Program. The startup, which is focused on loyalty reward programs, is slated to be working with hospitality and real estate company Dubai Holding. Their objective during the program will be to work on systems that can eliminate middlemen and cut down on paperwork requirements. Prior to this announcement, Loyall gained some level of recognition for its involvement in the Dubai Global Blockchain Council and its work on the development of blockchain solutions for the nation’s tourism industry.
Pentagon Considering Use of Blockchain to Secure Nukes
Reports indicate that the Department of Defense is considering the possibility of utilizing blockchain technology as a way to minimize the risk that unauthorized persons might gain access to American nuclear weapons systems. The move is being championed by the Defense Advanced Research Projects Agency (DARPA) as a way to enhance the nation’s military networks by increasing information integrity and providing analysts with improved awareness of when their systems are being breached and what the intruders are trying to accomplish. The technology would not be used to replace existing network security, but would instead help to quickly identify incursions, isolate hacker activities, and provide defenders the time they need to implement countermeasures.