Blockchain Weekly Recap 12-26-2015

Blockchain Weekly Recap 12-26-2015


Australian Bitcoin Startup Sees Payment Transactions Top $1 Million Mark

Australia’s Bitcoin market has experienced new challenges and controversies in recent months, but that hasn’t prevented payments startup Living Room of Satoshi from helping to process more than a million dollars in transfer payments for its customers. The blockchain firm has provided its transaction services since the spring of 2014, enabling customers to make blockchain payments for everything from rent and utilities bills to insurance, credit card bills, and more.

In a press statement released this week, the company’s CEO Daniel Alexiuc proclaimed that Living Room of Satoshi’s customers have demonstrated the viability of using the blockchain for everyday payment needs. That success has helped to demonstrate that there is a workable and less expensive alternative to the existing inefficiencies found in today’s banking industry.

ASX Weighing Expected to Adopt Blockchain Tech

According to reports from the Financial Times, the Australian Securities Exchange (ASX) is seriously considering that adoption of blockchain technology for its transaction settlement systems, as well as for managing trade risk. The exchange’s CEO, Elmer Funke Kapper, told the Times that the blockchain was receiving close attention right now, with an eye toward determining whether it is the best choice for transforming the equity markets.

As currently envisioned, the adoption of blockchain technology would help Australia to become one of the largest economies, while also introducing greater stability. The equities market in the country is well-situated for such integration, with a smaller universe of entities in the finance sector, and comprehensive reliance on electronic data.

Russian IRI Roadmap Includes Blockchain Regulation

We recently noted that Russian banking giant Sberbank has expressed interest in joining the R3 blockchain consortium. This week, President Vladimir Putin received a proposal from Russia’s Internet Development Institute (IRI) that would provide for blockchain regulation. The IRI roadmap is part of a larger report titled “Internet Program 2025” - a comprehensive plan to develop and improve the nation’s communications and internet capabilities.

Qiwi co-founder Andrei Romanenko was one of the roadmap’s developers. Qiwi is the Russian company that previously announced its plan to create a new digital currency it dubbed ‘Bitrubles’ - a move that was met with a less-than-hospitable reaction from the nation’s officials. In addition to threats of fines for Russian citizens who use Bitcoins, the nation’s Finance Ministry has also threatened criminal prosecution and jail time. The Ministry of Finance has been far more welcoming toward distributed ledger technology, which means that this proposal is unlikely to be met with the type of hostile reaction cryptocurrency typically receives.

Nomura Developing Blockchain Proof of Concept for Banking

Japanese consulting firm Nomura Research Institute recently disclosed its plans to develop a proof of concept (PoC) that will integrate the blockchain’s distributed ledger technology with banking. The effort is being made in conjunction with SBI Sumishin Net Bank, Ltd., and is designed to test the technology’s usefulness within a bank’s infrastructure. The planned PoC will work to develop prototype systems based on various banking scenarios, and test the viability of using those solutions to meet those scenario challenges.

And in Case You Missed It…

We can’t let the weekend go by without making sure that you didn’t miss out on Evander Smart’s insightful look at how the blockchain fared over the course of the last year. You can – and should – check it out here: Bitcoin Goes From World’s Worst Currency to World’s Best Technology in One Year.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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