Blockchain Weekly Recap 3-5-2016
Bank of Russia Working Group Analyzing Blockchain’s Usefulness
Russia’s central bank revealed last weekend that it has implemented plans to explore blockchain applications within the financial sector. The Bank of Russia has reportedly established its own working group to study the technology and assess current distributed ledger innovations in areas like banking, mobile payments, and other transactions.
This revelation follows the early February announcement that the central bank was ‘closely monitoring’ blockchain developments, as well as a recent Tass claim that suggested that the nation has the fifth highest population of digital currency users in the world – roughly 200,000. The country’s central bank has also expressed a less hostile approach to Bitcoin in recent weeks, causing some industry advocates to believe that the country may be on the verge of adopting a more welcome attitude toward digital currency and its empowering technology.
Five New R3 Blockchain Trials Completed
The most recent news from the R3CEV consortium indicated that the group has concluded trials involving five separate blockchain tests. The tests spanned the last half of February, and included participation from forty banks using Cloud services from Microsoft, Amazon, and IBM.
The concept s tests included using distributed ledger technology for debt instrument transactions, using so-called smart contracts. The trials were conducted using a variety of distributed ledger providers: IBM, Chain, Intel, Eris Industries, and Ethereum. The project is just the latest example of the consortium’s dedication to enhancing this technology’s widespread adoption by developing solutions that demonstrate its practical benefits for the marketplace.
BigChainDB: Scalable Blockchain Processes Million Writes each Second
Diamond ledger Everledger will be the first announced licensed customer for Ascribe’s new superfast blockchain database, BigchainDB. The new and speedy blockchain product can reportedly perform upwards of one million writes per second, has little latency, and plenty of capacity. It is also designed to be scalable, allowing developers more flexibility as they work to translate their proof of concepts to actual, usable systems.
RBC Partners with Ripple for Blockchain PoC
The Royal Bank of Canada revealed last week that is has partnered with Ripple to focus on a proof of concept involving blockchain remittances. RBC has been focused in recent months on gaining new insight into distributed ledger technology, with an eye toward leveraging any potential benefits for remittance processes. The current PoC will be designed to test scalability, security, and overall functionality to determine whether the concept is valid enough to warrant exploration in other types of blockchain innovation.
ISITC Survey Highlights Financial Industry Interest in Blockchain
In its most recent survey covering the financial services sector, the International Securities Association for Institutional Trade Communication (ISITC) found that a sizeable majority (62%) of financial service firms plan to focus increased attention on technological innovation over the next year. Those plans include an emphasis on heightened cybersecurity needs and innovations using the blockchain.
Of those companies surveyed, 55% are currently in the process of assessing and exploring blockchain solutions. Many of these firms reportedly identify efficiency, improved security, and transparency as primary motivations for pursuing distributed ledger applications.