Blockchain Weekly Recap 7-2-2016
Russian Firms Create Blockchain Consortium
An announcement on the final day of the three-day 25th International Financial Congress, hosted by the Russian central bank in St. Petersburg, revealed that a number of Russia’s financial firms and banks have joined together to form their own blockchain consortium. Members reportedly include Qiwi, Tinkoff Bank, B&N Bank, Accenture, and others. According to public statements from the group, the consortium’s efforts will focus on proofs of concepts development, efforts to create a set of standards, and joint research. Members also have plans to seek out working relationships with regulators and officials responsible for policy development.
7 French Firms Form Consortium to Explore Blockchain for SMEs
Even as those Russian organizations forge their own partnership to explore the blockchain, a seven-member consortium of French firms has announced plans to do something similar in their nation. That French group includes BNP Paribas Securities Services, Euronext, Paris Europlace, and four other firms that have all agreed to combine their efforts to explore distributed ledger technology and its ability to provide post-trade cost reductions for small to medium-sized enterprises (SMEs). Along with that announcement, it was also revealed that the new consortium plans to consider the feasibility of launching a separate company that would be focused on designing and providing blockchain tech to other international partners.
IBM and Crédit Mutuel Arkéa Complete Test of Blockchain KYC
IBM and Crédit Mutuel Arkéa recently announced the successful creation of a blockchain network that they claim can improve Know Your Customer (KYC) client identification processes. The permissioned network provides a broader and complete overview of customer documents that can be used to facilitate more rapid compliance with KYC mandates. The software system that the two companies used can reportedly provide that complete view in a consistent manner while providing the privacy customers expect. Crédit Mutuel Arkéa now says that it has gained enough mastery of the technology to begin to use it within the company’s ecosystem.
Hyperledger Project Continues Global Growth with Seven New Members
Even as new consortiums continue to be formed around the world, existing groups continue to add new members to their ranks. The Linux-led Hyperledger Project is an example of that expansionist trend. The group this week announced that it had added a total of seven new members, improving its international flavor. Those members include the Moscow exchange, INVeSHARE, Sweden’s Norbloc, MonetaGo. Chinese companies Belink Technologies, BitSE, and Onchain round out the list of new Project participants.
Blockchain Celebrated by World Economic Forum as Tech Pioneer
Blockchain has received recognition from the World Economic Forum and has been named as a Technology Pioneer due to its potential for innovation and its anticipated ability to advance the so-called Fourth Industrial Revolution. The company was praised for helping to begin the process of creating positive change in the financial service industry, even as it works to empower average citizens all around the world. In receiving this honor, Blockchain joins past business luminaries like Airbnb, Kickstarter, and Google.
JPMorgan Program Invites FinTech, Blockchain Startups
JPMorgan has recently revealed the creation of a new program that will invite FinTech companies – including those working with blockchain technology – to form six-month long partnerships with its businesses as they explore new tech innovations. The project is being referred to as an In-Residence program, and will allow those startup firms to gain access to the bank’s systems and facilities, while benefiting from JPMorgan’s financial service expertise. Any innovations developed as a result of the residency program will belong to the startups. The bank has expressed interest in working with new firms that are focused on everything from distributed ledger technology to automation and robotics.