Blockchain Weekly Recap 9-10-2016
Bank of England Presses Ahead with Blockchain Exploration
Bank of England chief cashier Victoria Cleland recently offered new insight into the central bank’s accelerated efforts to explore FinTech opportunities. In remarks at a London event, she cited the bank’s new startup accelerator as an example of its ongoing exploration of the technology, and suggested that those efforts would be increasing in the coming months and years. Recent news reports have focused on the central bank’s interest in new payment systems and other innovations, and it seems certain that similar reports will continue to emerge in the near future.
Barclays Teams with Israeli Startup for Its First Blockchain Trade Transaction
Barclays recently announced that it had completed the company’s first trade transaction using the blockchain. The British banking giant achieved the feat in concert with Israeli startup Wave, sending a transaction in just a few minutes – a vast improvement over the days that such transactions have traditionally required. As Barclays reported, “The letter of credit transaction between Ornua (formerly the Irish Dairy Board) and Seychelles Trading Company is the first to have trade documentation handled on the new Wave platform, with funds sent via Swift.” The experience was apparently a positive one for everyone involved in the process, and Ornua has reportedly inquired about the possibility of doing additional transactions through this system.
Russian Official: Blockchain Not Shovel-Ready
Russian central bank official Olga Skorobogatova offered the Bank of Russia’s opinion on blockchain technology’s readiness in remarks to a banking conference this week, in an apparent attempt to quell any overzealousness among those who believe that the blockchain is currently ready to supplant the existing banking system. In her statement, the bank’s Deputy Chairman expressed the view that such solutions are still three or more years away from being ready for widespread adoption. That view is notably consistent with projections from many others in the finance industry around the globe.
Shanghai to Host Global Blockchain Summit
In a little more than a week from today, Shanghai will be the site of the second Global Blockchain Summit and International Blockchain Week. The event will be held from September 19 -24, at the Hyatt on the Bund, and is expected to welcome companies and industry dignitaries from countries throughout the world. The event may provide China with renewed momentum in its own efforts to achieve blockchain adoption, especially in the wake of the Chinese government’s recent creation of a working group that has it working in partnership with the Shenzen Consortium and ChinaLedger to hasten Chinese advances in blockchain innovation.
The event will include the Wanxiang Blockchain Labs Summit that will address various societal impact issues, business use cases, and the future deployment of the technology. The first three days of the gathering will see developers come together at Ethereum’s Devcon2 to make presentations and discuss recent Ethereum innovations. On September 22, Wanxiang Blockchain Lab will co-host Demo Day, along with ChainB. Recent reports indicate that as many as 31 separate projects will be showcased in live demonstrations during that event.