Week Ending November 18, 2016

Three things to know

The Central banks of China, Singapore, and Ukraine have each announced a plan to develop a national digital currency.  The reasons each has chosen to do so are similar; digital currencies transacted via a Blockchain network increase security, lowers costs, and increases transparency.  Singapore called out the traditional model of correspondent banking as cumbersome and costly. It hopes to remove the frictions inherent in the traditional process by developing a netting process whereby cash is deposited and exchanged for digital currency.  At the end of the day or other specified time, the digital currency is then exchanged back into cash.

While these actions are positive for Blockchain, they potentially raise other issues.  The first question that comes up, is how soon until digital currencies are recognized as legal tender?  If digital currencies are recognized as legal tender, will bitcoin then also become legal tender? Digital currencies being formally recognized as legal tender could potentially be a “big bang” type of event that spurs the rapid Blockchain adoption. 

Central bank adoption of digital currencies raises societal issues as well. As countries become cashless, to what degree is privacy eliminated? How does that increase government involvement and knowledge of how individuals spend their own money?  These types of situations could further increase the use of alt-currencies not recognized or tracked by governments.

These are valid considerations that are going to become increasingly relevant issues as Blockchain and cryptocurrencies mature.  How they are resolved will be interesting.  For now, the adoption of digital currencies by Central banks should be considered positively and testaments to the benefits and viability of Blockchain. 

China’s Central Bank Hires Blockchain Experts to Launch Cryptocurrency

Singapore’s Central Bank to Test Blockchain-Backed Digital Currency

Ukraine to become the next country to go cashless, plans to launch national digital currency


Weekly Blockchain

Financial Services

R3 Banks Trial Blockchain Identity Registry

BBVA working with R3 in the development of a blockchain-based identity management system

IBM Blockchain Helps Fintech’s and Banks Address KYC Challenge

The Long Disrupt: How Blockchain Startups Are Reshaping the DTCC

IBM’s Next Step in Launching One of the World’s Largest Blockchain Implementations?

Blockchain adoption in banks coming, but slower than expected

Blockchain Capital Dries Up as Big Fintech Deals Decline

Flashnet Launches ‘MEGAFLASH’ Crowdsale to Support Rewards Blockchain

The banks are poised to meet their scariest competition yet: blockchain

How Blockchain and AI Will Influence Finance


Hong Kong Central Bank: Blockchain Holds ‘Enormous Potential’

Hong Kong Government: Blockchain May Increase Money Laundering Risks

Korea Exchange Launches Blockchain-Powered Private Market

Expect a “Surge of Blockchain Adoption” Across South Korean Business and Industry Sectors

OCBC Trials Blockchain for Interbank Payments

Blockchain Startup Adds UK Cybersecurity Expert to Board

You’ll be amazed at Scotland’s blockchain capability…


Tax and the Blockchain

Blockchain Won’t Just Change Regulation, it Could Reshape the SEC

SEC Panelists on “Astonishing” But “Not Very Sexy” Blockchain: Achieving Network Effect Will …

Unicef is funding blockchain and health tech to solve the world’s biggest problems

UNICEF Just Invested in its First Blockchain Startup

Uses and Applications

Healthcare, retail industries give blockchain a try

Blockchain an Obvious Use Case for Healthcare, says ASX Executive

ASX Exec Calls for Blockchain Use in Healthcare

Brooklyn-based Ujo explains what the blockchain could mean for music

Learning Machine’s Blockcerts Wants Students to “Own Their Own Records” via Blockchain …

Ethereum Blockchain Apps Might Ensure Freelancers Get Paid

Chrono Bank creating a global blockchain-based labor exchange using Ethereum

Blockchain Technology Could Herald the Start of a New Model for Transactive Energy, According …

Logistics sector to make concrete progress using blockchain technology

Chronicled launches Crypto Seal blockchain-registered supply chain and pharmaceutical packaging

Breaking Zcash: Blockchain and the Art of Security Theater

Blockchain Startups Look to Profit from Marijuana Election Results

Deloitte, SETL create blockchain-based contactless payment card

Ethereum Sets Date for Fourth Blockchain Fork

Thought Leadership

Here’s why blockchain will be widely used by 2021

Stop Defining the Blockchain In Terms of Today’s Commercial Internet

Blockchain… Prepare for change!

The Growing Use of Blockchain Technology Outside Bitcoin
Why Business Rules Will Dramatically Expand The Impact Of Blockchain

How the blockchain will radically transform the economy


Blockchain: Backbone for today’s business, tomorrow’s world

Blockchain technology will make a real difference
Is a Blockchain Patent Still Possible?

6 Takeaways From Coin Desk’s Q3 State of Blockchain

Op Ed: Blockchain Education Network Hosts Month-Long Blockchain Accelerator

Why the Blockchain Hackathon Economy is Booming

The Blockchain: A Guide for Legal and Business Professionals

Holland & Knight lawyers break down Bitcoin-related technology as a business tool