Week ending September 2, 2016
Three things to know
The key events in blockchain this week focused on financial services and blockchain governance.
In financial services, the first global insurer to join the blockchain consortium R3 was announced. MetLife became the 60th member of R3 and the first global insurer. The potential uses for blockchain that MetLife will explore are quite broad and range from investment management to settlement distribution.
Why does this matter? A couple of reasons. First, it provides additional support to the hypothesis that blockchain will be relevant in multiple sectors of financial services. Next, the announcement is further proof that business processes not only can be transformed with blockchain, but they can be meaningfully improved upon through the application of blockchain. That is a big difference and holds potentially serious implications.
Next up in FSI, Visa announced they are collaborating with BTL Group to develop a blockchain interbank payment system focused on both domestic and cross-border payments. The stated benefits include lower costs, faster settlement time, and reduced risk.
In my view, this is a great step forward in blockchain adoption. Keep in mind, however, that the project is in the proof of concept stage and will include only a small number of European banks. Importantly, this is a huge test for the use of smart contracts. If successful, perhaps many of the issues of smart contracts, including legality and the benefits will move toward being resolved.
Lastly, the blockchain intelligentsia gathered somewhere in the Canadian wilderness and didn’t leave until they agreed on ten items that will move forward blockchain. I won’t list all ten points, but will highlight a few. The first point is that the time for global action is now. Why now, you ask. Why not now, they answer. The world needs blockchain and it shouldn’t have to wait any longer.
The fourth point appeared to initially be a lunch menu, but it was then crossed out and replaced with launch a blockchain hub. The hub would catalog and organize the blockchain ecosystem, help with government regulation, and create a “network of networks” to “coalesce the community”.
Lastly, the group agreed to continue being a group. They will open it up to additional members, provided those members don’t require drastic changes to the lunch menu. The ongoing goals include building a “healthier and more robust blockchain ecosystem”.
Those were the highlights of blockchain this week. Enjoy the long weekend.
For further reading on these topics:
R3 Blockchain Consortium Sees American Insurance Giant MetLife Join Ranks
https://r3cev.com/press/2016/8/31/press-release-metlife-joins-r3-distributed-ledger-consortium
http://www.muskokagroup.org/call-to-action/
https://www.cryptocoinsnews.com/industry-leaders-reach-agreement-blockchain-governance/
Visa eyes new link in blockchain payments
Week of August 28, 2016
Financial Services
Fintech Ecosystem Report: Blockchain, the Trump Card for Financial Evolution
Banking from Brexit to Blockchain
Bank of Tokyo-Mitsubishi and Hitachi Begin Blockchain Technology
New IBM Unit to Focus on Blockchain, Watson for Financial Services
Blockchain wants to be an ally for financial services
Blockchain Investments Equaled Half of All 2015 Fintech VC Funding
Home News Bryan Feinberg Interviews Danny Wettreich, CEO of GreenCoinX on Blockchain …
Antshares Blockchain Based Ledger Protocol for Financial Applications Launches Successful ICO
Plug and Play’s Biggest Blockchain Batch Plans Big Bank Collaborations
Government
Global
Moscow to Use Blockchain Tech in ‘Active Citizen’ Project
Perth blockchain power trading startup takes Auckland
Canadian firms launch platform to secure IoT with blockchain
Uses and Applications
ACI’s Roger Oliphant: “Open Blockchain Standards Are Too Slow”
Web consortium starts work on blockchain standards
Blockchain Has Plenty of Uses for IoT, but What About Trust?
Building The Internet of Trust: Selecting The Right Permissioned Blockchain for Your Organization
IBM Bridges Blockchain, AI with New Business Unit
Problems during installation of Blockchain
Getting Blockchain Technology Enterprise-Ready
Blockchain and the promise of cooperative cloud storage
Hardware Oracles: bridging the Real World to the Blockchain
Kimberly Process pilots a blockchain for tracking the world’s diamonds
Diamond Trade Watchdog Looks at Blockchain Tech to Combat Fraud
deCLOUDs: Precious Metals-Backed Crypto-Platform on Blockchain
Chronicled links blockchain to reduce IoT fragmentation
Atlanta’s Blockchain Enthusiasts Take an In-Depth Look at Dash
Loyalty Programs, The Blockchain Way
Build the World’s First Blockchain-Powered Startup Marketplace
Hyperledger Project Grows 170 Percent in Six Months
Blocksafe to Employ Lisk Sidechain in Building Smart Gun Blockchain
KIBO: Creating the World’s First Blockchain Lottery
Block The Vote: Could Blockchain Technology Cyber-Secure Elections?
Blockchain platform Ujo Music opening up in early 2017
Steptoe’s Expanded Blockchain Practice Receives Broad Media Coverage
Blockchain and the Credit Union: The Asset Transfer Revolution
From Bitcoin to Agriculture: How Can Farmers Benefit from Blockchain?
Is Samsung Interested in Blockchain Technology?
4 Blockchain Companies Focusing On Secure Digital Identity Solutions
Blockchain remittance firm BTL working with Visa Europe Collab for smart contracts
Can Blockchain Prevent Cybercrime?
Thought Leadership
What Venture Capitalists Need to Know before Investing in Bitcoin
Money, minds drawn to distributed ledger tech
Blockchains: The Bits That Could Be Standardized
Sorry Blockchain, Any Joe Schmoe Shouldn’t Be Able to Start a Bank
Beware of Blockchain Hype Says Chain CEO
Blockchain’s Backers Embark on Campaign to Improve Its Image
How blockchain technology can transform our world
If I only had 5 minutes to explain blockchain
Blockchain: Just Hype or Proven Technology with Real Benefits?
The Race to Patent the Blockchain
Blockchain networks and continuous testing – What’s it all about?
Maybe Blockchain Really Does Have Magical Powers