Week Ending September 9, 2016

Three things to know

The adoption of blockchain continues to advance as users are eager to realize its benefits. Two of the more frequently discussed benefits, lower costs and faster speeds, form the cornerstones of two significant developments. A third benefit, and less often discussed, is the increased competitiveness provided by blockchain. 

Lower costs are a big reason the Chinese government is transitioning its social security program to blockchain.  By year-end 2016, this fund is expected to total more than $356 billion.  Specific cost projects were not mentioned, but a quick analysis shows that any cost savings will likely be significant.

Speed is at the core of the use case for the first blockchain-based trade finance deal.  Barclays helped an Irish agriculture consortium to trade butter and milk with a foreign company.  One benefit was immediately obvious.  The process, which once required between 7 and 10 business days, was complete in less than 4 hours.  Additionally, the transaction provided auditable records, more security, and was more reliable. 

Credit unions across the country decided it they could no longer sit back and allow the global banks to set the technology standards. Credit unions got together to form their own version of the financial services blockchain consortium “R3”.  The consortium, known as the CU Ledger project, is focused on using blockchain to enhance consumer offerings.  One of the first areas they will consider is security.  While the benefits of blockchain are attractive, this is a move to increase the competitiveness of credit unions as they square off against traditional banks.

The pace of blockchain adoption is accelerating.  Blockchain practitioners often hear that adoption will be limited and is as much as a decade away.  These cases demonstrate that tangible benefits are being realized through a variety of applications.  Are the estimates of widespread adoption being 5 to 10 years off accurate?  Only time will tell, but based on these developments, the smart money may be taking the under.


China Explores Blockchain Tech for Social Security Fund Revamp
Barclays says conducts first blockchain-based trade-finance deal

Credit Unions Seek to Become First to Market with Banking Blockchain


Weekly Blockchain

Financial Services

American Banking Sector Sees Increase in Blockchain Technology Jobs

Goldman Sachs Moves to Blockchain: SETLcoin

BNP Paribas Opens Lab to Boost Productivity with Blockchain

Blockchain and why the financial sector is all excited about it

Blockchain Consortium R3 Adds First Exchange, Brazil’s BM&F BOVESPA


Major Global Exchanges Increase Researching, Deploying Blockchain, Poll Says China Merchants Bank to Develop Blockchain with R3 Consortium
New Australian Securities Exchange chief defends blockchain plans

Hong Kong’s Central Bank to Test Blockchain

Israeli Startup Helps Make First Ever Blockchain Trade

Quick Blockchain Adoption a ‘Myth’, Says Russian Central Banker


Paper Ballots Are the Only Secure Way to Run an Election says Blockchain Technologies Corp

Secure Voting Solution Unites Bitcoin Blockchain and Paper Ballots

Uses and Applications

Blockchain.Info Users Continue to Face Issues

TAO Network Raises $100K for Music Industry Blockchain Project

Social security funds to use blockchain

Group of Hackers Are Holding Small Blockchains Hostage by 51% Attacking Them

Apple’s Six: Bitcoin, Dogecoin, Litecoin, Ethereum, the DAO & Ripple

Blockchain Land Registry May Lead to New Global Financial Crisis

IBM Fuses Blockchain, AI and Cloud Computing into One Unit

Israeli Blockchain Startup Revelator Raises 2.5 million to Track Digital Assets and Pay Out …

Krypton Abandons Ethereum for Bitcoin Proof of Stake Blockchain after 51% Attack

Ujo Music to launch blockchain-based full commercial music platform
Blockchain’s promise to content creators

Blockchain technology trialed to tackle slavery in the fishing industry

Microsoft Azure’s CTO Wants Blockchain to Connect Every Industry

Blockchain for healthcare applications envisioned by expert

Jaxx Aims to Be “Blockchain Agnostic” With More New Coin Integrations

Tracking tuna on a blockchain in South East Asia

Blockchain could revive gold’s role as a payments currency

Coming Soon: A Blockchain ATS

The Morning Download: Blockchain Art Exhibits Reflect Tech’s Growing Role in Culture

Thought Leadership

Blockchain: It’s a solution; now what’s the problem?

Bicycle with Jet Engine: Why Banks Fail to Implement Blockchain

Understanding the blockchain hype: Why much of it is nothing more than snake oil and spin

Synereo’s ‘Blockchain 2.0’: Foundation for A Better P2P Economy?

How blockchain will disrupt your business

Blockchain and its application in IoT
Blockchain’s Numbers Don’t Add Up

Blockchain and Distributed Ledger Technologies

Blockchain + Smart Contracts

Bold forecasts, but the blockchain numbers do not add up

The Blockchain: Decentralized trust to unlock a decentralized future