IBM, Optus and Australia Post join blockchain group
IBM, Optus and Australia Post have joined the Australian Digital Currency Commerce Association (ADCCA).
Here’s how banks can save big with blockchain
In the aftermath of the 2008 financial crisis, investment banks faced rising regulatory burdens, rising compliance costs, and a consequent shrinking of innovation budgets. However, in Q4 these banks reported large profits, suggesting that they are finally on the path to recovery; we have also seen major players renew their focus on digital transformation. Now, a new report by consultancy Accenture and benchmarking firm McLagan suggests an area particularly deserving of incumbents’ attention. The study, using data for eight of the world’s largest investment banks, looked into the potential benefits that blockchain adoption might deliver. It found that blockchain could save these banks $8 billion to $12 billion annually and […]
One country dominates the global bitcoin market
Almost all bitcoin trading is done in China. The share of the cryptocurrency that’s traded via China’s mainland currency escalated over the past few years, overtaking the US dollar as the dominant currency. From less than a 10% share in January 2012, the yuan now makes up nearly 100% of all bitcoin trading. Bitcoin surged 120% last year, outperforming every other currency in the world. It kicked off 2017 by rising above $1,000 for the first time since 2013.Those moves were made possible largely because of China. Volumes of bitcoin trading increased as China’s foreign reserves shrank, by about 8% to $3.05 trillion in 2016. Meanwhile, the yuan weakened against […]
Government urged to test blockchain’s potential
Blockchain technology might help prevent a repeat of the Centrelink data-matching disaster, says investment banker turned business professor Christine Helliar. Blockchain is the technology behind cryptocurrency Bitcoin, but is increasingly viewed as having applications elsewhere in business and government. In simple terms, blockchain is a tamper-proof digital ledger that keeps a continuous record of all transactions that take place. Each transaction is time stamped and stored as part of a detailed history that builds up over time. The information can be shared among a network of computers.Professor Helliar, who works for the University of South Australia, said blockchain could be used to link all tax and welfare payments, reducing the […]
Bitcoin tipped to replace gold as portfolio staple
Digital currency is increasingly being seen as serious asset class, but investors need to get in soon to mine the opportunity, says a Silicon Valley-based entrepreneur. Speaking to InvestorDaily from San Francisco, Australian-born entrepreneur Michael Dunworth, CEO of Wyre and a former staffer at Midwinter Financial Services, said professional investors and advisers are waking up to the bitcoin opportunity following strong market performance. “Bank of America, hedge funds and high-net-worth individuals – they’re all getting into digital currencies as part of their diversified portfolio,” Mr Dunworth said. “There’s no getting away from it. It has been one of the best performing assets for the past five years, with no serious […]
Cybersecurity takes prominence alongside Blockchain Technology in 2017
The new year, 2017 started with a bang. Bitcoin price surpassed its previous high by increasing beyond the $1100 mark. The popular cryptocurrency’s underlying blockchain technology and its applications in fintech and other sectors is expected to peak during the year as well. While Bitcoin and Blockchain continue to scale new heights, the Bitfinex hack, ransomware attacks and other security breaches aren’t forgotten. The massive DDoS attack that almost disrupted the internet is also fresh in everyone’s memory. After making it through an eventful year, Bitcoin companies, banking and financial institutions, governmental organizations and other businesses are increasing their focus towards cybersecurity. According to reports, the increasing importance towards cybersecurity […]
Bitcoin rises to record on currency controls
Bitcoin hit an all-time high overnight, according to Bloomberg data, thanks to continued adoption in China and other parts of the world where traditional currencies are tightly controlled. The digital currency, which just turned eight years old, reached $US1140.64, which was higher than the $US1137 it hit in November of 2013. In December, bitcoin also surpassed its previous all-time high in total market capitalisation, which now exceeds $US16.1 billion. The latest increase was driven by capital or currency restrictions in countries ranging from China to India and Venezuela, where people purchased bitcoin to protect their savings, as well as increased adoption by investors. The digital currency beat every other currency, […]
Value of digital currency Bitcoin surges past $US1000
The value of Bitcoin has surged above $1000 as the digital unit continues a dizzying rise that made it the best-performing currency of 2016. Its value has more than doubled in the last year and it was trading at around $US1,024 in afternoon European trading yesterday, after breaking through the $US1000 mark on Sunday. It is now within reach of its historic high of more than $US1200 reached in 2013. Some analysts believe the rise in Bitcoin is due to some investors treating it as a safe-haven, like gold, at a time of global uncertainty. Others believe buying is being driven by speculative demand, with investors anticipating future rises and […]
