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, […]
5 enterprise-related things you can do with blockchain technology today
Diamonds. Bitcoin. Pork. If you think you’ve spotted the odd one out, think again: All three are things you can track using blockchain technologies today. Blockchains are distributed, tamper-proof, public ledgers of transactions, brought to public attention by the cryptocurrency bitcoin, which is based on what is still the most widespread blockchain. But blockchains are being used for a whole lot more than making pseudonymous payments outside the traditional banking system. Because blockchains are distributed, an industry or a marketplace can use them without the risk of a single point of failure. And because they can’t be modified, there is no question of whether the record keeper can be trusted. […]
A great fintech border invasion
If ever there were a banking niche ripe for disruption, it would be cross-border payments. It almost defies comprehension that Amazon can deliver physical goods faster than a bank can make a credit entry. The reason, of course, is that remittances still meander through the 600 year-old correspondent banking system, which requires six players to link up to achieve the final outcome — the payer, the payer’s bank, the payer’s bank’s correspondent, the beneficiary’s bank’s correspondent, the beneficiary’s bank and the beneficiary. The system is clunky, opaque and extremely costly for users. Fintech was always going to find a better solution, and the machinery is now in place for far-reaching […]
Blockchain adoption in banks coming, but slower than expected
Recent headlines suggest that blockchain technology is revolutionizing financial services. JP Morgan Chase, Barclays, Commonwealth Bank, Wells Fargo and several other leading banks are using the digital ledger technology to conduct equity swaps, cross-border trades, and other transactions. You might think that blockchain has gone mainstream. Not so fast, says former UBS CIO Oliver Bussmann, who claims it may take banks two years to run blockchain in production due to regulatory hurdles, a lack of standards and other stumbling blocks. “This is real, this will come but in a very regulated environment. We will go through a lot of validation,” says Bussmann, who jumpstarted blockchain efforts when he was leading […]
DigitalX Ltd files unique blockchain patent for its money transfer app
DigitalX Ltd (ASX:DCC) has filed its second global provisional patent application, further strengthening the company’s ‘AirPocket’ blockchain-based money transfer app. AirPocket can also be used to pay bills and top-up phones. The new patent describes a method for creating and storing a digital ID on a blockchain, and providing the owner of the ID a way to grant access to historical data from a point in time. In AirPocket, this method is known as an “AirID”. An AirID is created for each user that is digitally on-boarded via AirPocket once successfully passing Know Your Customer, Sanctions and Politically Exposed Person checks. These three processes are necessary to make international payments […]
Blockchain needs explanation before application
The future of blockchain lies beyond the financial sector but the full potential of distributed-ledger technology is unlikely to be unleashed until organisations understand that it’s not a silver bullet to every problem, experts have warned. Data 61 senior research consultant Rob Hanson says that amid the “Cambrian explosion of innovation” in distributed technology there’s a need to avoid mythmaking around blockchain. “The complexity of blockchain technology needs to be translated effectively,” Mr Hanson told The Australian. “It’s no silver bullet and we don’t have great definitions in place just yet.” The sentiment is shared by Nick Giurietto, CEO and managing director of the Australian Digital Currency & Commerce Association, […]
Bitcoin technology could ensure grain growers get paid
A NEW company is seeking a technological answer to one of the biggest problems facing grain farmers — delays in being paid. Full Profile, established last year by Emma Weston, Bob McKay and Ben Reid, is looking at technology used in bitcoin trading to make prompt payments to farmers when they deliver grain. Ms Weston said Full Profile started building a program around the technology, known as blockchain, in April and will test it in Dubbo with a grain delivery to Fletcher International in the next four or five weeks. Ms Weston said the aim was for grain growers to know if the trader had the funds to pay them […]
Australia Post’s digital future rises from disruption as it embraces blockchain
Australia Post has been talking up its identity expertise for months and will soon launch a new mobile digital identity platform that could be a vital element of secure digital commerce. The digital service will allow people to verify their identity in just a few minutes via smartphone using biometric data. The technology will be robust enough to allow individuals to apply for a passport or mortgage by mobile and could become a new growth business for the national utility. “How do I know you’re who you say you are if I’m dealing with you on the computer?” Australia Post chief executive Ahmed Fahour asks BOSS. “Solving this is one […]
