Blockchain Makes Inroads Into Banking

PYMNTS

In Asia, blockchain continues to get a boost from government and regulatory efforts, especially in the realm of trade finance done across borders. Separately, the South Korean government has been eyeing tax breaks for blockchain in a move that looks to bring innovation to the region.

 Samsung Eyes Blockchain Smartphone?

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In the world of blockchain phones, another name may crowd the pantheon. Said sites including thenextweb.com , Samsung, no small player in mobile devices, submitted three trademark requests in Europe that offer up some clues into blockchain-focused phones.

New Year, New Blockchain Use Cases?

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To that end, any number of analyses are coming in the blockchain arena. This, said the Review , will be the way that blockchain becomes normal. At least some cryptocurrencies are becoming national in scope, which may spur blockchain adoption.

HSBC Readies Blockchain FX Tool For Corporates

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HSBC is increasingly relying on blockchain technology to facilitate its foreign exchange trading services, reports in Financial Times said Monday (Jan. 14), with more than three million FX transactions having already been processed by the bank in the past year via blockchain.

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Corporates Step Up To Welcome AI, Blockchain

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Interestingly, blockchain did not emerge as a top focus for corporate finance chiefs, yet other recent analysis suggests CFOs might want to have the technology on their radar, too. Its “ Can blockchain revolutionize international trade?

Amazon Eyes Blockchain

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An announcement Wednesday (November 28) said AWS is launching Amazon Quantum Ledger Database, as well as Amazon Managed Blockchain – solutions that Amazon Web Services CEO Andy Jassy said are “something that a lot of companies need.”

Alipay In X-Border Blockchain Pact

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The new year has dawned with a number of cross-border payment pacts, done across blockchain and other means. That blockchain technology, in turn, had been developed by Ant Financial Services Group.

Mastercard Blockchain Patent Would Support Multiple Currencies

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Mastercard has been awarded a patent for a proposed blockchain system that would support multiple types of currency. So Mastercard wants to implement a method to create a blockchain that enables different blocks that can store different types of information.

Brexit A Boon For Blockchain?

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Late this month, a study from Nexus found that across 200 businesses surveyed, more than half of large and mid-sized companies queried are looking to adopt blockchain in an effort to mitigate operational risks in the wake of Brexit. That would leave room for blockchain.

Ripple Forms Blockchain For Europe Association With Other Players

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Ripple, the blockchain company that owns XRP, the digital currency, has joined forces with NEM, Fetch.AI, and EMURGO/Cardano to create a new association that represents the interest of blockchain and cryptocurrency business in Europe.

Blockchain Banking, In NY And Done In Real Time

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Banking in blockchain – with real-time payments as a kicker? CoinDesk reported this week that Signature Bank , which is based in New York, is debuting a digital payments platform that is built on blockchain – and geared toward real-time transactions.

EU Blockchain Forum Recommends Digital Identity Systems

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In its newest report, the EU Blockchain Forum (EUBF) noted that government bodies need to home in on two aspects of the blockchain to help the technology fully actualize: That is, the institutions need to have digital national currencies as well as systems for digital identity, The Next Web reported.

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State Farm Tests Blockchain Insurance Claim Platform

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State Farm announced that it is testing out blockchain technology to streamline the subrogation process for auto claims. State Farm explained it is working with a partner in the insurance industry to test the blockchain solution against existing processes.

Microsoft And Nasdaq Partner For Blockchain Initiative

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Microsoft is reportedly partnering with Nasdaq on blockchain, in which its Azure blockchain services will integrate with Nasdaq’s Financial Framework. The partnership is aimed at creating a blockchain system to help technologies work together for Nasdaq customers.

South Korea Examines Blockchain For Shipping

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Blockchain has been steadily making inroads in the B2B realm as a way to help boost supply chain transparency and efficiencies. As has been reported, the Korean Bar Association has urged the government to put blockchain regulations in place.

 IBM And The Blockchain Bet

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In the blockchain space, the announcements come fast and furious. The movement to bring all sorts of data and processes to the decentralized ledger model and to blockchain platforms is an inexorable one.

BBVA, Porsche Complete $170 Million Loan With Blockchain

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One of the largest banks in Spain, Banco Bilbao Vizcaya Argentaria (BBVA), has completed a $170 million (€150 million) loan with Porsche Holding using blockchain technology, according to a report. In April, BBVA said it became the first global bank to do an entire loan using blockchain.

Thailand Govt Eyes Blockchain To Track Taxes

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To be certain of taxes, will blockchain seal the deal? Last week, Thailand’s Revenue Department was reported to be bringing blockchain projects into the fold to track tax payments, aided by machine learning. As might be expected, smart contracts are tied to those blockchain aims.

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Blockchain 101: Mobile payments

Mobile Payments Today

Let's take a look at the what blockchain is, and how it can help transform the mobile payments industry

Blockchain Tech Disrupts The Corporate Payments Status Quo

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Blockchain seemed to be stuck in pilot phase in 2017, but in 2018, the financial services industry finally saw a stronger flow of real-world, working blockchain applications — many of which targeted pain points in B2B payments, including the time and lack of transparency in cross-border transactions.

Overstock Talks Up Its Blockchain-Based Future

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Overstock may be best known as an eCommerce business, but these days its CEO and Founder Patrick Byrne is much more interested in talking about the power of cryptocurrency and blockchain, and how it will be the real future of both the firm and the economy in general.

Overstock To Sell Retail Biz, Focus On Blockchain

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Overstock is gearing up to sell its retail business, with a deal taking place in the next few months as it focuses solely on its blockchain initiatives. Overstock has previously announced plans to sell the retail business so that it can focus on blockchain technology.

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Facebook Explores Blockchain Tech For WhatsApp Money Transfers

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Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology,” said a spokesperson for Facebook. The news comes as Facebook was looking to grow its blockchain team, according to a report earlier this month.

DMG Blockchain Targets Cannabis Supply Chain Traceability

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Blockchain company DMG Blockchain Solutions is rolling out a new supply chain management solution designed for the legal cannabis market. The company announced via press release on Tuesday (Oct.

Facebook Wants Engineers And Researchers For Blockchain Team

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Social media giant Facebook is looking to grow its blockchain team, according to a report. The company posted on its careers page that it’s looking for data engineers and scientists, software engineers and a product marketing lead for its blockchain team.

Blockchain Makes Headway Into Shipping Logistics

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Beyond bitcoin and moving toward supply chains, blockchain is finding more adoption for cross-border logistics and document management. . That consortium would in turn create the Global Shipping Business Network, billed as a digital platform based on blockchain.

How financial institutions are embracing blockchain

Mobile Payments Today

What's holding the blockchain back? What can make it more secure? Panelists at Financial Services Data Security Summit, sponsored by Thales and Networld Media Group, shared thoughts on these issues

Blockchain Believers Remain Bullish On B2B Payments Disruption: PayPie

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As the peaks and valleys of blockchain hype continue to rise and fall, more doubt has surfaced over the future of distributed ledger technology, particularly in the area of B2B payments. There are many potential use cases for blockchain in corporate finance.

Nigerian Presidential Hopeful Wants Blockchain And Crypto To Help Economy

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Atiku Abubakar, a 2019 presidential candidate in Nigeria, said he will support cryptocurrency and blockchain if he becomes the country’s next leader, according to the Daily Post. Other countries have also looked into formalizing cryptocurrency and blockchain into their respective economies.

Accenture Debuts Blockchain Procurement Solution In Thailand

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Business services conglomerate Accenture is expanding its blockchain solution offerings with the development of a procurement platform launched in Thailand.

CMB Ushers China Into Blockchain eInvoicing

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China Merchants Bank ( CMB ) announced that it has become the first bank in the country to issue blockchain electronic invoices. According to China Knowledge , the news comes just one month after the bank revealed its intention to launch a blockchain eInvoice.

MyEG Launches Blockchain Payroll Solution

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Malaysia-based MyEG Services is rolling out a new payroll solution developed on blockchain technology. “Leveraging the benefits of blockchain architecture is one of MyEG’s core [focuses] presently,” said Managing Director Wong Thean Soon in a statement.

Blockchain To Get Its Motor Runnin’?

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Blockchain, blockchain everywhere – and maybe this is where the road gets racy. And in the latest edition of the blockchain tracker, the auto industry gets some mileage. One firm has estimated that the automotive blockchain space will be worth as much as $1.6 The blockchain has also gotten some buzz in the financial services realm. What would blockchain be without a startup or two, maybe with a famous name in the mix?

Ripple Invests $25M in Blockchain Capital

Bank Innovation

Enterprise blockchain provider Ripple has made a $25 million investment in blockchain startup, Blockchain Capital, the company announced today. Capital Cryptocurrency Online Payments BlockChain Blockchain Capital cryptocurrency funding Investment Ripple

Blockchain for KYC: Game-changing RegTech Innovation

Insights on Business

Consider, for example, the blockchain space. Innovators such as Alex Carmichael, COO of Promontory Financial Group Australasia, are expanding the frontiers of blockchain innovation into areas such as risk and compliance, anti-money laundering and know-your-customer (KYC).

Do we need a blockchain?

Chris Skinner

I haven’t written about blockchain for a while. I’m not bored of the promise of blockchain and distributed ledger technologies. Just bored of how much hype there has been and of so many companies claiming to have the latest blockchain breakthrough.

Is Stupid Money Chasing Blockchain?

Bank Innovation

There seems to be a profound conundrum facing blockchain and its implications for financial services. While it is true that blockchain seems to have the potential to “transform” financial services, it also faces steep challenges.

Blazing a path for blockchain in banking

Insights on Business

According to a report from Santander, blockchain technology is poised to save banks $20 billion dollars a year in infrastructure costs by 2022. Instead, he and his team identified a key client challenge for which blockchain could provide a valuable solution.

Mastercard Eyes Blockchain For B2B            

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Blockchain has been receiving attention well beyond cryptocurrencies, and the focus has shifted in part to patent filings. In the latest news germane to intellectual property and blockchain, Mastercard has filed three patent applications with the U.S. Amid those patent filings came details that the payments giant has developed a blockchain-based system, which aims to streamline high-volume B2B transactions. Carrying Blockchain Into The Carrier Space.

China Accelerates Blockchain Patent Activity

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News came last week that, when it comes to patents tied to the blockchain landscape, Thomson Reuters has found that China, and Alibaba , have had an outsized showing, and seem to be accelerating their patent filing activity. More than half, or 56 percent of all blockchain patents issued last year trace their genesis from China. Blockchain remains an area of strong interest. See more of what is happening with blockchain related activity here.

OweMe Lands Seed Funding For Blockchain Trade Finance Platform

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Investors provided $1 million for OweMe, which developed a platform using blockchain to link bank lenders and corporate buyers for access to trade finance. In October, for example, HSBC and Standard Chartered launched their own blockchain-powered trade finance solution, eTrade Connect.

World Blockchain Trade Consortium Launches With FinTech Platforms

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The World Blockchain Trade Consortium (WBTC) officially launched this week in Singapore with the aim to utilize blockchain technology to lower costs, reduce risk and increase funding to SMEs. Blockchain B2B B2B Payments Fraud Prevention global trade News What's Hot In B2B

Blockchain Weekly Front Page: Governments Love Blockchain

Daily Fintech

Blockchain’s incredible potential has become increasingly evident to governments worldwide. Blockchain has hit the world with force, bringing changes in almost everything out there. However, Bitcoin has been the catalyst for the growth of blockchain.