HSBC forex trading costs cut sharply by blockchain - executive

HSBC forex trading costs cut sharply by blockchain - executive
 

LONDON (Reuters) - HSBC has reduced the cost of settling foreign exchange trades by a quarter through its blockchain-based system, an executive overseeing the project told Reuters, offering a glimpse of the savings the technology could offer banks.
The bank processes between 3,500 and 5,000 trades a day on its "FX Everywhere" system, settling trades worth $350 billion (£273 billion), Mark Williamson, chief operating officer of FX cash trading and risk management, told Reuters.
The HSBC platform is a rare example of blockchain technology being put to practical use by a major bank. Last month the London-based lender said it had processed FX trades worth $250 billion on the platform since February last year.
The fresh details of the scale of the HSBC project suggest that the potential of blockchain to make significant cost savings in the financial services industry - long touted by its proponents of the technology - is being realised.
"We going at a pace now," Williamson said. "We're able to demonstrate that this is not a one-off proof of concept or just one or two trades."
Supporters say blockchain - a shared database that can securely process and settle transactions without the need for third-party checks - could transform industries from finance to real estate by obviating cumbersome and inefficient processes.
That hype, though, has rarely been backed up by examples of large companies moving beyond tests on a limited scale.
Financial institutions have so far taken a cautious approach with the technology originally conceived to underpin of the bitcoin cryptocurrency. Many are concerned by uncertainty over security, regulation and the impact on existing systems.

February 14, 2019 by Tom Wilson
 
 

 READ FULL ARTICLE
https://www.euronews.com/2019/02/14/hsbc-forex-trading-costs-cut-sharply-by-blockchain-executive

 

Meet The Blockchain Startups That Want To Change How We Communicate     When was the last time you actually read a terms of service agreement before clicking "accept"? Although it's become commonplace to see and agree to these digital policies that are in practical terms only offering a take-it-or-leave-it proposition, each one of those accept buttons is another step toward giving up our rights to privacy and our personal data that may in fact be far more valuable than we realize. Facebook's privacy scandals serve to illustrate that personal data has become a valuable commodity in the digital age. The latest allegation against the social network was that it had given more than 150 companies far greater access to people's data than it had disclosed previously, according to the New York Times. And that revelation came after a string of others that started almost a year ago when we learned that political consulting firm Cambridge Analytica had used Facebook's data to influence the 2016 presidential campaign. Cheap and instant communications coupled with the protection of our privacy would be the best of both worlds. But how can this be achieved? Decentralization may be the answer. Uncensorable communication, personal cloud servers, and private data streaming would allow users to take back control of their privacy and personal data. Blockchain technology could be used to revolutionize the way we chat to each other, from basic text messages to grandiose interconnected communities, and a few startups are bringing the best of decentralization to bear on our future communications. Uncensorable Communications Freedom House, a U.S.-based independent watchdog group, said that internet freedom had declined for the eighth consecutive year in 2018, with an increasing number of governments tightening control over their citizens’ activities on the web. Regardless of the agenda, many voices are monitored and censored on social media, and once governments have such power it's not a great leap for them to begin using it to orchestrate influence campaigns and manipulate society. India's government has recently proposed to introduce a policy which would require companies to take down any content deemed inappropriate by authorities. Censorship efforts like these will be far more difficult to implement in the decentralized world. Mainframe is a privacy platform and an example of a company seeking to build secure communications. Users have the ability to send and receive private messages on a network that is designed to prevents data from ever being censored. Only the user with the correct keys will be able to unlock the data. February 8, 2019 by Sherman Lee   READ FULL ARTICLE https://www.forbes.com/sites/shermanlee/2019/02/08/meet-the-blockchain-startups-that-want-to-change-how-we-communicate/#4ef721d36b20

Meet The Blockchain Startups That Want To Change How We Communicate    When was the last time you actually read a terms of service agreement before clicking "accept"? Although it's become commonplace to see and agree to these digital policies that are in practical terms only offering a take-it-or-leave-it proposition, each one of those accept buttons is another step toward giving up our rights to privacy and our personal data that may in fact be far more valuable than we realize. Facebook's privacy scandals serve to illustrate that personal data has become a valuable commodity in the digital age. The latest allegation against the social network was that it had given more than 150 companies far greater access to people's data than it had disclosed previously, according to the New York Times. And that revelation came after a string of others that started almost a year ago when we learned that political consulting firm Cambridge Analytica had used Facebook's data to influence the 2016 presidential campaign. Cheap and instant communications coupled with the protection of our privacy would be the best of both worlds. But how can this be achieved? Decentralization may be the answer. Uncensorable communication, personal cloud servers, and private data streaming would allow users to take back control of their privacy and personal data. Blockchain technology could be used to revolutionize the way we chat to each other, from basic text messages to grandiose interconnected communities, and a few startups are bringing the best of decentralization to bear on our future communications. Uncensorable Communications Freedom House, a U.S.-based independent watchdog group, said that internet freedom had declined for the eighth consecutive year in 2018, with an increasing number of governments tightening control over their citizens’ activities on the web. Regardless of the agenda, many voices are monitored and censored on social media, and once governments have such power it's not a great leap for them to begin using it to orchestrate influence campaigns and manipulate society. India's government has recently proposed to introduce a policy which would require companies to take down any content deemed inappropriate by authorities. Censorship efforts like these will be far more difficult to implement in the decentralized world. Mainframe is a privacy platform and an example of a company seeking to build secure communications. Users have the ability to send and receive private messages on a network that is designed to prevents data from ever being censored. Only the user with the correct keys will be able to unlock the data. February 8, 2019 by Sherman Lee   READ FULL ARTICLE https://www.forbes.com/sites/shermanlee/2019/02/08/meet-the-blockchain-startups-that-want-to-change-how-we-communicate/#4ef721d36b20

AKAMAY and MUFG announce joint venture for blockchain-based online payment network   Akamai Technologies, Inc. (NASDAQ: AKAM), the intelligent edge platform for securing and delivering digital experiences, and Mitsubishi UFJ Financial Group (NYSE: MUFG), one of the world’s leading financial groups, today announced an expansion of their relationship through the establishment of a joint venture, the Global Open Network, Inc. (GO-NET) and their plans to offer a new blockchain-based online payment network enabling next-generation transaction security, scale and responsiveness. GO-NET is the result of more than three years of close collaboration between Akamai and MUFG. Both Akamai and MUFG will be investors in GO-NET, which is expected to make the new payment network available in Japan during the first half of 2020. GO-NET aims to provide a comprehensive set of services, including support for existing payment processing functions, pay-per-use, micropayments and other developing IoT-enabled payment transactions. Critical to the joint venture will be Akamai’s innovative Blockchain as a Service solution, which will leverage its globally distributed Intelligent Edge Platform to power the online payment network. Akamai’s Blockchain solution is proven to be capable of processing more than one million transactions per second at under two-second latency per transaction, which is orders of magnitude faster than existing solutions. In addition, transactions executed on the platform will be secured and accelerated by Akamai’s market-leading cloud security and performance offerings, which positions it extremely well as a robust enterprise platform for real-time transactions at scale. MUFG, as one of the world’s leading global financial groups with a long history and excellent reputation for trust, will provide extensive know-how of financial services and expertise in business development to bring sustainable growth and success to the joint venture. “This joint venture with MUFG sets the stage for a new blockchain-based online payment system that can better serve customers’ and partners’ payment processing needs,” said Dr. Tom Leighton, CEO and co-founder of Akamai. “The collaboration between MUFG and Akamai over the last three years has demonstrated what is possible when industry leaders join forces to solve a challenging problem. Akamai and MUFG are committed to delivering innovative solutions at a level of security, scale and responsiveness never before achieved.” February 12, 2019 by Tim Whitman READ FULL ARTICLE https://www.akamai.com/us/en/about/news/press/2019-press/akamai-mufg-announce-joint-venture-for-blockchain-based-online-payment-network.jsp

JPMorgan Chase to create digital coins using blockchain for payments    JPMorgan Chase & Co said on Thursday it plans to launch its own digital coins, called “JPM Coin”, that customers will be able to use for instant transfer of payments over a blockchain network. The largest U.S. bank by assets said customers, on depositing money at the bank, will be issued the cryptocurrency that they will be able to use for transactions over the network with other JPMorgan clients. The coin can be redeemed for a U.S. dollar, so its value will largely remain stable, the bank said bit.ly/2V0lFsV. When one client sends money to another over the blockchain, JPM Coins are transferred and instantaneously redeemed for the equivalent amount of U.S. dollars, reducing the typical settlement time, the bank said. Chief Executive Officer Jamie Dimon once criticized the former high-flying bitcoin, calling it a “fraud” in 2017. Back then Dimon said cryptocurrencies are “worse than tulips bulbs,” referring to a famous market bubble from the 1600s. He tempered his view a few months later, saying he regretted calling bitcoin a fraud, but maintained his disinterest in the cryptocurrency. The bank said in a presentation on its website discussing the new JPM Coin that it was supportive of “cryptocurrencies as long as they are properly controlled and regulated.” “As a globally regulated bank, we believe we have a unique opportunity to develop the capability in a responsible way with the oversight of our regulators,” said JPMorgan’s Head of digital treasury services and blockchain Umar Farooq. JPMorgan also said it believed in the potential of blockchain technology, and expects its new digital coin to yield significant benefits for blockchain use by reducing clients’ counterparty and settlement risk, decreasing capital requirements and enabling instant value transfer. February 14, 2019 by Aparajita Saxena   READ FULL ARTICLE https://www.reuters.com/article/us-jp-morgan-blockchain/jpmorgan-chase-to-create-digital-coins-using-blockchain-for-payments-idUSKCN1Q321P

About STARBIT

Starbit aims at spreading theoretical - practical knowledge among ordinary people, without being an expert or willing to become an expert. Starbit is aware of the impact that blockchain and crypto currencies will have on people's lives: for this reason it promotes a mass literacy.
Starbit selects everything needed for a person to be informed and about blockchain technologies and various applications, making it easier, in a progressive manner, accessible to all, thus saving time and resources to anyone interested in this area. The goal is to offer various degrees of knowledge (first level is free as Club Member and the others included in the products purchasable by customers) to those who are interested in playing an acting rule. Starbit also offers an opportunity to those who want to transform all this in a work from home opportunity.

DISCLAIMER

Registration to the Club is totally free and gives access to the basic information on Blockchain and its applications on the market, the most important of which is constituted by the so-called crypto currencies. At the Club members who are interested in having a more complete knowledge and information is also offered the possibility (it is an option, not an obligation) to buy upgradable services or applications (the acquisition of knowledge is a fact known to be progressive over time).
Any coins  (when free attributed by third parties) that may result gradually, will of course be the exclusive property of the customer and should not be considered in any relationship the servicies or applications purchased.
For maximum clarity applies the following example: if a person acquires an organic farming course that includes in addition to the theory, also a practical detection of cultivation of an organic garden (like was done by Michelle Obama at the White House), any products (carrots, tomatoes, peas, etc.) that will enrich his table, will obviously be of full ownership of those who have grown the organic garden and will not of course no relation to the person who sold the course, even if he has supplied the equipment for the practical test, such as seeds, tools, pots, fertilizers, various preparations, etc.
Subscribers to the Club have the power to start the business, if authorized and in acceptance of all the terms and conditions for the Promoter, explained in the Promoter Agreement and in the Policies and Procedures. They should not incur any fees and never any obligation to buy anything. If as a result of the promotion done, some new Club member, decide to buy a package Information, the Promoter will receive a commercial fee as provided by the terms and conditions above mentioned. It is not authorized anyone to provide news other than those listed here and on the official website, to promise false gains and / or try to push the purchase of the products, which must instead be the result of personal conviction. In particular, it must never be made no reference to any kind of investment if not purely cultural nature. This Club is fully committed to compliance with the laws of the countries in which it operates. It's also open to collaboration with those who help him to improve.For each queries or suggestions please contact via the official website. For questions please contact support@starbit.com

Facebook Acqui-Hires Team from Blockchain Platform Startup Chainspace

Facebook Acqui-Hires Team from Blockchain Platform Startup Chainspace Facebook acquired its first company in the blockchain space, smart contract protocol development and research firm Chainspace. The move was likely made to acquire the company’s team of experienced crypto developers. Chainspace is an 11-person company that was started by five well-credentialed co-founders, including two Cambridge PhDs, several researchers from the University College of London, and part of the core group of people from Vega Protocol—a blockchain public network for trading financial product. The acquisition by Facebook was likely a buyout for the company’s team, a strategy known as acqui-hiring. According to Cheddar’s sources, the move was done to augment Facebook’s growing blockchain division. Facebook did not disclose the amount paid for the acquisition, although Cheddar reportedthat Chainspace was in the process of raising an initial funding round of less than $4 million. The move is part of Facebook’s discrete plans to implement blockchain into its social media platform, including plans to launch a native cryptocurrency. Facebook veteran David Marcus, the former president of PayPal, was appointed last April to lead the initiative. February 4, 2019 by Mitchell Moos   READ FULL ARTICLE https://cryptoslate.com/facebook-acqui-hires-team-blockchain-smart-contract-company-chainspace/

A Technical Breakdown Of Google's New Blockchain Search Tools    Google is now in the blockchain search business. Less than a day after Forbes broke the story that the internet search giant would be launching a suite of tools built by, and for, open source developers, those tools are live. In addition to loading data sets for all the transactions and metadata in eight cryptocurrencies, including bitcoin and ethereum, Google Cloud developer advocate Allen Day and his team of open source developers from around the world are launching a number of tools designed to do to blockchain, what Google search did to the internet. “I'm very interested to quantify what's happening so that we can see where the real legitimate use cases are for blockchain,” said Day, who manages the cloud portion of the project. "So people can acknowledge that and then we can move to the next use case and develop out what these technologies are really appropriate for.” Last year Day and lead developer Evgeny Medvedev discreetly loaded transaction data for the bitcoin and ethereum blockchains, along with some basic search tools, to Google's BigQuery data analytics platform and have been studying how developers are using the software. As of today, they're taking what they've learned and making data sets available for bitcoin cash, ethereum classic, litecoin, zcash, dogecoin and dash, along with an expanded suite of search tools. Dubbed Blockchain ETL (extract, transform, load), the software, which was created by independent developer Medvedev with support from the rest the team, includes features such as integration with Google’s BigQuery ML (machine learning) tool, which was launched into a test, or “beta” version last year. By searching for patterns in transaction flows, the machine learning integration will automatically give the user basic information about how a cryptocurrency address is being used. February 5, 2019 by Michael del Castillo READ FULL ARTICLE https://www.forbes.com/sites/michaeldelcastillo/2019/02/05/google-launches-search-for-bitcoin-ethereum-bitcoin-cash-dash-dogecoin-ethereum-classic-litecoin-and-zcash/#2fa23d7ec789

Blockchain.com Launches New Bitcoin Cash Block Explorer   Wallet provider Blockchain.com has started offering a new tool for users to peer into the inner workings of their cryptocurrency. The company has launched a Bitcoin Cash (BCH) block explorer that allows people to search for transaction hashes, blocks and addresses on the BCH blockchain. New BCH Blockchain Explorer Blockchain.com, the popular cryptocurrency wallet provider, has announced the launch of a new Bitcoin Cash (BCH) block explorer. The company explained, for the benefit of individuals who may be unfamiliar with the concept, that they can think about the tool as a browser for the blockchain. It allows users to search for detailed information on specific BCH blocks, check whether a transaction has confirmed, view the balance of a wallet address, monitor market prices, and even watch real-time network transactions. As more cryptocurrencies develop and grow, providing direct access and insight across networks is crucial. Blockchain Explorer is the most trusted source for blockchain data. Our focus has always been on providing the most up to date and accurate information available,” the Blockchain.com team stated on Feb. 4. “Today, we’re excited to introduce Bitcoin Cash to the existing lineup of supported cryptocurrencies on our Explorer. You can now search for BTC/ETH/BCH transaction hashes, blocks and addresses in a single search bar.” Why Bitcoin Cash? The BCH tool is only the third block explorer supported by Blockchain.com after Bitcoin Core (BTC) and Ethereum (ETH). When the company launched another service last month the team mentioned that it has received more questions about bitcoin cash recently than any other crypto asset supported by the Blockchain Wallet. In January the company launched an educational tool called Blockchain Primers. The service is intended to provide a relatively concise overview of each crypto asset including background material, the latest market data and analysis. The first report issued on it was an introduction to BCH, whose advantages over BTC, according to the research, include greater maximum onchain transaction capacity/throughput, lower average transaction fees, and additional smart contract functionality. February 5, 2019 by Avi Mizrahi READ FULL ARTICLE https://news.bitcoin.com/blockchain-com-launches-new-bitcoin-cash-block-explorer/

Only 3 of the top 50 blockchain apps are running on Ethereum   Believe it or not, only three of the top 50 decentralized apps (dapps) are running on the Ethereum blockchain, according to data from DappRadar. Instead, developers seem to be largely relying on competing platforms like EOS and TRON. From the remaining 47 most active dapps, 26 are based on EOS and 21 on TRON. Interestingly, gambling dapps account for the majority of the activity on both networks. Among other things, the main reason for the decline in dapp activity on Ethereum is the scaling bottlenecks the platform has been facing. Ethereum’s scaling woes Ethereum, which was initially conceived as a platform for decentralized apps, has notoriously been dealing with scaling issues for some time now. Indeed, last year its co-founder Vitalik Buterin conceded that until the platform has a safe scaling mechanism in place, developers shouldn’t expect to run high-throughput apps on Ethereum. That said, Ethereum’s builder community has been working on possible scaling solutions for a while, but none of the propositions put forward seem to be production-ready at present. But in the meantime, EOS and TRON have claimed the lion’s share of the dapp market, which is still struggling to pick up steam among mainstream audiences. Currently, EOS and TRON are responsible for 94 percent of all monetary value transacted across all dapps, leaving Ethereum with a measly 6-percent chunk, according to data from blockchain research unit Diar. It’s all about transaction capacity DappRadar, which once used to exclusively track app activity on the Ethereum network, recently introduced monitoring tools for EOS and TRON. Since then, apps running on those two platforms have steadily dominated DappRadar’s activity charts. February 7, 2019 READ FULL ARTICLE https://thenextweb.com/hardfork/2019/02/07/ethereum-tron-eos-blockchain-apps/

Digital Isle of Man Launches Blockchain Office and Sandbox   Digital Isle of Man has announced the formation of a Blockchain Office and the launch of an Isle of Man Sandbox, established to guide blockchain businesses through current (and future) regulatory landscapes, with expert-led assistance and support.   These initiatives form part of a major new commitment for the Isle of Man to become an international hub for blockchain businesses, providing a fully supportive and collaborative environment. The Island welcomes innovative technology, and will not regulate blockchain in isolation, giving businesses the flexibility to best use this emerging and transformative technology. Launch of Isle of Man Blockchain Office Digital Isle of Man will create a Blockchain Office, a unique hub that is dedicated to growing the blockchain sector. The primary function of the Office will be to facilitate a dialogue between businesses and regulators, and to help blockchain platforms design and future-proof their concepts in accordance with relevant legislation and regulation. The Office will also provide expertise, guidance, and marketing support, as well as facilitate and encourage collaboration between companies. Launch of the Isle of Man Blockchain Sandbox Through the Blockchain Office, businesses will be able to apply to participate in the Isle of Man Blockchain Sandbox. Applications for the Sandbox will be open from March 2019, with the office fully functional in the spring. Early participants will not be charged fees for the facility, which will provide them with access to an environment where they can develop and test blockchain platforms. The sandbox will benefit from the expertise garnered from future participation in other international forums and sandboxes that encourage cross-border testing. A robust selection process will also ensure that all participants are of the highest quality, as the Island seeks to create a ‘centre of excellence’ ecosystem. Lyle Wraxall, CEO of Digital Isle of Man commented: ‘With the launch of the Blockchain Office and Sandbox, the Isle of Man is making a firm commitment to be a fully supportive jurisdiction for the blockchain industry. We are looking to attract premium blockchain businesses and the world’s top exchanges to the Island, and we will be creating new tech-agnostic regulation inspired by best practice that we’ve seen from other high-quality jurisdictions around the world.’ February 5, 2019 by thefintechtimes   READ FULL ARTICLE https://thefintechtimes.com/digital-isle-of-man-blockchain-office/

About STARBIT

Starbit aims at spreading theoretical - practical knowledge among ordinary people, without being an expert or willing to become an expert. Starbit is aware of the impact that blockchain and crypto currencies will have on people's lives: for this reason it promotes a mass literacy.

Starbit selects everything needed for a person to be informed and about blockchain technologies and various applications, making it easier, in a progressive manner, accessible to all, thus saving time and resources to anyone interested in this area. The goal is to offer various degrees of knowledge (first level is free as Club Member and the others included in the products purchasable by customers) to those who are interested in playing an acting rule. Starbit also offers an opportunity to those who want to transform all this in a work from home opportunity.

DISCLAIMER

Registration to the Club is totally free and gives access to the basic information on Blockchain and its applications on the market, the most important of which is constituted by the so-called crypto currencies. At the Club members who are interested in having a more complete knowledge and information is also offered the possibility (it is an option, not an obligation) to buy upgradable services or applications (the acquisition of knowledge is a fact known to be progressive over time).

Any coins  (when free attributed by third parties) that may result gradually, will of course be the exclusive property of the customer and should not be considered in any relationship the servicies or applications purchased.

For maximum clarity applies the following example: if a person acquires an organic farming course that includes in addition to the theory, also a practical detection of cultivation of an organic garden (like was done by Michelle Obama at the White House), any products (carrots, tomatoes, peas, etc.) that will enrich his table, will obviously be of full ownership of those who have grown the organic garden and will not of course no relation to the person who sold the course, even if he has supplied the equipment for the practical test, such as seeds, tools, pots, fertilizers, various preparations, etc.

Subscribers to the Club have the power to start the business, if authorized and in acceptance of all the terms and conditions for the Promoter, explained in the Promoter Agreement and in the Policies and Procedures. They should not incur any fees and never any obligation to buy anything. If as a result of the promotion done, some new Club member, decide to buy a package Information, the Promoter will receive a commercial fee as provided by the terms and conditions above mentioned. It is not authorized anyone to provide news other than those listed here and on the official website, to promise false gains and / or try to push the purchase of the products, which must instead be the result of personal conviction. In particular, it must never be made no reference to any kind of investment if not purely cultural nature. This Club is fully committed to compliance with the laws of the countries in which it operates. It's also open to collaboration with those who help him to improve.For each queries or suggestions please contact via the official website. For questions please contact support@starbit.com