Consortium startup R3 has filed two patent applications detailing its work on applying distributed ledger tech to "dynamic" agreements between financial institutions. The two applications – submitted last year and published by the the U.S. Patent and Trademark Office on Oct. 19 – detail the use of a system for tracking, maintaining and updating agreements via...
UBS has said that cryptocurrencies like bitcoin are a ‘speculative bubble’ and are unlikely to become a mainstream currency. Yet, it believes the blockchain may have a ‘significant impact’ on many industries. In a white paper titled ‘Cryptocurrencies – Beneath the Bubble‘ that was published this week, UBS said: We think...
Bank of America has filed a pair of patents for a Blockchain-based system aimed to improve the tracking of file transfer processing in real time. Under the system, a Blockchain can be integrated with communications and memory devices to facilitate the data processing process. Based on the patent applications as of mid-October 2017, the bank proposes the...
Credit card giant Mastercard is pushing ahead with a set of blockchain payment tools first unveiled last year, opening them up to banks and merchants for wider use. In a press release, the company announced today that it would first be working on business-to-business (B2B) transactions with the tech, as part...
Christine Lagarde, IMF Managing Director, has had many positive things to say about the potential of digital currencies and their disruptive model, but she has now added that the IMF would not rule out creating its own version of it. Recently, Russia entered the decentralized digital currency space with its ‘CryptoRuble’ and it could...
As major banks reject the notion of bitcoin, many are turning their attention to the use of the blockchain. According to an investment banker from European bank Credit Suisse, the ‘sky’s the limit’ for the technology. James Disney, Credit Suisse’s global head of software investment banking, said that it takes 20...
A Japanese national cryptocurrency will allow its finance sector to “use data to create new value” not possible with traditional setups. This is according to comments from Mitsubishi UFJ Financial Group (MUFG) CEO Nobuyuki Hirano, who is also chairman of the Japanese Bankers Association. Speaking at a news conference Thursday, Hirano said the...
Professional services and consultancy giant Accenture has been appointed by Singapore’s central bank to develop a prototype blockchain solution for interbank payments. Earlier this month, the Monetary Authority of Singapore (MAS) – the country’s defacto central bank and financial regulator – revealed the successful development of three different blockchain models for decentralized...
Wall Street banking giant JPMorgan Chase is launching a new interbank payments platform powered by blockchain, the firm announced today. With the participation of two other banks – Australia-based ANZ and the Royal Bank of Canada (Australia) – the Interbank Information Network (IIN) will be built on Quorum, the ethereum-based blockchain network first...
Former Federal Reserve chairman Ben Bernanke is bullish on blockchain. Speaking at Ripple's Swell conference in Toronto today, being held the same week and in the same city as Sibos, the annual gathering hosted by Ripple's rival Swift, Bernanke told a room of several hundred attendees that he believes payments can be...