The Bankchain Part IV: Centralized Exchanges & KYC Procedures

The Bankchain Part IV: Centralized Exchanges & KYC Procedures

Over the course of three previous articles, the pros and cons of the bankchain concept have been thoroughly discussed. Even though most Bitcoin enthusiasts don’t see a viable future for private blockchains in the banking system, there are still a few aspects left to discuss. Regulation of bankchains will be important, and it remains to be seen how the Know-Your-Customer requirement will be tackled. One of the more interesting aspects of Bitcoin’s blockchain technology is how the digital currency is not regulated by a central bank or authority. This creates a promising scenario for....


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The Bankchain Part III: Issuing IOUs

The concept of bankchains is quite appealing to people active in the financial sector, but the inherent issues and questions associated with this tool need to be addressed first. Besides issuing currencies over the bankchain, the ability to issue different products can also be a powerful tool. Even though hardly anyone in the Bitcoin community is in favor of IOUs in general, once they are issued on a blockchain, things take on an interesting perspective. Let’s consider the concept of a bankchain viable for a moment, and take a look of how one would issue an IOU on top of this protocol. Not....

ItBit Reveals Bankchain Project Won't Use Bitcoin

ItBit has revealed new details about its formerly top-secret Bankchain project, a private consensus-based ledger system aimed at appealing to enterprise financial institutions. With the formal unveiling, the New York-based bitcoin exchange has joined the number of blockchain firms seeking to compete for the attention of banks that want to utilize the efficiencies of distributed databases without using bitcoin or its blockchain. In a new interview, Steve Wager, head of global operations for itBit, spoke at length about the project, rumors of which first began surfacing in late July.....

ItBit to Host Private Blockchain Summit for Wall Street Elite

New York-based bitcoin exchange itBit is set to host a private gathering of financial industry professionals on Monday, 27th July. The all-day, invite-only "Bankchain Discovery Summit" will be held at one of the city's Convene locations, a meeting space provider operating in both New York and Washington, DC. Expected attendees are said to draw largely from major banks, brokerages and exchanges. An invitation obtained by CoinDesk reads: "Join us for the inaugural itBit Bankchain Discovery Summit. Interact with industry peers, hear from our panel of experts and address topical blockchain use....

Bitcoin Price Manipulation On Centralized Exchanges Seems Coordinated

The Centralized Bitcoin exchanges seem to coordinate their prices across continental divides. One goes down - they all go down. The question is why the public tolerates their scam. If they were useful or desirable, they'd consider the very people who sustain the Bitcoin network, namely Bitcoin miners who, below $400, likely operate at a loss. Exchange clients and miners get whatever is happening in the busiest exchange. The exchanges' arbitrage-bots equalize prices between one another. Miners - you're the backbone of this innovation. Cryptomonkeys - you think you're trading - but your....

The Bankchain Part II: Issuing Different Types of Currency

In our previous article, we discussed the trials and tribulations surrounding the concept of bankchains, and what challenges this technology poses. At the same time, it is clear for anyone to see how the benefits outweigh the costs. But what else can these bankchains do besides replacing the banking infrastructure? In a traditional business environment, there are a multitude of different currencies that are all related to one another through currency trading markets. But in the world of blockchain technology and digital currency, the number of currency types is reduced to three main....