Sands of change: UAE enables private sector to adopt blockchain tech
The UAE has been proactive in integrating blockchain into the existing governance ecosystem, and the private sector benefits from the spillover effect. It is no secret that the United Arab Emirates, along with Switzerland, Singapore and several other countries, is one of the most forward-looking tech nations in the world, with the Middle Eastern powerhouse promoting the use of blockchain in almost every sector imaginable, from energy to shipping to media.To help the country with its adoption efforts, the UAE government has launched two extensive, well-crafted initiatives — i.e., the....
Related News
A pair of San Francisco-based siblings have just releasedParlay, a smartphone app that enables users to “challenge” their friends and wager on the outcome. The siblings are sister Sidney Sands-Ramshaw — a betting maven and former analyst — and brother Loren Sands-Ramshaw, a coder and former NSA security engineer. “I will beat you in Minecraft this....
The blockchain technology has now entered the insurance sector, making it possible for the insurance companies to offer policies to suit the customers' needs. The use of blockchain technology in insurance sector is something relatively new. London, the fintech destination of Europe is the first one to explore the potential uses of distributed technology in the insurance industry. The Capital of England already has a couple of companies who have already implemented it into their offerings. The blockchain is known for its transparency, security, immutability and reliability. All the....
In a breakthrough special address to the Depository Trust & Clearing Corporation 2016 Blockchain Symposium, CFTC Commissioner J. Christopher Giancarlo, signalling the changing attitude of regulators towards blockchain technology, called on regulators to follow private sector innovation, and not lead, to adopt a light touch approach and to primarily follow the philosophy of “do no harm”, a strategy employed during the early days of the internet when regulators rarely interfered. Acknowledging the ever growing interest in blockchain tech and hailing its many benefits, the commissioner....
For the time being, Infosys has not released specific details regarding their ongoing negotiations with various banks in India. Blockchain continues to attract interested players, and Infosys is in talks with banks to adopt a modified of blockchain technology. They will not use the Bitcoin blockchain, though, but rather a private version of distributed ledger technology. Bitcoin and blockchain enthusiasts will have heard the name Infosys before, as this Indian IT giant has established EdgeVerve Systems. The primary purpose of this subsidiary is to explore the boundaries of blockchain....
One of the five largest banks in Singapore has tested a blockchain-based payment service, with an eye to develop commercial products around the tech. OCBC Bank used the tech to send funds between its operations in Singapore and Malaysia, as well as transmit money to the Bank of Singapore, a private banking business it owns. The bank said it worked with BCS Information Services, a local payments firm, to develop the prototype. The test is the latest for Asia’s banking sector, the members of which have spent much of the past two years investigating use cases, investing in startups and....