UBS to Develop Yet Another 'Permissioned Blockchain' for Banks
In April, Bitcoin Magazine reported that UBS was planning to investigate blockchain technology in a new innovation lab based in London. The innovation lab is located in Level39, Europe's largest technology accelerator space for finance and cyber-securities, and focuses on exploring the role of blockchain technology in financial services. UBS, a Swiss....
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Major banks and mainstream financial institutions are warming up to the blockchain technology that powers Bitcoin, and launching internal experiments and pilot projects to find out how they can use the blockchain. However, most banks frown at the chaotic anarchy of public "permissionless ledgers" like the Bitcoin blockchain, where any individual anonymous user can join and contribute hashpower to verify transactions without having to ask anyone's permission. Instead, they would prefer "permissioned ledgers" owned and by the banks, which can be operated only by vetted players. Think of....
In many recent articles, Bitcoin Magazine reported the trend toward private, "permissioned" non-Bitcoin blockchains, supported by Accenture and Digital Asset Holdings CEO Blythe Masters, among others. Permissioned blockchain developments for banks and financial operators have been started by giant Swiss bank UBS, Bitcoin exchange itBit and more. Permissioned blockchains would offer the advantages of digital currencies powered by public blockchains - fast and cheap transactions permanently recorded in a shared ledger - without the troublesome openness of the Bitcoin network where anyone can....
Technology giant IBM has announced a partnership with Indian conglomerate and multinational Mahindra to develop blockchain solutions to revolutionize supply chain finance in the country. The two companies aim to develop a cloud-based solution that is a notable departure from existing traditional banking protocols in India, to enable trade finance transactions from suppliers-to-manufacturers through a permissioned blockchain. Market observers and researchers of blockchain applications in the financial industry frequently tout trade finance as a sector primed for blockchain disruption. If....
Banks and governments are warming up to the possibility of leveraging the power and resiliency of the blockchain to implement smarter financial systems that permit faster and cheaper local and global transactions, permanently recorded in a tamper-proof blockchain. At the same time, financial institutions and states find some aspects of Bitcoin worrisome. One concern is that the Bitcoin network relies on anonymous miners to validate transactions. This concern is addressed by various concepts and implementations of "permissioned blockchains" that are popping up, which would offer the....
Blockchain technology is more than just Bitcoin. Let’s examine the evolution of Nakamoto’s brainchild. The various types of blockchain permissionsBlockchain networks run on permission-based consensus methods, enabling various levels of use depending on a user’s needs and permission level.Aside from the blockchain generations, there are also different types of blockchain when viewed from a permission-based angle. Some of those permission types are public, permissioned or private blockchains. Each of these types offers a different use case for a company or user’s needs. When asked to list....