Santander Bank: "Distributed Ledger Eliminates the Need for Central Authorities"
Santander Innoventures, a US$100 million fund of the billion dollar financial institution Spanish Santander Group, has released a research paper titled "The Fintech 2.0 Paper: rebooting financial services," to examine the advantages of distributed ledger as a transaction and asset settlement platform. The decentralized and transparent nature of the distributed ledger technology of Bitcoin, also known as the blockchain technology, allows anyone on the network to record or certify irrefutable and unalterable document or asset autonomously. Bitcoin is one of many unique applications built on....
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Santander InnoVentures has launched a global competition titled 'Santander InnoVentures Distributed Ledger Challenge' with the aim of encouraging and supporting those startups that employ distributed ledger technologies and blockchain in the fintech industry. The entry submission begins from November 5th, 2015 and the deadline is December 31st. In the next step, the startups will be shortlisted and then they will be further selected by a panel of distributed ledger and blockchain technology experts. Later, the winner will be revealed at New York in January 2016. Santander InnoVentures is a....
Santander Innoventures, the $100 million fintech venture capital fund of multi-billion dollar Spanish banking group Santander, has partnered with startup agency OneVest to run a Distributed Ledger (DL) Challenge for early-stage startups. Specifically, the bank will be actively searching for blockchain-based startups targeting mortgage processing, trade finance and asset leasing, and technologies which could help the bank bridge conventional payment systems with decentralized payment networks like the blockchain. "Distributed ledger technologies will create huge value for customers, banks....
Blockchain technologies could reduce banks' infrastructural costs by $15-20bn a year by 2022, a new report from Santander InnoVentures claims. The FinTech 2.0 Paper, produced in collaboration with Oliver Wyman and Anthemis Group, says distributed ledger technology could save banks money by eliminating central authorities and bypassing slow, expensive payment networks. Beyond payments, its authors identify other areas of potential for distributed ledgers, noting: "In time, distributed ledgers will support 'smart contracts' - computer protocols that verify or enforce contracts. This will....
Two researchers from Spanish financial group Banco Santander S.A. have released a report concerning the benefits of Bitcoin versus credit cards and traditional bank services. The 10-page paper details the increasing risk for traditional financial management as cryptocurrency solutions become more popular. Banco Santander & the Mercado Bitcoin....
The central bank of Russia has successfully completed a distributed ledger trial. Dubbed "Masterchain", the Bank of Russia described the system as "a technical prototype for financial messaging" that uses a distributed ledger built with participation from undisclosed market participants. The prototype, it further said, provides a means to pass financial information between parties, ensuring "prompt confirmation of data actuality". According to bank representatives, the prototype could serve as a basis for future systems, enabling the development of new....