Angela Walch: 3 Risk Factors to Consider Before Replacing Existing Financial Infrastructure With Bitcoin Blockchain Technology
While Bitcoin may not replace the U.S. dollar anytime soon, the underlying technology of the blockchain is certainly generating hype among mainstream financial institutions. Startups experimenting with blockchain technology for financial institutions are already receiving funding from banks like JPMorgan. In fact, in an Emerging Theme Radar note sent to....
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The St. Mary’s University School of Law professor called for more scrutiny on the activities of miners, especially regarding their role in transaction ordering on the blockchain. Tuesday’s crypto hearing before the United States Senate Committee on Banking, Housing and Urban Affairs also included a call for stricter regulations on cryptocurrency miners.Addressing the committee, professor Angela Walch claimed that miners held “meaningful power” over the way blockchain networks operate. According to Walch, miners can exploit their role of transaction ordering, which could become a “major....
Despite years of development, the finance industry has failed to showcase a working application of the blockchain technology. Experts believe that banks may have overlooked the most important concept of the technology: decentralization. The formation of the R3 consortium and the increasing interests from major multi-billion dollar banks have led blockchain to become an international phenomenon. Large financial institutions and government agencies rushed to implement the technology in various areas of their operations, specifically to optimize the settlement of financial transactions.....
It doesn’t happen often a country of this world is actively looking at replacing their own currency. Or to be more precise, Tunisia is replacing its self-created eDinar digital currency with a blockchain-based version. In doing so, Tunisia becomes the world’s first country to issue national currency using advanced blockchain technology. Tunisia is one those countries where financial services are not widely available to just anyone. With over three million residents cut off from the financial system altogether, something had to change sooner or later.The introduction of the eDinar digital....
Citi has invested in Cobalt DL, an FX post-trade processing network based on distributed ledger technology. Citi is also a client for the Cobalt FX post-trade solution. Cobalt DL has begun a beta test for its private peer-to-peer network that uses distributed ledger technology (also known as blockchain technology) designed to reduce risk and cut post-trade costs by up to 80 percent. Cobalt DL’s FX solution is set to launch in 2017, with 15 institutional participants committed to using the service. Cobalt DL designed the technology to integrate seamlessly with all trading sources and....
Greg Brockman, CTO of payments solutions provider Stripe, has said that rather than replacing the existing financial infrastructure per se, bitcoin holds promise as a unifying technology capable of bringing these two worlds together. Stripe offers businesses a suite of APIs that allow them to accept payments for products or services by a variety of means, and across many devices. As part of the company's vision to provide the greatest possible number of payment options, Stripe started testing bitcoin payments in March of this year. Speaking in an interview with CoinDesk, Brockman said: "It....