R3 Banks Trial Blockchain Identity Registry
Ten global banks have tested a distributed ledger-based know-your-customer registry through the R3 blockchain consortium. BBVA, CIBC, ING, Intesa Sanpaolo, Natixis, Nordea, Northern Trust, Société Générale, UBS and US Bank took part in the three-month initiative, R3 said earlier this week. The registry enabled the banks involved to create and manage digital identities within a shared system, providing a mechanism for adhering to KYC regulations in the finance space. The startup said of the test: “The project simulated establishing the identity of both a legal entity and an individual using....
Related News
Blockchain startup Chronicled has launched the first of its kind ‘open registry for Internet of Things’ on the Ethereum blockchain, enabled via NFC and BLE microchips. Heralding the new open registry as a major leap in the growth and interoperability of the consumer Internet of Things, Chronicled announced the open source project under the Apache License. The San Francisco-based technology firm revealed that the registry will store the identity of consumer goods and collectibles that are embedded with Bluetooth Low Energy (BLE) and Near Field Communication (NFC) microchips. Approximately....
The Science and Technology (S&T) Directorate of the US Department of Homeland Security is supporting four small firms with funds to use Blockchain technology to support identity management. What are those Blockchain firms? Digital Bazaar, Respect Network, Narf Industries and Celerity Government Solutions will all get $100,000 each. They fall under the Applicability of Blockchain Technology to Identity Management and Privacy Protection research topic. The topic is to use Blockchain technology, which centralizes and validates new entries added into an existing data field to support....
The Identity & KYC conference in London hosted a workshop on using blockchain technology to improve know-your-customer processes earlier this week. Led by blockchain compliance consultant Siân Jones, the workshop was attended by a group drawn from banks, financial institutions, startups and regulators. The group discussed several challenges faced by banks and financial institutions when it comes to identity, and whether or not the blockchain can help solve these problems. The overwhelming consensus was that even though the blockchain is very promising, it has many real-world....
A consortium of financial institutions led by startup R3CEV has completed a trial of five different blockchain solutions. The blockchain concepts tests were presented by Eris Industries, Ethereum, IBM, Intel and Chain, according to reports by Reuters and The Wall Street Journal. Preparations began early last month, culminating with the test during the last two weeks of February. Forty banks took part, drawn from the collection of banks that have thrown their support behind the R3-led consortium. A number of those banks have launched trials of their own in addition to the work conducted as....
The People’s Bank of China (PBOC) has completed a trial run of digital currency based on blockchain technology. According to a recent report from Chinese publishing giant Caixin, the central bank completed a trial that saw transactions settled with its own digital currency. Developed by the PBOC, the digital currency was tested on a blockchain and the trial was completed in mid-December 2016. The trial took place on shared distributed ledger that saw several major commercial banks as participants. The world’s largest bank by assets, the Industrial and Commercial Bank of China along with....