What’s in a Name? From Bitcoin to Blockchain to Distributed Ledgers
In the beginning, there was 'bitcoin', and it was good. But, bitcoin would end up bearing a nomenclature fruit salad that tests mortal comprehension. Perhaps, that is the natural way of things. As a new technology develops, the number of people exposed to that new technology increases, and the language used to describe the new technology evolves. Initially, the language was limited to bitcoin. Now a person is liable to see any of the following words or phrases that theoretically all mean different things: bitcoin, Bitcoin, block chain, blockchain, Blockchain, private blockchain, public....
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Trying to make sense of how Russia feels about Bitcoin and blockchain has become increasingly difficult as of late. Now, the Russian Central Bank strongly feels blockchain and distributed ledgers are not the same thing. It is not the first time the Russian Central Bank has shown keen interest in distributed ledger technology, as the financial institution....
While some financial experts feel it is still too early something as significant as distributed ledgers, the question becomes how much longer they can afford to hold off on this inevitable change. The second SWIFT hack sheds an interesting light on permissioned systems and cybersecurity. Although no data has been hacked, the loss of money could have been prevented by using more modern technology, such as distributed ledgers as the one found in Bitcoin. Distributed Ledgers Vs. Archaic Centralized Systems. While it is commendable SWIFT representatives openly admit their network played a part....
The new project saw forty major banks to verify a system for the trading of fixed income using blockchain technology. Several dozen banks and other financial institutions are focusing their attention on incorporating distributed ledger technology in their existing infrastructure. While there are several different ways to use the blockchain for economic needs, one of the first projects to be thoroughly tested comes in the form of bond trading using distributed ledgers. This concept will be an interesting test for the capabilities of R3 CEV as a blockchain consortium. Many people have been....
Some aficionados even feel distributed ledgers will create a cashless revolution in the coming years, as cash transitions into a digital counterpart. Distributed ledger aficionados have been telling people this for quite some time now, but the blockchain will have an impact on various aspects of life. After all, this technology is the biggest innovation in computer science, and despite facing a lot of opposition, there are plenty of opportunities to be explored. One way to get the concept of distributed ledger technology on the minds of more people around the world is by writing a book....
The president and chairman of the board of Switzerland's central bank described a financial system "turned on its head" by blockchain and distributed ledgers to kick off the Sibos conference yesterday in Switzerland. Addressing a crowd of some 8,000 financial industry professionals, Thomas Jordan lectured on the history of centralization as a means to provide security and efficiency in the banking industry, from the birth of centralized clearing houses in the 1940s to the advent of the Six Interbank Clearing system (SIC) in 1987. But with blockchain and distributed ledgers....