Coin News

A lesser-known startup has successfully tested an important piece of bitcoin's scaling puzzle.

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Indian bitcoin exchange Unocoin has raised $1.5 million in a Pre Series-A funding round, the highest amount raised for any digital currency venture in the country. Unocoin, an Indian bitcoin startup that offers a trading platform for Indian customers to buy, sell and store bitcoins has raised a record $1.5 million in a round of funding, […]

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FirstBlood, an Ethereum-based, decentralized sports platform based on smart contracts, has raised 465,312.999 ETH in a crowdsale. The FirstBlood app allows eSports fans to compete in games through an automated, decentralized platform. The proceeds from the crowdsale, which lasts through October 24, 2016, will cover the development, release and operation of the decentralized sports platform. […]

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There are more than 50 major banks clamoring to adopt the technology known as blockchain – the underpinnings of bitcoin – but none of them wants to be the first. 

Goldman Sachs, JPMorganChase, and Bank of America are among the big names that have signed onto R3, an industry-wide body trying to bring blockchain technology to the finance world. 

They all expect blockchain to simplify and streamline transactions in a way that reduces costs, increases security, and boost profits by making markets more efficient.

But blockchain technology only works effectively if there is an industry wide standard and all the banks are using it. For the first bank to adopt this digital system and overhaul existing infrastructure, it could mean a risky and expensive investment, and that bank would then have to hope others follow suit.

That's why this is one of the few cutting edge technologies that is generating a lot of talk, but not a lot of action among banks. While they are dabbling in the technology, attending conferences and joining R3, no one bank is actually taking the lead, going from proofs of concept to actually using it in the real world. 

"The network effect here is important," said Fredrik Voss, VP of Blockchain Innovation at Nasdaq, at the IMN distributed ledger conference in Manhattan. The more companies use blockchain, the more useful and valuable it is. 

But because banks are reluctant to make the initial investments in blockchain, it may be up to technology companies to lead the charge, said Grainne McNamara, co-leader of PwC's blockchain for financial services practice. 

"They have two main reasons for doing this," McNamara said. "One is to drive their market share in the financial services sector more broadly since the competition amongst providers is pretty fierce. Second, as firms move out of 'rack and rack' infrastructure and into the cloud." 

According to McNamara, it's the technology companies like IBM and Microsoft with the big balance sheets and top engineering talent that will be the drivers of blockchain technology.

Microsoft and IBM have both taken lead roles in the blockchain space over the last few years and both presented blockchain solutions at Sibos 2016, an annual financial services industry conference, in Geneva this week. They're among the technology companies creating shared protocols and standards for its adoption. 

Microsoft, for instance, is partnering with Bank of America Merrill Lynch to use blockchain technology to streamline trade finance processes, which are normally highly manual, time-consuming and costly.

And IBM CEO Ginni Rometty gave the keynote speech where she likened what blockchain technology will do for transactions to what the internet did for information.

IBM has so far worked with 300 clients to develop blockchain for business, in areas like FX settlement, contracts, identity management, and trade finance.

If it becomes mainstream, proponents see many possibilities for blockchain. Instead of each party in a transaction keeping separate records and copies of contracts, blockchain is a bit like a Google document, where many people can look at the same record at once. The transaction takes place between two parties without an intermediary, and all changes are clear, unchangeable, and validated by everyone involved. Any additional transactions that take place get added to the chain and form part of a golden record of transactions. 

This opens up the possibility of what the industry calls "smart contracts." For example, let's say shoes are being manufactured in China for sale in the US. Every step of the process could be part of a blockchain. When the factory loads the finished shoes onto a truck, the shipping company scans the box. That's part of the blockchain, so that triggers a payment from the shoe company, through its bank, to the supplier that assembled them. Along the way, each part of the process is verified by all involved, automated, and efficient. It's said to reduce paperwork, and fraud. 

But despite the enthusiasm, it's an open question whether blockchain will ever become a standard underpinning of business and financial transactions. Today's technology works, and replacing it with something unproven is seen as an expensive risk. 

“We’re probably overestimating the impact blockchain will have on the industry in the next two years, and underestimating its impact in 10 years,”Mike Bodson, president and CEO of the trade clearing firm, DTCC, told Business Insider. 

Meanwhile, in 2017, the Australia Securities Exchange (ASX) plans to decide if its post trade clearing and settlement system will be replaced with a blockchain version. This could be a turning point for blockchain, said McNamara, and potentially the catalyst for widespread adoption. 

SEE ALSO: We could be set for a 'brave new world' of stock trading

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Cryptocurrencies, specifically Bitcoin, remain the currency of choice for much of cybercrime, Europol’s Internet Organised Crime Threat Assessment (IOCTA) 2016 report says, adding that whether it is used as payment for criminal services or for receiving payments from extortion victims. Even so, key members of the Bitcoin community, such as exchangers, are increasingly finding themselves […]

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Indian bitcoin exchange startup Uncoin has raised $1.5m in a new funding round.

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The Linux Foundation-run Hyperledger Project will see a new member join the ranks, in Russia’s largest bank (by assets) Sberbank. The  Hyperledger Project will now include Russian bank Sberbank among its roster of members and participants, revealed a report by regional industry publication Bankir.Ru. Sberbank first deputy chairman Lev Khasis and Hyperledger CEO Brian Behlendorf […]

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This October, a new kind of blockchain conference will debut in Florida. BitFiniti aims to take blockchain from “behind the veil” and...

The post BitFiniti: Industry Meets Blockchain in Miami appeared first on Bitcoin Magazine.

Bitcoin price continues trading above support as 4,000 CNY and $600 holds. Slowing price action implies an imminent ramp-up in volatility, yet technical analysis suggests traders wait for additional consolidation. This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now. Bitcoin Price Analysis Time of […]

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A new report from Roubini ThoughtLab has found that over the next five years blockchain use is set to grow by 43 percent. Teaming up with a...

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  Bitcoin Press Release: San Francisco, Calif. — The mission of eQuid is to provide a platform for new currencies with specific goals to seamlessly be injected into the economy through labor, resulting in job security and a healthier, cleaner planet. eQuid builds on the technological breakthroughs of Bitcoin and other emerging digital currencies, but […]

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A planned acquisition deal between Chinese manufacturer Shandong Luyitong and bitcoin mining hardware company Canaan is no more.

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Called a fund management platform for the decentralized economy, ICONOMI, an Ethereum-based investment fund for cryptocurrencies and blockchains, has raised over $8.9 million in operational capital and equity through an Initial Coin Offering (ICO).  ICONOMI raised $3 million in the last three days alone of its ICO, which closes at 4 p.m. EST today.   Developed […]

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Bitcoin Press Release: The peer-to-peer blockchain solutions platform, NEM has announced a 100 percent increase in the XEM rewards for high-performance nodes as a part of its Supernode rewards program. September 21, 2016, Singapore – NEM has successfully completed its trial Supernode rewards program. With the completion of its alpha phase, the platform has now increased […]

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Bitcoin Press Release: Coinsecure and OKLink have partnered together to offer blockchain technology based remittance services in India. September 21, 2016, Delhi, India – Coinsecure, the Indian Bitcoin company announces a new partnership with OKLink to offer blockchain technology powered remittance services in India. The newly launched OKLink is part of OKCoin’s initiative to provide […]

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Bitcoin Press Release: A lucky player on mBit Bitcoin Casino wins over 100 bitcoins while playing Geisha and 4 of a Kings. The highest payout so far on the platform is 275 BTC. September 6, 2016 Curacao – Could you imagine winning 100 bitcoins in a day? You would bank close to $60,000 USD. It’s […]

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Bitcoin Press Release: It is hard to image living in a world without internet, especially at the time when all businesses including the financial markets are dependent on it. September 15, 2016, Romania, Bucharest – It is no secret that the currency exchange and trading industry is now heavily dependent on the internet, thanks to […]

The post Unichange.me Explains How Using P2P Exchange Providers Increases ROI for Cryptocurrency Traders appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Bitcoin Press Release: EverdreamSoft is launching the web version of its Bitcoin blockchain based Spells of Genesis mobile game. The game will be released during the soft-launch event later today. September 15, 2016, Geneva, Switzerland – Spells of Genesis, the first ever Bitcoin blockchain based mobile game with its own cryptocurrency is finally ready for […]

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Bitcoin Press Release: The DECENT blockchain based decentralized content distribution platform’s ICO with CCEDK kicks off on a high note raising more than $2,517,000 in 2 days. September 13, 2016, Blokhus, Denmark – The Switzerland-based DECENT decentralized content distribution platform has announced the launch of its ICO in association with CCEDK, a Danish cryptocurrency startup […]

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Bitcoin Press Release: Minex Ecosystem – is a self-regulating financial system created for decreasing volatility and making MineCoin a new payment unit based on blockchain technology. September 19, 2016, Kyiv, Ukraine – The increasing popularity of cryptocurrencies and its underlying blockchain technology has got the banking industry worried. In order to counter the rising threat, […]

The post Minex Systems Offers a Solution to Eliminate Cryptocurrency High Volatility appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Gavin Andresen raised eyebrows recently when he tweeted that Ethereum has more nodes now than bitcoin and that it will grow its lead as its block size exceeds bitcoin’s.  Ethereum has more nodes today than Bitcoin. Prediction: it's lead will grow even as its blockchain size exceeds bitcoin's. — Gavin Andresen (@gavinandresen) September 25, 2016 […]

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Tapping blockchain technology, London-based multinational banking and financial institution Standard Chartered has announced the completion of its first cross-border real-time payment. Standard Chartered is the latest bank to successfully implement a blockchain solution for the payments. As with many banks pulling off the feat for business transactions, Standard Chartered used Fintech startup Ripple’s enterprise blockchain […]

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Tapping blockchain technology, London-based multinational banking and financial institution Standard Chartered has announced the completion of its first cross-border real-time payment. Standard Chartered is the latest bank to successfully implement a blockchain solution for the payments. As with many banks pulling off the feat for business transactions, Standard Chartered used Fintech startup Ripple’s enterprise blockchain […]

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Following the recent statement issued by the UK Financial Conduct Authority that warned users against trading or engaging in the alleged cryptocurrency scheme OneCoin, the company has said it is “disappointed” with the regulator’s statement. As the UK’s primary financial regulator, the Financial Conduct Authority (FCA) has previously granted licenses to the likes of bitcoin […]

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