Blockchain predictions for 2016: McKinsey report tells banks to work together to unlock the full potential of the bitcoin technology December 17, 2015 The financial industry needs to move in unison to really unlock the potential of the blockchain, according to a fresh report, which sees the hyped tech revolutionising the sector. Management consultants McKinsey have high hopes for the blockchain, arguing in the report “Beyond the hype: Blockchains in capital markets” that the new technology can “dramatically [...]
The Australian Securities Exchange is “considering” replacing CHESS with bitcoin technology blockchain October 27, 2015 The Australian Securities Exchange could be about to replace its current clearing and settlement technology with blockchain. Blockchain could save both time and money in the current Clearing House Electronic Subregister System (CHESS), said ASX chief executive Elmer Funke Kupper, who is “seriously considering” using the celebrated technology: We see CHESS replacement as a one in 20-year [...]
Top business books of 2015: From Walter Isaacson’s Innovators to The Untold Story of Bitcoin, here’s your Christmas reading list December 19, 2015 It’s been another roller-coaster year for businesses in 2015. From plummeting oil prices to an impending interest rate hike, authors have done their best to educate their readership on… well, pretty much anything. Here are our favourite reads of 2015. You’ll find a little bit of everything for everyone – from advice on time-management to inspiration on becoming the next big entrepreneur. Innovators: [...]
Australian banks investigated by competition watchdog for closing bitcoin company accounts October 19, 2015 Australian banks have been closing bitcoin bank accounts – now they’re getting probed by the country’s competition watchdog who is getting on the case. Some 17 bitcoin companies received letters in September saying that their accounts were getting shut down, in what the companies themselves called a “crackdown” from the country’s banks. The Australian Competition [...]
Bitcoin has no future, says UBS chairman Axel Weber at Bank of England’s Open Forum November 11, 2015 The chairman of investment bank UBS, Axel Weber, has played down the potential of crypto-currencies such as Bitcoin. During a discussion at the Bank of England’s Open Forum, he said private currencies will fail to take off “because there is no lender of last resort – there will always be boom and bust”. During a [...]
Bitcoin price just hit a two-month high against the dollar October 16, 2015 Bitcoin went soaring through its $260 roof today, hitting a two-month high for the digital currency. It’s been picking up speed over the past month, and on Wednesday, 1.29m bitcoin was traded – a nine-month-high according to CoinDesk. It briefly hit a high of over $260, before falling back down to trade at $259. Analysts [...]
JPMorgan’s Jamie Dimon: You’re wasting your time with bitcoin – but blockchain has potential November 5, 2015 Jamie Dimon, chief executive of JPMorgan doesn’t mince his words when it comes to bitcoin’s potential – or lack thereof. Dismissing the digital currency immediately as a “waste of time”, Dimon said when speaking at the Fortune Global Forum that bitcoin was unlikely to survive in the long term: There will be no real, non-controlled currency [...]
Corporate hacks doubled in 2015: The finance sector was cybercrime’s biggest victim, with banks, investment funds and exchanges including bitcoin most likely to be targeted by cyber attacks December 24, 2015 Corporate hacks doubled in 2015, new research shows, with financial services more exposed to attacks than any other sector. Financial services were most likely to be targeted by hackers – particularly investment funds, banks, and stock and currency exchanges. Exchanges dealing in digital currencies like bitcoin have soared in popularity among cyber crooks. Some six in 10 of all [...]
The UK government now has its first official blockchain provider for public services August 1, 2016 Every single public sector organisation across the UK will be able to use blockchain technology for the first time after the government rubber-stamped fintech startup Credits as one of its approved suppliers in a major step forward for the potentially revolutionary technology. It's the first time a company working with blockchain's distributed ledger technology (DLT) has been given the thumbs up, and [...]
China’s Ant Financial is testing out blockchain technology July 31, 2016 Ant Financial, the Chinese fintech giant spun off from Alibaba, is testing out blockchain technology for the first time to build a more transparent process for donating money. The group's charity platform, Ant Love, will use blockchain technology to track donations to one project being funded via the site. “We are trying to bring small and [...]