Dub 22

BitFury Group To Develop Blockchain-based Land Titling Project in Georgia

Source: bitcoin

Bitcoinist_Land Titling

BitFury Group has partnered with the Georgian National Agency of Public Registry to bring a blockchain land titling project to fruition. Additionally, with the help of Hernando de Soto, the collaborative project wants to bring more transparency and proper record-keeping to this sector.

Also read: Peter Todd Exposes MIT ChainAnchor Project That Enables Tracking Bitcoin User’s Identity

BitFury Group And Blockchain Land Titling

Property rights have always been a topic of substantial debate in the world, particularly when emerging and struggling markets are concerned. Two of the main concerns people have when it comes to land titling is transparency and accountability, neither of which are present in the current systems used for this sector.

This is where BitFury Group will come into the picture as the company is one of the world’s leading distributed ledger companies. Thanks to their partnership with the Republic of Georgia’s National Agency of Public Registry and world-renowned economist Hernando de Soto, blockchain technology will aid in creating a better land titling system for the country.

For quite some time now, various companies have been exploring the boundaries of blockchain technology outside of the financial sector. Land titling is an area well worth exploring, as a secure property registration service on top of the blockchain can bring the much-needed accountability and transparency to the table. In fact, BitFury Group hopes to secure billions of dollars in assets with this system over time.

Papuna Ugrekhelidze, the Chairman of the National Agency of Public Registry of Georgia, told the media:

“We are thrilled to partner with The BitFury Group on this important project. By building a Blockchain-based property registry and taking full advantage of the security provided by the Blockchain technology, the Republic of Georgia can show the world that we are a modern, transparent and corruption-free country that can lead the world in changing the way land titling is done and pave the way to additional prosperity for all.”

Regardless of how people may feel about the blockchain, the technology has been showing its resilience in the cryptocurrency world since 2008. With records that cannot be altered once they are created, combined with an unprecedented level of transparency while still respecting user privacy, this technology seems perfectly tailored towards a land titling system.

Later today, Hernando de Soto will give a lecture at the Technology Park in the Republic of Georgia. Among the topics to be touched upon are property rights, international development, and global poverty. This world-renowned economist will share his view on these situations, and how people can ensure access to property rights for everyone.

What are your thoughts on this land titling project by BitFury Group? Will the blockchain be a powerful ally in this regard? Let us know in the comments below!

Source: Medium

Images courtesy of BitFury Group, Shutterstock

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BitFury Group To Develop Blockchain-based Land Titling Project in Georgia

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Dub 18

Japanese Bank Acknowledges Mijin Blockchain Infrastructure Test




Source: bitcoin

Bitcoinist_Mijin

Various financial institutions and blockchain providers are testing distributed ledger technology solutions these days. Tech Bureau Inc. provides blockchain infrastructure through Mijin, and their blockchain infrastructure was successfully tested by SBI Sumishin Net Bank.

Also read: Bitcoin Price: Stagnant or Satisfactory?

Mijin Blockchain Infrastructure Field Trial

It is worth noting this field trial of Mijin blockchain infrastructure was not a typical trial of securities system, but rather to see if the blockchain can be a viable accounting system for financial players. SBI Sumishin Net Bank was curious to find out of a customer blockchain can replace the centralized ledger currently employed by the bank.

As it turns out, a total of 2.5 million virtual bank accounts were created, and the Mijin blockchain infrastructure managed to process 90,000 transactions per hour. To ensure the system was stable enough, six different nodes were set up across Amazon AWS servers, and a stress test was conducted to determine system availability and fault tolerance.

Although many people suspect various banks around the world have been conducting similar blockchain experiments in recent times, very little information has been made publicly available. SBI Sumishin Net Bank is the first to acknowledge openly a successful ledger trial through blockchain infrastructure, as provided by Mijin.

Dragonfly Fintech’s Lon Wong stated:

“The outcome of the test shows that blockchain can be used for the core banking system. The Mijin/NEM Technology makes it easy to integrate with the core banking system. In fact, it should coexist with legacy core banking systems, run in parallel, and finally replacing them in the long term.”

Contrary to popular belief, blockchain technology might be more applicable to accounting systems rather than post-trade processing. Although the blockchain can be useful to various aspects of the financial sector, Mijin blockchain infrastructure has shown the world it is possible to use distributed ledgers in an accounting setting. After all, the majority of current mainframes have become a liability, which forces banks to come up with innovative solutions.

Last but not least, it does not look like the maximum capacity of the Mijin blockchain infrastructure has been reached yet. Tech Bureau Corp. CEO Takao Asayama feels the technology can achieve four-digit transactions per second. However, developers and engineers are working on a solution to increase this capacity over the coming months.

What are your thoughts on this field test of blockchain infrastructure in the accounting sector? Let us know in the comments below!

Source: Mijin

Images courtesy of PR Web, SBI Sumishin Net Bank

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Japanese Bank Acknowledges Mijin Blockchain Infrastructure Test




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Dub 18

Axoni Achieves 100% Success Rate With Blockchain-based CDS

Source: bitcoin

Bitcoinist_CDS

The correlation between blockchain technology and the financial industry is hard to overlook these days. A few weeks ago, several firms – including Axoni – tested the blockchain as a way to use smart contracts for single name credit default swaps. As it turns out, distributed ledgers are far more efficient than most financial players assumed.

Also read: CEX.io Adds Ether Trading Support to Crypto Exchange

Axoni And Others Focus on Blockchain-based CDS

Established financial players have taken a vested interest in distributed ledgers to improve their own day-to-day operations. Four of the world’s biggest institutions – Bank of America, Citi, JP Morgan, and Credit Suisse – recently partook in a trial to see if this technology would hold its own when used for North American single name credit default swaps [CDS].

The trial was made possible thanks to these four players collaborating with the DTCC, Markit, and Axoni. Especially this last name is of great interest, as they are a blockchain technology firm looking to bring the power of distributed ledgers to companies all over the world. Some people may recall Axoni is being advised by Benjamin Lawsky’s blockchain consultancy firm.

Trials of this project took place during Q1 of 2016, and a blockchain-based trade processing network was established successfully. Credit default swap transactions were the primary focus, as they are subject to various events throughout their “existence”. Moreover, CDS lend themselves well towards determining whether or not the blockchain is efficient enough to handle all of the input and output of these swaps.

Markit’s head of Processing division Brad Levy told the media:

“This collaboration in CDS illustrates how smart contracts can facilitate higher levels of automation in OTC markets. The success of this initiative reinforces our commitment to continued development of blockchain technology in CDS, other asset classes and financial industry processes more generally.”

Smart contracts played an integral role in this blockchain trial, as Markit generated the contracts from CDS trade confirmations. In return, this process allowed for creating a synchronized and distributed record on the network, containing all of the financial data associated with these financial instruments.

As one would come to expect, these Axoni smart contracts were tested thoroughly, as they included economic terms, event processing, and a way to manage permissions. The blockchain allows for unprecedented transparency, and that aspect was showcased by seeing how much information these contracts would make available to regulators in real-time.

So far, it seems as if all of these parties took a smart decision by relying on Axoni for these field trials. Even though a total of 85 different test cases were drafted and tested through blockchain technology, none of them failed. A 100% success rate is quite noteworthy, although there is no official word on whether or not there are specific plans to continue these experiments in the future.

What are your thoughts on financial players getting together with Axoni for these blockchain tests? Let us know in the comments below!

Source: Chain-Finance

Images courtesy of Axoni, Shutterstock

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Axoni Achieves 100% Success Rate With Blockchain-based CDS

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Úno 22

Joint Biometric Security Collaboration Aims To Protect Financial Services

Source: bitcoin

Bitcoinist_Biometric

Security is of great importance to the world of Bitcoin and blockchain technology, and strategic partnerships will bring more legitimacy to this industry. Gemalto, a company, working on security solutions who recently partnered with Symbiont, has introduced their biometric security platform. The primary goal is to deploy this new feature in consumer-grade electronics shortly, which would impact Bitcoin adoption.

Also read: Sony Aims to Reshape Education with Blockchain Technology

Gemalto Focuses on Biometric Security

Consumer electronics need to be protected properly, and username and password combinations are a thing of the past. Particularly where payment solutions in the financial sector are concerned, improved security features can play a big role in safeguarding consumer details.

Biometric features can become the new norm in the field of security, and Gemalto will demonstrate their new technology by using a smartwatch with a fingerprint sensor. In fact, this demo will be a joint collaboration between Gemalto, Fingerprint Cards, Precise Biometrics, and STMicroelectronics. Coming up with a biometric solution is not an easy feat, as the collective expertise of all of these companies can create a potent feature.

This biometric security solution works by combining a fingerprint sensor with fingerprint software and a secure NFC solution based on low power microcontrollers. By the look of things, this new security feature will not be compatible with most of the existing consumer electronics in existence right now.

That being said, this biometrics solution will remove the complexity of using various username and password combinations for different platforms. One universal verification procedure to access any service or platform the end user will ever use sounds great on paper, but it remains to be seen if such a solution is feasible in reality.

Linking an individual fingerprint to the end user’s biometrics will be the key challenge to overcome for this collaborative effort. But perhaps the biggest challenge will be how the details will be stored, as no technical details were revealed. This is where distributed ledger technology could come into the picture.

Using The Blockchain For Data Protection

Assuming this joint biometric collaboration by Gemalto and partners works efficiently, there is a new security factor to take into consideration. If consumers will be able to use fingerprint scanning and biometrics for all of their services and platforms, storing all of this data becomes even more important than it was ever before.

Storing this vital consumer information on a decentralized ledger such as the blockchain seems to be the obvious choice. Gemalto has already partnered with blockchain startup Symbiont.io in recent months, so the company knows what this technology is capable of. Centralized data storage solutions are out of the question where biometrics are concerned, as going down that path will only invite hackers to breach the databases.

Another question that arises is whether or not biometric security can affect Bitcoin usage all over the world. Nearly every wallet solution available today uses a pin code or passphrase to provide additional security, which is not all that secure to begin with. Biometrics could play an interesting role in this regard as the tehcnology matures.

 

What are your thoughts on using biometric security? Will it affect Bitcoin usage in the future? Let us know in the comments below!

Source: Gemalto

Images courtesy of Gemalto, Shutterstock

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Joint Biometric Security Collaboration Aims To Protect Financial Services

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Úno 07

How The Blockchain Will Change Real Estate

Source: bitcoin

Bitcoinist_Ownership

Blockchain technology can be used for a wide variety of real life purposes, ranging from finance to databases and transferring ownership. One area often overlooked in this regard is the real estate market, even though this industry stands to gain a lot from distributed ledgers. Transparency, removing the risk of fraud, and speeding up the process associated with buying or selling a property can all be achieved through the blockchain. The main question is: who will be the first to jump on this innovative protocol?

Also read: Alibaba to Possibly Use Blockchain Tech for Alipay Service

Everything Goes Smoother On The Blockchain

It goes without saying that buying or selling real estate can be a very tedious and painstaking process. Not only is there a ton of administrative work to deal with, but there is always the chance of a buyer or seller backing out of the deal at the last moment. Furthermore, why are these real estate prices at the level they’re at that time? Some more transparency would help clear things up, and the blockchain can provide exactly that.

The biggest hurdle to overcome is speeding up the real estate process in general. Rather than making an appointment, waiting for the agent to show up, filing and verifying paperwork, and signing contracts, a smoother experience is needed. While all of these tasks will still need to be completed, there is a notable amount of time to be gained from using distributed ledger technology.

Administration could eventually become the downfall of our society as we know it. Even though it is important to create records of every meeting and transaction taking place, we are now living in a digital age. Time is money, and a lot of time is wasted on archaic administrative processed, which are utterly complicated and cumbersome.

One thing most people tend to overlook is how the real estate business is subject to fraud. There is an excellent reason both buyer and seller use an escrow service provider when dealing with such large sums of money. Despite precautions, the fraud rates cost the real estate industry several million per year, mostly due to forged documents and duplicated notary stamps.

Embracing The Blockchain One Step At a Time

The blockchain provides a technology that is incorruptible, as the transfer of funds is logged in real-time, and ownership can be transferred in a matter of minutes.  Replication of digital ownership certificates is not possible, effectively reducing the fraud rates to as close to zero as humanly possible. Additionally, this protocol would allow for consumers to create a digital identity to speed up the mortgage process and transfer of ownership.

That being said, the change to a blockchain-based solution in the real estate business will not happen overnight. While the technology offers some exciting prospects for the future, streamlining such an innovative protocol with a very administration-based industry will take several years. Nonetheless, there are interesting prospects on the horizon for distributed ledger technology.

What are your thoughts on the future of blockchain technology in real estate? Let us know in the comments below!

Source: TechCrunch

Images courtesy of Shutterstock, Red River

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How The Blockchain Will Change Real Estate

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Úno 02

BNP Paribas Confirms Belief in Distributed Ledger Technology For Financial Purposes

Source: bitcoin

Bitcoinist_Hackathon

BNP Paribas has been working on blockchain technology for quite some time now, and its efforts went well beyond an in-house development team. Just a few days ago, their very first blockchain Bizhackathon took place, with the sole purpose of finding use cases for distributed ledger technology in the banking world.

Also read: Bitit CEO: ‘Gift Cards Are a Good Solution’ for Bitcoin Adoption

The BNP Paribas Blockchain Bizhackathon

Even though it is crystal clear for anyone in the world of Bitcoin and blockchain technology to see why distributed ledgers are a powerful tool for the financial sector, coming up with the right uses is a key element in making these efforts succeed. BNP Paribas has confirmed their commitment to using this technology now that their Blockchain Bizhackathon has concluded.

There are various aspects of finance that can benefit from distributed ledger technology, but BNP Paribas’ hackathon focused on two important segments. Both trade finance and cash management are the main sectors that need a technological overhaul in the eyes of BNP Paribas’ Corporate Trade and Treasury Solutions team.

As one would come to expect from such a hackathon event, there was a lot of interest from developers and entrepreneurs who want to explore the boundaries of distributed ledger technology. In total, over 70 participants gathered to create proper use cases for this technology, while also helping BNP Paribas provide optimal services.

BNP Paribas Head of Corporate Trade and Treasury Solutions Marc Carlos stated:

“Our first ‘bizhackathon’ helped us to highlight the opportunities of the blockchain for our flow financing activities and our financial services to corporate treasurers, as well as its potential applications to improve our practices, review and optimise our processes, and reinforce the reliability, traceability and security of our transactions”.

With a large focus on both the customer experience and making existing services more efficient, several interesting projects were brought to the table. All of the ideas that are worth pursuing will be analyzed further in the next year. If the proof of concept holds up in the live business world, distributed ledger technology might make its way to BNP Paribas services all over the world.

A Big Commitment By BNP Paribas

It is not the first time the French bank strengthens its ties with the digital currency ecosystem. Not too long ago, the bank invested in Digital Asset Holdings, as they saw the potential this company is offering to find bright minds in the world of Bitcoin and blockchain. Furthermore, BNP Paribas is active as part of the R3 consortium, as well as the CDC initiative.

Other banks are keeping a close eye on the evolution of blockchain technology as well. While it remains to be seen how BNP Paribas and consorts will implement distributed ledger technology in the future, this news should be seen as a vote of confidence by the traditional financial world.

What are your thoughts on the move by BNP Paribas? How can the blockchain help their business? Let us know in the comments below!

Source: Finextra

Images courtesy of Shutterstock, BNP Paribas

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BNP Paribas Confirms Belief in Distributed Ledger Technology For Financial Purposes

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