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Sunday, April 30, 2017

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Blockchain Adoption by the Banking Industry

As Featured on LetsTalkPayments.com

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Blockchain, the technology underpinning the cryptocurrency, could revolutionize the world economy. Blockchain is basically a distributed ledger. It can store information about who owns a piece of land or a bond. The technology can be used to keep an immutable record of ownership and enable transaction of the asset amongst distrusting parties. It has been trialed by banks to carry out the trading of multiple types of assets. Authors prefer the term “Distributed Ledger Technology (DLT)” but for the purposes of this article, we will use the terms interchangeably.

 

Blockchain Technology Could Change The Way We Invest

As Featured on Forbes.com

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Blockchain is still in its “early” stages of development, but corporations and regulators are opening up to the idea of leveraging its benefits. Blockchain could help to reduce costs, and increase security and transparency in the financial world. The technology allows for the tracking of the ownership of assets, both during and after transactions are completed. Consequently, this innovative technology could transform the way we invest.

 

Can Blockchain Prevent Cybercrime?

As Featured on LetsTalkPayments.com

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In the light of a recent heist of the Bangladesh Bank account from the New York Federal Reserve that resulted in cybercriminals making off with $81 million, many in investment banking are questioning whether there is a need to review financial software to improve cybersecurity measures within their institutions.

While the recent heist was foiled to prevent the intended transfer of $1billion dollars from Bangladesh Bank’s account, it still raises some concerns as to how and why the fraudulent activity wasn’t detected earlier and how it could be prevented in the future.

 

US credit union consortium plots blockchain use

As Featured on BankingTech.com

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CULedger, a collaborative effort among Credit Union National Association (CUNA), Best Innovation Group, the Mountain West Credit Union Association, PSCU and other industry partners are examining blockchain with a view to piloting applications.

 

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