Last quote about Blockchain
All quotes about Blockchain
That's why DHS is interested, because now we have scalable market service with very, very good privacy and that's what we're using blockchain for. It helps us implement blinding.
We are excited to join this new initiative and look forward to playing an active part in it. It represents another milestone that confirms our commitment to creating value for our customers by embracing new technology which in turn can be used to mitigate risk and improve efficiency. The blockchain initiative is particularly important in insurance where the secure and efficient exchange of information can benefit from disruptive technology that could eventually lead to game-changing applications.
We are seeing tremendous potential for the application of blockchain in industrial use cases. Being able to create a tamper-proof history of how products are manufactured, moved and maintained in complex value networks with many stakeholders is a critical capability, for example for quality assurance and prevention of counterfeits. This must be supported by a shared blockchain infrastructure and an integrated Internet of Things protocol.
China is really interested in blockchain. They're looking at this as a leapfrog technology. Can you take a very backward, very paper based market, and reinvent that using blockchain?
Securing identity for physical property and packaging is going to be a big business opportunity over the next decade, high value parts of logistics supply chains and regulated industries like energy, pharmaceuticals, and cold chain could all see a blockchain component over the next decade.
Blockchain is a fast emerging technology allowing effective secured value transfer over the internet. Our collaboration with BitFury will further cement our leadership position in the use of Blockchain technologies across our FinTech platforms, taking Credit China Fintech to a new level of competitiveness.
The blockchain has profound potential to fundamentally revolutionize the ways in which enterprises operate, governments manage and consumers interact.
It's all nice you have a blockchain solution, but being able to integrate that back into your existing systems in a sensible way is where a lot of these organizations will be challenged.
Demand is increasing rapidly and shows no sign of slowing. We expect similar levels of year-on-year growth in 2017.
The market isn't lacking people who know how to design simple systems on blockchain, rather people who have a broader understanding of how to put blockchain to use.
They're still going through the hype cycle.
It's significantly enlarged and truly international in scope – all the way from Asia through to the Americas. If we don't move, it could well be that technology companies will move, and they will start offering insurance. If the growth is going to come from high-growth markets, we start realizing that pushing the old machinery into the new markets may not work. We have to reinvent ourselves, our processes and the customer experience.
Getting a clearer picture of fintechs' business activities is essential if we are to better understand whether and in what way they might pose a threat to financial stability. Many believe the most disruptive potential is to be found in blockchain or distributed ledger technology, which promises to allow payment transactions and securities settlement to bypass banks and central counterparties altogether.
The energy industry will have to digitalize more and more in oil production, refining, shipping. So traders will also have to participate. It is a pre-archaic process. So introducing Blockchain will allow passing title from buyer to shipper to seller without going through a massive paperwork of bills of lading.
We have an ambition to be a global company. So my vision (is) that we want to serve 2 billion people in the next 10 years by using technology, by working together with partners … to serve those underserved.
All these technologies will be used … to bring more, a high level of security.
Going forward the challenges will be on the legal side as the blockchain technology is still not recognised by many governments. So banks are now working with various jurisdictions to make sure it can work worldwide.
The energy industry will have to digitalise more and more in oil production, refining, shipping. So traders will also have to participate.
We've got a really big bet on blockchain, that is some of the most disruptive technology we've seen since electricity. When that starts to come, I think there's going to be a host of new models that come out of that … that's where we probably get excited about what's the next bet.
A lot of people said they would get into blockchain because they thought it was sort of magic.
2016 was a coming-out party of sorts. 2017 will see the technology reach a certain level of critical mass of understanding.
A global and open blockchain ... lends itself very well to current anti-establishment sentiment. The general theme is removing the role of a third-party auditor or enforcement agency.
It took on quite mystical capabilities this (past) year. I kept reading things on the internet about how it would solve poverty, eliminate hunger.
Many blockchain platforms announced the beginning of projects in 2016 that will never be completed. In some cases, the technology simply didn't work. In others, implementation is taking longer than expected.
2016 was a year of 'proofs of concept'; 2017 is much more likely to be a year of implementations.
You're still going to see more and more use-cases and resources being put into financial services, so that pie will still grow. But a larger percentage of use-cases ... will be non-financial.
Innovation plays a very important role for me as the new CEO of Wells Fargo as we rebuild trust in the company.
Blockchain is so profound it will do for trusted transactions what the internet did for information.
We all have mounds and mounds of data, but getting data to produce insight, that is the holy grail.
The idea of having up to 50 billion connected devices in the next few years is exciting. I also think it's scary. The scary part of it is the cyber-security.
The flow of money is what flows through all of this.
The project will prove to the industry that it (blockchain) is a powerful technology that can deliver benefits.
The test showed that distributed ledger technology could handle all the various types of events processing needs for credit default swaps and it showed that it could be done at a lower cost point than what can be done with our existing infrastructure.
The bitcoin price surge is enabling traders in this space, who tend to be bitcoin heavy, to diversify their blockchain asset portfolios, and allocate greater weight to other cryptocurrencies such as ether, which until recently have been relatively undervalued.
Blockchain asset traders with extensive experience in more traditional financial markets are likely to be wary of the recent bitcoin price surge and instead of cashing out into fiat currencies, that may be equally volatile this year, are heading to alternative blockchain assets.
The GBBC will provide a much-needed forum for businesses, innovators and technologists to come together and explore the many opportunities that blockchain technology has to offer. This is a crucial step in the global advancement of blockchain technology.
The aim is to enhance the operational aspect of securities lending. In a lot of cases there is no automated linkage to say which account it (the collateral) should go back to.
It's no different than what gold or silver used to do, but in digital form. You're circumventing the banking system and you're able to exchange value instantly with no settlement delays.
The pilot has been very useful in helping us further refine the Bankchain platform. The level of engagement from market participants was extensive and they were excited by settlements enabled on a real blockchain for the first time and to see how quickly their feedback could be incorporated into the platform.
We have been impressed with the way Cobalt DL is redesigning the post-trade FX infrastructure with its practical implementation of distributed ledger technology. The Cobalt DL solution has the potential to significantly improve post-trade services by cutting costs and reducing risk for our industry.
Probably we will do a second round next year. The goal is to get a group of investors that know the market, but that will be institutional players.
It is fair to say that industry is still confused to a degree about the potential for blockchain. More than a quarter of surveyed knowledgeable execs say their companies view blockchain as a critical, top-five priority. But about a third consider the technology overhyped.
While the majority of property investors view blockchain as a core part of the future industry landscape, investors have correctly highlighted many of the challenges ahead, most notably at a legal and regulatory level. It will be a far from straightforward journey to overcome the status quo.
Power is a logical use case for a few reasons: units of power and energy are a strong fit for so-called smart contracts based on blockchain, and meters can feed data directly into blockchain logic. Power also relies on cumbersome trading and clearing systems to support complex markets, and blockchain can help create a leaner distributed system that can cut out intermediaries and associated fees.
This is the output of two years of hard work and confronting production requirements.
Operations "better, faster, cheaper.
We spent the greater part of this year with the Royal Mint working through the fact they wanted to launch a digital gold product and looking at all the available technologies that were out there. This is not about just applying blockchain just because it is blockchain. This is about looking for what the best delivery mechanism is that could also help us to scale at a global level over time.
While things have improved in terms of gold trading over the centuries, it's our view that it still remains difficult and relatively expensive as a commodity to invest in ... Gold is known in the industry as a negative-return investment. What we're trying to do with the announcement of Royal Mint Gold - or RMG - is to really address this issue and offer a better way to invest in solid digital gold.
Jaxx really started taking off over the past months, and that's really where my passion is. I prioritize the things that are really important to me, and that's the No. 1 thing.
This project marks the first step in MAS's exploration of ways to harness the potential of central bank-issued digital currency. The next phase of the project will involve transactions in foreign currency, possibly with the support of another central bank.
Under the pilot system banks will deposit cash as collateral with the MAS in exchange for MAS-issued digital currency.
What this allows people to do is to effectively make a payment from their account to the merchant's account, completely encrypted end-to-end, without having to go through all the existing very expensive legacy infrastructure.
This is fiat currency, it's real money. It's not a form of cryptocurrency or anything else; it's money you can go and take out of the bank and spend.
So far, two banks have already made use of the sandbox to conduct private trials of their biometric authentication in securities trading services. A few banks are discussing with us and planning to make use of the sandbox for areas such as blockchain, artificial intelligence (AI), and many more.
We are deeply honored to work with leading global professional services organization EY to offer blockchain technology solutions to their strong client network. Our partnership will bring blockchain technology to even more companies and countries to help improve their business operations, efficiency and security.
While Deloitte and their internal blockchain lab, Rubix, have led the way in professional service adoption of blockchain technology, these partnerships set the stage for an acceleration across the sector. Blockchain start-ups have long been in conversation with professional services as implementation partners, and late 2016 is seeing their proof-of-concept work emerge into fully fledged and enterprise-ready applications.
The first ones to adopt the new technology, like blockchain, will have a significant competitive advantage.
This is not a proof-of-concept or a prototype - it will be a revenue-generating implementation of distributed ledger technology.
We've worked with a different (blockchain platform), but we didn't think it was fit for purpose for a market the size of FX. So we looked to someone who had a good understanding of financial markets.
Today, everyone records their own version of the trade and sends each other messages, confirmations, and everyone records their own version – this is the shared version, which every participant in a trade has access to from their own perspective. They key here is you can't get it wrong, because you're looking at the same thing.
We strive to stay at the forefront of disruptive technologies to understand how they can be used to enable greater efficiencies and solve the real world challenges our customers face. The interplay between blockchain, smart contracts and the Internet of Things is a significant development towards revolutionising trade transactions that could deliver considerable benefits throughout the global supply chain.
Advanced technology has reached into so many aspects of modern life, but it has lagged in food traceability and, in particular, in creating more secure food supply chains. Our collaboration with Walmart and Tsinghua University is a step of global significance to change that. Food touches all of us, everywhere, so we are experimenting in China with Walmart and Tsinghua, given the size and scale of food consumption in this country.
Blindly investing millions of dollars in small, disparate technology projects is not appropriate for banks at a time when budgets are stretched. The risk of backing the wrong horse could far outweigh the potential gains. Given that the power of this technology lies in its network effect, the consortium model is the ideal method to get it off the drawing board and into the wholesale financial markets.
We want other banks and other parties to innovate with products that sit on top of the platform, but we don't want everyone to create their own platform ... because we'll end up with lots of islands that can't talk to each other. If we have one platform with lots of products on top, then we get something that's more like the internet, where we still get innovation but we can still communicate with each other.
The European banks are cost-focused, whereas U.S. banks like Goldman Sachs and JPMorgan are likely trying to generate revenue, because they're in different market conditions. Reading between the lines, that says: 'we want to profit from this, we want to build the thing,'.
You could spend tens of millions but you'd probably be doing it wrong if you were spending hundreds of millions right now. The nature of new innovation and software development is that you invest incrementally.
There are some banks – Goldman Sachs being the epitome of this – that ... recognize the future of banking as being more and more a question of technology.
The proof of concept has shown that blockchain technology lends itself well to solving for the operational complexity and volumes of equity swaps lifecycle processing.
This can possibly present an opportunity to not only save costs but also reduce operational risks while growing the client offering.
If you take a snapshot of the existing plumbing, it looks a bit ugly. There's nothing magical about a blockchain in solving this problem.
We are paying close attention to distributed ledger technology, or blockchain, recognizing this may represent the most significant development in many years in payments, clearing and settlement.
Potential applications are in their infancy, and the industry may still be several years away from an application that is ready to be fully implemented.
We recognize the potential of distributed ledger technology, or blockchain, to transform the way financial market participants transfer, store, and maintain ownership.
Blockchains first pushed the boundaries of computer science with the simple yet revolutionary ability to trade digital value openly. Now we are pushing the limits of computer science in a second revolution. The Factom protocol allows for the open coordination of processes against immutable ledgers of data. It will have the same kind of impact on data and systems as the first revolution had on value.
If you take somewhere like Egypt, 90 percent of people have got houses, they've got a garden, but they've got no piece of paper to show ownership of that ... And without ownership of your property, it's almost impossible to start a business or get a bank loan or anything.
The underlying nature of trade finance in its current form is highly manual, it's highly time-consuming and it's paper-based, so we thought this would be a good opportunity to streamline the way trade transactions are processed.
Our goal at R3 is to bring our members together with the strongest technology players and work collaboratively to evaluate and accelerate this technology to production using real-world use cases.
... For financial services institutions faced with a myriad of risk and regulatory requirements, absolute immutability is a potential roadblock.
The clever work of the bitcoin creators and leaps of progress in applied cryptographic research are opening the door to bold new uses of blockchain. By modifying the traditional 'chameleon hash' function we can preserve the strength of the original blockchain while making it even more useful. Unlike a traditional database, our solution is compatible with current blockchain frameworks and works in a decentralized and accountable environment.
We do think there will be opportunities especially with the change of tone of what's getting funded and not. There will be really good companies that can't get to the next round and might be better for them to be bought out. We will look at opportunities about what we can integrate with our business.
While blockchain technology offers the potential for increased speed, transparency and security across an array of verticals, there has to be rigorous and robust roadtesting in each unique use case before any decision is taken.
We have been expanding our office locations. We want to continue that and grow those teams, we want to be hiring so we can have engineers on the ground with local banking partners as you have to get in there with the banks to make sure you have a complete solution and make things as easy as possible.
With a connected device a hundredth of a penny might need to be sent, that can't happen today. But we are working to make that happen and it opens up a new field of services and revenue for the banks.
This investment is part of our commitment to the bank's digitization agenda.
Siam Commercial Bank is excited to take a pioneering role in investing and piloting money transfers through Ripple's network. Our participation makes SCB the first Thai commercial bank to move forward with remittance and other use cases with blockchain. Our due diligence was conducted by Digital Ventures, the investment and innovation arm of SCB, reaffirming our commitment to cultivating a solid fintech ecosystem for Thailand.
Ripple is one of the most advanced distributed financial technology companies in the industry with a tested and viable solution.
"Siam Commercial Bank is excited to take a pioneering role in investing and piloting money transfers through Ripple's network". "Our participation makes SCB the first Thai commercial bank to move forward with remittance and other use cases with blockchain. Our due diligence was conducted by Digital Ventures, the investment and innovation arm of SCB, reaffirming our commitment to cultivating a solid fintech ecosystem for Thailand".
Ripple is one of the most advanced distributed financial technology companies in the industry, with a tested and viable solution.
We've proved the reality of this technology and the client, Ornua, has asked us when they can do the next transaction in this way, which proves how user-friendly the entire process was.
I've been here for more than two decades and I never even dreamed of a solution where you can remove completely the documents from the circle and just get everything moving around the world on an electronic basis within minutes, rather than days of couriers and shipping and all that.
Digital cash is a core component of a future financial market fabric based on blockchain technologies. There are several digital cash models being explored across the Street. The Utility Settlement Coin is focussed on facilitating a new model for digital central bank cash.
The practical use and implementation possibilities of central bank digital currency is rightly becoming a hot topic in the financial service industry. It raises questions, and possibilities, over a fundamental market structure principle: who can have access to central bank money and how.
There will be a paradigm shift in terms of banks' cost structures. With blockchain, fees consumers are charged by foreign banks will get much lower.
At the moment, there just aren't any technicians in Japan. There was nobody who could do it inside the company or at the big IT firms.
There are 50 financial institutions that are already members of R3 and they are all clients of ours.
We believe strongly in collaboration with clients, specifically client-led innovation.
We recognize a lot of pain points around international payments and why there is a lot of disruption in that space and we saw an opportunity with blockchain, with Ripple, to address some of those pain points.
Banks can send big corporate payments through existing channels or send a small payment through Ripple. They don't have to rip out existing infrastructure, they can use Ripple to make the transactions more profitable or more efficient.
In the first phase of the technology, we have tested the process with some banks. Now we're on the second phase of the project where we will test in a full-sized environment.
Digital documentation of property transfers and good technology will enable the confirmation for all parties in a real estate transaction (with) the highest level of security. Being able to assign pending title deed is also something of value for all parties. Everyone will benefit from this.
It's a magic database that I haven't seen in my 28 years.
With this new initiative, IBM is providing an environment that will allow companies like us to collaborate more easily and more securely and in a more standardized way, which is critical to advancing meaningful use cases for blockchain.
It's going to make (Computershare's) life easier, it's going to make their clients' lives easier, and it's potentially going to reduce the cost of the whole administration of securities ownership registers.
What we are going to do now is work with our partner banks to develop parallel technology to add all asset classes and all trades.
We believe we are the first to do this using distributed ledger and blockchain technology. What's really transformational is that the banks no longer have to do so much themselves.
Just maintaining the massive database structure banks have is very expensive and that would be a ripe area for saving.