ArcBlock Releases Production-Ready Blockchain Platform for Decentralized Apps and Enterprise Blockchains

Bellvue, WA, Nov. 13, 2019 (GLOBE NEWSWIRE) — (via Blockchain WireArcBlock today announced the release of its ArcBlock Blockchain Platform 1.0, the updated blockchain platform enables developers and businesses to quickly build, manage and run production-ready blockchain networks and decentralized applications easily. 

Since the first public beta release 0.21.45 on May 7th 2019, ArcBlock’s engineering team has released more than one hundred and twenty beta releases, announced multiple new partnerships including Infinite Gravity, a leading gaming company,   and most recently one of China’s leading ride-sharing companies, GoFun Travel, who is adopting ArcBlock’s blockchain platform enable next-generation data and customer-facing services, and more than two thousand developers who participated in the beta. Starting today, ArcBlock has reached their first stable and production quality milestone — version 1.0.0

The ArcBlock platform enables anyone to launch a self-sovereign, customized blockchain in just a few minutes, utilize a scalable cross-chain open protocol, multiple blockchains can interconnect and communicate with each other to form a blockchain network. With the “Blocklet” design, developers can start to build decentralized apps run on the public blockchain or customized blockchain within minutes.  and upcoming customer support and training capabilities to help companies and developers interested in leveraging blockchain technologies, or becoming ArcBlock certified, to learn from industry experts and get valuable best practices for their own projects.  

Starting today, ArcBlock’s platform now includes production-ready capabilities and many updates to their ArcBlock SDK, CLI, and a dashboard experience based on more than three thousand individual pieces of feedback from early beta users and partners.  Developers are now able to: 

  • Create new blockchains in one-click
  • Use pre-built Blocklets
  • Deploy blockchain node software into any cloud, hybrid on on-prem environment
  • Benefit from On-chain governance
  • Execute Smart Contracts on a trusted execution platform
  • Dynamic Consensus
  • Use many of today’s leading programming languages including JavaScript and Python
  • Reload their code using Hot-Code Reloading to remain online
  • And much more

“We are excited to see ArcBlock achieve release 1.0,” said Robert Mao, CEO of ArcBlock.   “When we started this project two years ago, we had a vision and through strong collaboration with our communities, developers, and customers, we have been able to redefine what is possible with blockchain and are fulfilling our vision. We have removed the complexity out of blockchain and allow anyone, anywhere to power their blockchain projects with ArcBlock. I look forward to seeing more products and services powered by ArcBlock in the months and years ahead.”    

ArcBlock Blockchain SDK

ArcBlock SDK 1.0 gives developers a new and improved software development kit (SDK) and framework that includes support for today’s leading programming languages including JavaScript, Python, Elixir, and more.   SDK 1.0 includes overall stability updates, and ArcBlock has a more streamlined SDK interface for developers to improve the overall user experience.  Some of the other most requested features that were added include new built-in support for signature delegation and advanced versioning controls, as well as many new security improvements for smart contracts and transactions. 

ArcBlock Blockchain Dashboard

ArcBlock released an SDK developer dashboard that is included as part of the ArcBlock SDK.    Working with developers and customers, ArcBlock implemented a new design to significantly improve the overall user experience making it easier for anyone to monitor, manage and debug blockchains and applications. Several of the key upgrades include a new streamlined interface that has consolidated key information into the top half of the dashboard including access to validators, transactions per second, block time and more. In addition, the interface includes a new notification center for important updates, the ability to turn live updates on and off, as well as making the dashboard lightweight enabling support of low-powered environments.  

ArcBlock Blockchain CLI

ArcBlock CLI 1.0 is a new and improved command-line tool to manage ArcBlock resources and services.  The updated CLI goes beyond traditional management and puts the power of ArcBlock into a simple command-line allowing anyone to: 

  • Set up a development test chain in less than a minute 
  • Create and manage multiple blockchains
  • Integrated tools built around the ArcBlock SDK such as Swap
  • Bootstrap a DApp with ready-made Blocklets with just one command
  • Setup and work with smart contracts on a blockchain
  • Automate tasks with scripts and automation tools

With the release of ArcBlock 1.0, the company will be moving ahead with next-generation upgrades to its decentralized identity solutions and decentralized identity mobile wallet in the next release. With these upgrades, ArcBlock will make decentralized identity more accessible to consumers with brand new user experiences that enable anyone to use and share their identity. 

About ArcBlock

ArcBlock is transforming the way blockchain-enabled applications and services are developed, managed and deployed by reimagining how these services are going to be created in the years ahead. ArcBlock is comprised of a team of industry experts, developers, technologists, and leaders who are focused on creating successful outcomes by enabling teams and businesses. ArcBlock has created a powerful, but easy, to use a development platform utilizing the power of blockchain in combination with cloud computing allowing developers and businesses to achieve their goals successfully. Follow ArcBlock on Twitter or Telegram.


Jean Chen
VP of Public Relations

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The Garage is a new blockchain-focused incubator based in Paris – TechCrunch

Meet The Garage, a new incubator in Paris that is all about blockchain projects. Co-founded by Cyril Paglino from Starchain Capital, Fabrice Le Fessant from Dune Network and Oussama Ammar from The Family, the company will support blockchain startups, help big companies launch blockchain projects and educate engineers about blockchain development.

The Garage is a sort of puzzle made out of multiple pieces. First, it wants to create a community of startups and support those startups in different ways.

“We copy and paste The Family’s model, which means that it’s built on trust. We take 5% of equity after six months if the startup and The Garage are happy,” The Garage director Damien Daübe said during a small press conference yesterday.

In exchange for 5%, startups that are part of The Garage community get some help when it comes to product, engineering, press relations, marketing, etc. Eventually, The Garage wants to tap its network of investors to make some introductions and help them get some funding and traction.

There are already five startups participating in the program, such as Ipocamp, Ticket721 and Elite Chain. Eventually, The Garage wants to help 25 startups per year. The Family receives a lot of applications. You could imagine that The Family might recommend The Garage to some of them.

But taking some equity isn’t going to generate revenue from day one. The Garage is also going to work with Dune Network, the new blockchain from OCamlPro. According to The Block, OCamlPro was working with the Tezos Foundation but decided to part ways, create a fork and start a new blockchain.

The Garage is going to work with big corporate clients on some blockchain projects. This could generate some revenue much more quickly.

Finally, The Garage is also going to teach software engineers about blockchain development. The company will host with free lessons in the evening. There will be some online resources as well.

All of this is going to happen in a recently renovated building that looks like a hybrid between an Apple Store and a movie set. If you’re into concrete, metal and industrial design, it’s a beautiful place. It was mostly used for fashion week events until The Garage started renting it.

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United Kingdom’s Unicorn unveils blockchain services for all industries

LONDON, Nov. 13, 2019 /PRNewswire/ — Blockchain has proven to be more than just a hype with a survey suggesting that as much as 10 percent of the global GDP could be stored on blockchain by 2025. Riding on this trend, UK technology company Unicorn is aiming to use its technology to further promote blockchain to different industries.

Unicorn’s development roadmap

“Unicorn’s technology will be an innovative step into Industry 4.0 and we will create a blockchain technology revolution that will comprehensively bring a positive impact to all areas and businesses in countries that Unicorn is targeting.” Said Kim Waddoup, CEO of Unicorn.

Unicorn Surf: A secure and speedy network

At the core of Unicorn’s business is the Unicorn Surf network which is operated by blockchain technology. The network is split into two to optimize speed and ensure the highest level of security. It is regularly upgraded to meet the needs of individuals and businesses. To optimize speed, Unicorn also applies data stratification to ensure data remains secure while transferring at top speed. For example, if data hasn’t been processed within two to three seconds, Unicorn’s second network will join into accelerate the processing speed.

To adopt smart contracts to industries beyond finance, Unicorn is utilizing the Hybrid Smart Contract with fundamental technical solutions to adapt various economic activities.

Unicorn provides blockchain education

Apart from providing blockchain technology services, Unicorn also strives to further promote this blooming technology. To each region Unicorn expands its operations to, the company will establish a legal entity or form a cooperation with local partners to support and research the use of blockchain technology. At the same time, the team will enhance the community education of this technology.

Unicorn helps businesses adapt to blockchain technology

For businesses, Unicorn provides the Business Gateway solution which enables easy connectivity for enterprises when accessing a blockchain technology platform. This also helps businesses handle operations such as raising capital, issuing bonds and stocks, marketing campaigns, managing human resources, and operating production processes.

Unic Brain is the first artificial intelligence platform built on blockchain technology used for education and training development. Automatically solving complex business models, this platform is expected to create core changes in this technology over the next decades and rival Google.

Unic Chain, meanwhile, is a global ecosystem of traditional businesses that applies blockchain technology and artificial intelligence to their operation model. Unicorn partners with different technology companies and online platforms to offer one-stop solution to clients. The partners include:

  • Google for using the processing system of map data
  • Facebook for processing the users’ data
  • to learn about travel habits and behaviors
  • Grab for shipping operations in different countries
  • which is a startup that creates an e-commerce supermarket chain between buyers and sellers around the world

Unicorn provides the highest level of security

To ensure safe and reliable storage and transfer of data, Unicorn utilizes the ID Verify Platform which provides multi-domain traceability and requires authentication by a third-party network. In the e-commerce industry, this system is used to verify sellers’ data to determine they are real and trustworthy. In addition, all transactions are recorded for the buyer community to evaluate the sellers. This ID Verify Platform is also utilized to reduce other complex verification procedures.

Looking forward, Unicorn is looking to unveil the technical whitepaper of Unicorn Surf in November. Unicorn Fintech Company in the United Kingdom is responsible for promoting the company’s technology worldwide.

In August 2020, the Unic Traceverify, an origin traceability platform will be launched. Targeting the commerce and agriculture sectors, this platform will provide transparency in product origin and transactions.

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Blockchain to ‘reshape’ people’s lives and accelerate economic upgrade

Zhou Sha, founder and CEO of Jingtum Tech. [Photo/Jingtum Tech]

Imagine a day when you can earn a living by authorizing others to access information about your behavior patterns such as how many eggs you eat daily and how often you play badminton. These facts will all become tradable assets owned by individuals.

This is not fiction, but a reality that may happen over the next 10 to 15 years powered by blockchain technology, said Zhou Sha, founder and CEO of Chinese blockchain technology platform Jingtum Tech.

“People may no longer need to work to make a living, but will do so for their dreams, aspirations and loves,” Zhou said in an exclusive interview with China Daily.

Blockchain technology, by virtue of its sophisticated cryptographic techniques, will help affirm rights regarding the personal information of the individuals who generate it, while any enterprises that want to access the information must pay those individuals, Zhou said.

To bring this vision to fruition, Jingtum Tech, as one of the world’s first companies to own independent intellectual properties of underlying blockchain technologies, has cooperated with the Ministry of Public Security in an individual digital identification program.

The program aims to eliminate the acquisition and storage of personal private information by any enterprise without the permission from the individual, Zhou said.

This is only one case of how blockchain technology will reshape the way people live and transform the Chinese economy in the foreseeable future, the official added.

Blockchain will help almost every industry to work in “a more sophisticated way” as the technology can enhance transparency and efficiency of cooperative mechanisms of all kinds, accelerating an economic upgrade from quantity-driven growth to quality-driven growth, Zhou said.

For instance, blockchain technology can provide a permanent, unchangeable and transparent record of transactions to help achieve better supervision over the allocation of project funds and reduce costs caused by the lack of trust between borrowers and lenders, according to Zhou.

President Xi Jinping underscored the important role of blockchain technology in the new round of technological innovation and industrial transformation in late October, urging more efforts to quicken development in the sector.

China’s blockchain market heated up after the endorsement from the country’s top leadership as its market size, as measured by annual spending, is forecast to hit $2 billion by 2023 and record a compound annual growth of 65.7 percent from 2018 to 2023, said market consultancy IDC.

During the 2018-2023 period, China is expected to see the highest blockchain spending in the sectors of banking, discrete manufacturing, retail, professional services and process manufacturing, IDC said.

Over the same period, the country is expected to be the world’s third-largest spender on blockchain following the United States and Western Europe.

Zhou expected the rolling out of supportive policies for blockchain to gather speed, such as the launch of a digital asset exchange that may prioritize and facilitate the financing of small and medium-sized enterprises.

He also underlined the necessity of building government-led industry funds targeted at blockchain startups with world-leading abilities in the technology. “Still, China’s independent research capacity of fundamental technologies of blockchain is far from adequate,” Zhou said.

The Ministry of Industry and Information Technology has vowed to actively foster a healthy and orderly development of the blockchain sector by strengthening planning and guidance, establishing standards, and promoting business applications.

Shanghai’s sci-tech innovation board may soon list blockchain as one of the high-tech sectors it supports, Zhou added.

“If this takes place, Jingtum Tech will endeavor to be among the first blockchain enterprises that go public on the new tech board,” he said.

Jingtum Tech launched its first underlying blockchain technology platform available for business applications in 2014. It has developed more than 20 blockchain industry solutions, ranging from cross-border payment and inclusive finance to electronic invoice and online retailing.

Looking ahead, cross-border currency exchange and renminbi e-payments in Southeast Asia will be one of the priorities of Jingtum Tech, Zhou said. The company is also exploring opportunities to expand the business to Argentina and Ethiopia.

“It is urgent to develop a credible, controllable settlement and payment system in Southeast Asia as part of a financial infrastructure for regional economic integration,” Zhou said.

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Intiva Health releases blockchain-based credentialing system

announced Nov. 12 that it has finalized its blockchain-powered credentialing and career management solution, Ready Doc.

Ready Doc aims to boost the placement and ongoing credentialing of physicians, nurses and other licensed medical professionals. Through the blockchain platform, hospitals and health systems can reduce the time it takes to verify and onboard medical practitioners.

The tool is supported by Hashgraph, a blockchain solution provided by Swirlads. Hasgraph is an immutable decentralized ledger. Intiva Health decided to use the Hashgraph platform because it is a private permissioned ledger, giving it added security and scalability.

More articles on health IT:
6 glimpses into the Amazon Care app, employees’ ‘first stop for healthcare’
How Cerner, Amazon & 5 other health IT companies performed financially in Q3
How video brand storytelling can help reel in patients: 3 insights

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AXA Ceases Blockchain Insurance Solutions for Delayed Flights

AXA, the French Insurance giant geared up a test run for its blockchain platform in 2017 and named it “Fizzy.” It was designed to manage flight insurance meant for delayed flights. The project primarily focused on automating the claims processes with smart contracts on the public Ethereum platform.

As such, Fizzy brought in the trust factor and transparency among the blockchain users. A network of smart contracts was linked to a public Ethereum platform that was meant to scan data sources for delayed flight information. If those delayed flights matched any of the insurance policies backed by ‘Fizzy,’ then a pay-out would be automatically triggered.

AXA claimed to be the very first insurance company to use Ethereum in the blockchain insurance. However, the plan somehow did not succeed and AXA announced to cease its operations of the blockchain experiment “fizzy,” earlier this week.

The AXA project head Laurent Benichou lamented and remarked,

The travel/airline industry appetite was just not strong enough, whatever form fizzy was suggested. It is certainly very sad, but this is the hard truth of innovation: some projects will find their market easily, some will not.

He also outlined the future plans of the company after withdrawing the “Fizzy” project and said,

We have nonetheless learned a lot on Ethereum and initiated a few ideas on customer centricity that will (I am sure) grow in the insurance sector. The team will now shift to other projects but will remain interested with the crypto sector and protecting people.

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Huobi Chain ‘well-positioned to become a top financial blockchain’

Huobi Chain – the public blockchain launched by cryptocurrency exchange firm Huobi Group – is teaming up with Nervos to become completely open source.

This means that the high-performance blockchain unveiled earlier this year will be publically available to developers of all stripes.

According to Huobi’s CEO and founder Leon Li, being the first “regulator-friendly” blockchain makes it “well-positioned to become a top financial blockchain”.

What the Huobi Chain and Nervos partnership means

Huobi Chain teaming up with Nervos to go open source means that anyone can track the project’s progress on GitHub. Blockchain developers can build on it and regulators can access the code at any time.

As a technical blockchain partner, Nervos has worked with Ethereum, the imToken ETH wallet, and the Sparkpool ETH mining pool. The company has also contributed to Bitcoin core protocol research and development.

The move towards open source also shows Huobi’s commitment to being a decentralised network from the get-go.

“Since the start of this project, our goal was to create an inclusive ecosystem where all stakeholders from developers to regulators can collaborate and leverage the full potential of blockchain technology,” said Li.

“In sticking to that vision. We’re now opening the code and inviting the greater blockchain community to help us shape and build the future of decentralised finance.”

How does Huobi Chain work?

By being regulator-friendly, Huobi Chain aims to appeal to financial institutions, enterprises, and exchanges. It will allow them to achieve multiple goals, from deploying their own blockchains to tokenising assets and offering decentralised financial (DeFi) services.

It will be based on the customisation of existing open source components including Muta, Overlord, and nervos-p2p. It will also be fully optimised to allow for a wide range of financial services and apps, from stablecoins and real-world payment services to decentralised exchanges.

Huobi Chain will also offer smart contract capabilities and sidechain architecture to make it both flexible and highly scalable.

“Decentralised finance is an emerging field with massive untapped opportunity,” commented Kevin Wang, co-founder of Nervos.

“Innovation is not possible without collaboration, which is why Nervos operates on open source principles.”

What makes it regulator-friendly?

Huobi Chain is regulator-friendly by design in that it allows for regulators to contribute to the network as validator nodes. The chain also promises to implement KYC and AML requirements so that regulated financial institutions can work with it.

Mr Li explained: “If major banks and financial institutions are to fully embrace and adopt permissionless blockchain technology, we need to create a safe and secure environment that makes it easier for them to transition their products and services to the blockchain.”

“By ensuring full regulatory compliance, Huobi Chain is well-positioned to become a top financial blockchain, further strengthening Huobi Group’s position as the global leader in the blockchain industry.”

The post Huobi Chain ‘well-positioned to become a top financial blockchain’ appeared first on Coin Rivet.

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What Are The Most Interesting Blockchain Applications In Fintech?

Around 77% of the financial services industry will adopt blockchain for some parts of their operation by 2020

Indian banks have shown an inclination in incorporating blockchain for payments and reconciliation

In fintech, blockchain finds application in areas like digital ID, customer authentication, insurance and more

Blockchain is one technology which is said to be bringing in a revolution on par with the birth of the internet. What started as a decentralising currency and assets is now disrupting every mainstream industry. Whether its fintech, healthcare, pharmaceuticals, insurance, digital security, enterprise SaaS — blockchain is everywhere today.

Even the traditional BFSI stakeholders such as the large retail banks are deploying blockchain solutions for the robustness this technology brings to age-old systems when integrated in the right manner.

As per a survey on the financial services sector and fintech conducted by PWC, around 77% of the financial services industry plan on adopting blockchain by 2020. Banks constituting a third of the institutions surveyed have shown an inclination in incorporating blockchain in their operations as was reported by a study published by Accenture and McLagan (January 2017)

So, the first question for the novice here is:

What Is Blockchain?

As the definition goes, a blockchain is a public ledger of information collected through a network that sits on top of the internet.

The information recorded on a blockchain can take on any form, whether it be denoting a transfer of money, ownership, a transaction, someone’s identity, an agreement between two or multiple parties, or even how much electricity a lightbulb has used. The information is stored in the form of blocks, with each block on the chain able to store up to 1 MB of data.

What Are The Principles Of Blockchain Technology?

Here are some basic principles underlying blockchain technology:

  • A distributed database: Each entity on a blockchain can access records on the entire database, but no single entity controls the data or the information.
  • Peer-based communication: Communication is not through a central node, but occurs directly between peers. Each node stores and forwards information to all other nodes.
  • Transparency: All transactions and associated values are visible to anyone with access to the system. However, each user can choose to provide their identity to others or remain anonymous.
  • Permanent records: Once a transaction is entered, the records cannot be altered as they are linked to every transaction record that came before them in the “chain”. This immutability is what makes blockchain such a good foundation for fintech applications.
  • Computational logic: Due to its digital nature, blockchain transactions can be tied to computational logic and in essence, programmed. Users can set up algorithms and rules that automatically trigger transactions between nodes.

How Blockchain Works?

When a block stores new data it is added to the blockchain. Blockchain, as its name suggests, consists of multiple blocks strung together. In order for a block to be added to the blockchain, however, four things must happen:

  • A transaction must occur
  • That transaction must be verified.
  • That transaction must be stored in a block
  • That block must be given a unique, identifying code called a hash.

The block is also given the hash of the most recent block added to the blockchain. Once hashed, the block can be added to the blockchain and becomes part of the record.

What Are Various Applications Of Blockchain In Fintech?

Blockchain enthusiasts are continuously experimenting with this technology to bring out new use cases and applications to solve the redundant and complex issues in the fintech industry. A few of the blockchain applications which are already popular among the BFSI leaders are:

  1. KYC Verification
  2. Supply Chain Financing And Management
  3. Simplification Of Remittance Process
  4. Trusted Payment Solutions
  5. Records Storage And Management
  6. Disrupting Digital Insurance
  7. Eliminate Dark Tactics Of Stock Market
  8. Credit Scoring
  9. Faster Processing Speed
  10. Eliminating Audit Trails

Let’s dive into details here!

KYC Verification

Blockchain solutions are being used widely for authentication, verification and storage of electronic records in the banking industry as well as to create a KYC utility for the National Stock Exchange. Startups such as Primechain Technologies and Elemential Labs are among the key players in India here.

Supply Chain Financing And Management

Blockchain systems allow significantly higher settlement turnaround time at lower costs by providing a single source of truth regarding pivotal points in the supply chain, like creditworthiness, supplier inventory levels, purchase order receipt and approval, invoice receipt and approval, and more.

Delhi-based Sofacle Technologies is one such startup which designs and develops blockchain-powered enterprise solutions for smart contracts, supply chain finance, insurance, among others. Similarly, Auxesis which is currently focussing on private blockchain solutions with its enterprise-grade infrastructure focussing on security, performance and scalability. Then there is StaTwig which combines IoT and blockchain to provide real-time tamper-proof end-to-end tracking for packages and goods that identifies problems and inefficiencies in the supply chain.

Simplification Of Remittances

The main goal of blockchain remittance companies is to simplify the entire process, removing unnecessary intermediaries. The idea is to provide frictionless and near-instant payment solutions. Unlike traditional services, a blockchain network doesn’t rely on a slow process of approving transactions, which usually goes through several mediators and requires a lot of manual work. Thus, blockchain technology may solve some of the major problems faced by the remittance industry, such as high fees and long transaction time. Auxesis and  EzyRemit are providing such solutions in India for businesses with large volume of remittances.

Trusted Payments Solutions

Blockchain technology promises to facilitate fast, secure, low-cost international payment processing services (and other transactions) through the use of encrypted distributed ledgers that provide trusted real-time verification of transactions without the need for intermediaries such as correspondent banks and clearinghouses.

Blockchain technology was initially used to support the digital currency Bitcoin but is now being explored for a wide variety of applications that don’t involve Bitcoin. In India, KrypC is one startup offering such solutions for the payments industry. The startup’s specialised connectors for the financial industry are customised for money transfer, trade finance and pre-approved loans. Another one is Mumbai-based GetXS which is developing blockchain-based digital identities which can be authenticated securely.

YES Bank has facilitated the issuance of a commercial paper (CP) of INR 100 Cr using blockchain technology for Vedanta, a natural resources conglomerate. Usually not backed by any form of collateral, a commercial paper (CP) is an unsecured money market instrument issued in the form of a promissory note. YES Bank used R3 Corda enterprise blockchain platform developed by US-based MonetaGo to facilitate the issuance. The blockchain platform, thus, ensures an efficient, transparent and secure mechanism for CP issuance and redemption.

Records Storage And Management

Documents in physical or digital form can be modified and copied. While there are many products and services that provide secure and verified document management, they tend to be expensive and often require the involvement of a third party. Blockchain embeds authentication into the document itself and using a closed-loop tracking system to protect against tampering or modification. One example here can be Indian startup RecordsKeeper that allows users to store documents, data and any transaction immutably in private-blockchain securely without the need of central authority.

Similarly, Bengaluru-based PARAM Network is using the blockchain solution to cut the cost of e-invoice processing by half and store digital receipts on-chain. It also automates the entire process while bringing in transparency. This also cuts down the turnaround time and complexity of the verification process in invoice processing.

Secure Digital Regulatory Process

Blockchain’s immutability lends itself to the application of proof-of-process for compliance. Blockchain could be used to keep track of the steps required by regulation. Recording actions and their outputs immutably in a blockchain would create an audit trail for regulators to verify compliance. For example, based in Bengaluru, Signzy Technologies offers digital trust solutions based on blockchain and AI, aiming to simplify and secure digital regulatory processes.

Disrupting Digital Insurance

By allowing policyholders and insurers to track and manage physical assets digitally, blockchain technology can codify business rules and automate claims processing through smart contracts, while providing a permanent audit trail. Insurance giants and startups alike are attempting to use blockchain technology to prevent insurance fraud, digitally track medical records, and more. Somish Solutions is a startup in India which develop and provide blockchain-based solutions for applications such as P2P insurance, tokenised fund transfers etc.

Eliminate The Dark Tactics Of The Stock Market

Wealthtech is the new niche which fintech startups in India are rapidly exploring. Blockchain can reduce the inefficiencies through automation, which also leads to a reduction in cost, lowering entry barriers and resulting in an increased market base. It will also help in eliminating stock tampering, processing time and charges, naked short selling, as well as commissions of all intermediaries.

Credit Scoring

Fintech companies are widely using blockchain to cater to the unbanked population lacking CIBIL score and helping them get credit. Earlier this year, Telangana government joined hands with London-based startup Cognito Technologies to kick off a pilot project, wherein it will leverage blockchain technology to come up with credit scores of those from economically weaker sections of society.

Faster Processing Speed

The distributed ledger could make it possible to connect all parties in a financial trade in real-time for faster processing of a payment. For instance, if you use another bank’s cash machine (ATM) today, that bank must contact your bank to make sure you have enough funds in your account before dispensing the cash. If both banks used the same blockchain ledger, the bank could dispense the funds instantly without waiting for approval.

Eliminating Audit Trails

The transparency of information and permanence of records makes it nearly impossible to alter or manipulate the data, so banks no longer have to keep redundant audit trails of transactions; the transaction ledger is the audit trail.

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Bitcoin Daily: Blockchain Rules, SMB Network

Alipay’s Ant Financial announced that it is moving into the pilot stage for its blockchain network — Ant Blockchain Open Alliance, which was created to help small and medium-sized businesses. There are then plans to go live three months later.

“While the blockchain is open to developers and institutions from all over the world, we will be cautious in terms of selecting nodes on the platform,” Jieli Li, senior director of technology and business innovation at Ant Financial, said in reports.

While Li declined to give specifics, he did say that the company will choose partners based on their industries rather than where they are located. Ant Financial will also include educational and certification agencies as nodes to boost the network’s credibility.

This is the company’s latest move in the blockchain market. In September it announced that it has partnered with Bayer Crop Science to develop blockchain solutions in the food and crops industry.

In other news, the state of Wyoming has released several new custody rules focused on its special purpose depository institutions (SPDIs) (also known as “blockchain banks”).

Tweets posted by Wyoming Blockchain Task Force President Caitlin Long said that the rules include what are reportedly the first-ever regulations for digital asset custodians in areas including forks, airdrops, staking, customer notice requirements and more.

America’s least-populous state has passed 13 blockchain laws over the past two years, and as a result, has attracted new businesses.

“I’ve been around startups a long time and I don’t ever remember interacting with a tech startup that was based in Wyoming,” Stephen McKeon, an economics professor at the University of Oregon, said in June. “But in the last two years just in crypto I’ve seen it multiple times.” However, while these companies might be legally based in Wyoming, most aren’t located in the state.


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Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. In the November 2019 AML/KYC Report, Zillow’s Justin Farris tells PYMNTS how the platform incorporates stringent authentication without making the onboarding and buying experiences too complex.

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Exploring DLT and Blockchain for Alternative Finance – A Collection of Case Studies

Brussels/Malaga. 12th November 2019 – The European Crowdfunding Network today published a first report on the use of DLT and blockchain for alternative finance during the global blockchain conference Convergence in Malaga. 

The ECN report Exploring DLT and Blockchain for Alternative Finance – A Collection of Case Studies provides an overview of various case studies showcasing how distributed ledger technology (DLT) and blockchain (hereafter jointly referred to as BDLT) are currently used in the alternative finance sector.  We explore the state of the art by understanding challenges and opportunities and highlight common characteristics with the aim to leverage the potential of BDLT technologies in the alternative finance sector.  This will support different target groups of the sector, namely crowdfunding platforms, investors, startups, SMEs, and policymakers to better understand blockchain empowered use cases, with a special emphasis on the alternative finance sector.

The report shares conclusions from desk research, interviews, two conferences and a workshop organized on the topic. The interviews consisted of semi-guided, qualitative interviews with market and technology experts and SMEs, who have experience in BDLT-based products and services. To understand the ways in which blockchain can most effectively be used for alternative finance we clustered our results into the following use cases:

  • BDLT for online payment and identity services
  • BDLT for peer-to-peer investing and investment services
  • BDLT for financial democratization

For the sake of simplicity, we refer to a well understandable explanation from the European Commission:
“Blockchain is the best-known distributed ledger technology. A ledger is a database which keeps a final and definitive record of transactions. Records, once stored, cannot be tampered without leaving behind a clear track. Blockchain enables a ledger to be held in a network across a series of nodes, which avoids one centralised location and the need for intermediaries’ services. This is particularly helpful for providing trust, traceability and security in systems that exchange data or assets. There is a lot of potential for blockchain to be used in many different areas such as financial services, supply chains or healthcare.”

ECN is also a partner in Blockpool, which ECN initiated in 2018 and which got funding form the European Commission in 2019.

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