Category Archives: Banking

Being On The Right Side Of History

If you’ve been reading the 2016 pundit predictions in the digital currency and blockchain space you’ll notice a strong trend. Bitcoin is back! A number of articles (I’ve included some below) are calling this the comeback year for Bitcoin.

So what has changed? Bitcoin still is… well bitcoin. We’ve seen an uptick in the price, which might in part be fueling the bullish predictions. However, fundamentally nothing has changed. In fact, one might argue that Bitcoin has even more problems it needs to solve in 2016 – for example, the unresolved blocksize debate.

However, what many are starting to see is that the 2015 battle cry of ‘Bitcoin v Blockchain’ was really a red-herring. In 2015, the financial industry clamoured around permissioned blockchain and distributed ledger technology, but to date has been more busy forming consortiums and creating labs rather than actually pushing product. The question of which is more valuable, permissionless or permissioned blockchains, is proving less relevant and which will actually push a ‘killer app’ first is proving to be more relevant.

It’s easy to find Bitcoin’s flaws, but it’s hard to deny that it’s on the right side of history. The movement towards truely open and extensible software that has transparency as a default is hard to ignore. I think many are starting to realise this is what the main attraction is – not another database technology. So bring on 2016, the year bitcoin is resurrected for the 87th time.


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Chatting About All Things Bitcoin

A few weeks back I did a ‘blab’ with Suzanne Nguyen (@stringstory) about all things Bitcoin. Check it out and let me know what you think.

 


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Banks Get Behind Blockchain Technology

Banks Get Behind Blockchain Technology

It’s looking like 2015 will be a break out year for the application of blockchain technology in the banking and finance sector. Banks are starting to really embrace the technology with many trialing blockchain based applications and some are even investing directly in startups in the space.

Banks are getting behind blockchain technology in a big way. Many are starting to see the possibilities of running clearing, settlement and internal fund transactions through a blockchain.

Below is a list of financial institutions that are currently experimenting with blockchain technology. Some are further down the track than others – but all are keenly investigating the technology’s potential.

About The Table

In the table below I’ve included a list of financial institutions who’ve been mentioned in the media as experimenting with Blockchain technology. The list is a work in progress. As information changes and further banks begin experimenting with Bitcoin/blockchain technology I’ll add or amend entries in the table.

If there are any errors or omissions please feel free to flick me an email at me@alantsen.com

Bank Country Technology Stack / Activities
ANZ Australia Ripple
Commonwealth Bank Australia Ripple
Westpac Australia Ripple
Barclays Bank  UK Bitcoin (Safello)
Santander Bank UK Internal proof of concept
UBS UK Research lab
DBS Bank UK Hackathon
USAA US Internal research
Bank Of New York Mellon US Bitcoin (BK Coin)
LHV Bank Estonia Bitcoin (Coloured Coins)
BBVA Bank Spain Internal experiments
ABN Amro Netherlands Internal experiments
ING Bank Netherlands Internal experiments
Rabobank Netherlands Internal experiments
BNP Paribas France Internal Research
Société Générale France Internal research and experiments
Fidor Germany Ripple
CBW Bank US Ripple
Cross River Bank US Ripple
 Citibank  US Own Tech (Citicoin)
 NASDAQ  US Bitcoin (Chain)

 


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