Tag Archives: Blockchain

JPMorgan, National Bank of Canada, others test debt issuance on blockchain
April 20, 2018 6:00 am|Comments (0)

NEW YORK (Reuters) – JPMorgan Chase & Co (JPM.N) has tested a new blockchain platform for issuing financial instruments with the National Bank of Canada and other large firms, they said on Friday, seeking to streamline origination, settlement, interest rate payments and other processes.

FILE PHOTO: A sign outside the headquarters of JP Morgan Chase & Co in New York, U.S., September 19, 2013. REUTERS/Mike Segar/File Photo

The test on Wednesday mirrored the Canadian bank’s $ 150 million offering on the same day of a one-year floating-rate Yankee certificate of deposit, they said in a statement. The platform was built over more than a year using Quorum, a type of open-source blockchain that JPMorgan has developed inhouse and is in discussions to spin off.

Participants in the experiment included Goldman Sachs Asset Management, the fund management arm of Goldman Sachs Group Inc (GS.N), Pfizer Inc (PFE.N) and Legg Mason Inc’s (LM.N) Western Asset and other investors in the certificate of deposit.

Banks have poured millions of dollars to develop blockchain, the software first created to run cryptocurrency bitcoin, to streamline processes ranging from cross-border payments to securities settlement.

“Blockchain-related technologies have the potential to bring about major change in the financial services industry,” David Furlong, senior vice president of artificial intelligence, venture capital and blockchain at National Bank of Canada, said in a statement.

JPMorgan is considering spinning off Quorum because the technology has attracted significant outside interest, Umar Farooq, head of blockchain initiatives for JPMorgan’s corporate and investment bank said in an interview.

He said it was taking too much time to field requests for help from users at other companies.

Charging for assistance is not an option because software support is not the bank’s business, a person familiar with the matter said on condition of anonymity. The source was not authorized to discuss the matter publicly.

The spin-off discussions are in the early stages and the bank has received interest from financial institutions and large enterprise technology companies, Farooq added. He declined to name the companies.

JPMorgan plans to beef up the Quorum team with dozens of engineers from the bank’s other divisions who have become familiar with the technology, he said.

Blockchain is in the early stages of development in the financial industry, but JPMorgan is optimistic about its potential, Farooq said.

“We haven’t really seen a lot of really large scale things go into production yet. There are few cases where blockchain can really shine.”

Reporting by Anna Irrera; Editing by Richard Chang

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Tech firm raises $118 million in virtual coin offer to fund blockchain phone
December 14, 2017 12:42 pm|Comments (0)

TEL AVIV (Reuters) – Swiss-Israeli technology firm Sirin Labs said on Thursday it had raised $ 118 million in an initial coin offering (ICO) to support the development of an open source blockchain smartphone.

Moshe Hogeg, co-founder and president of British-Israeli start-up, Sirin Labs AG, manufacturers of Solarin, a mobile device with unprecedented levels of technology and security, speaks during an interview with Reuters at their offices in Tel Aviv, Israel May 16, 2016. REUTERS/Amir Cohen TPX IMAGES OF THE DAY – S1BETHKDEGAB

ICOs allow startups founded on cryptocurrency technologies such as blockchain to quickly raise capital by issuing virtual tokens to investors.

Such offerings have become more common in the past year, but Europe’s top markets regulator warned last month they were “extremely risky and highly speculative investments.”

Sirin, which has recruited soccer superstar Lionel Messi to be its brand ambassador, said it had raised the money from 5,600 people globally within the first 24 hours and would continue the offering for another 12 days.

“These are our potential clients. We think they will be the first to buy the phones,” Moshe Hogeg, CEO and founder of Sirin, told reporters.

The ICO will help fund its secure blockchain phone, as well as a blockchain personal computer. The company said the phone, which should be on the market near the end of next year, benefits from enhanced security and the ability to carry out fee-less transactions.

Hogeg said his target had been to raise $ 75 million – the amount needed to develop the phone. The additional funds will enable the company to increase its production and invest more in sales and marketing.

Reporting by Ari Rabinovitch and Tova Cohen; Editing by Mark Potter

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The impacts on storage and compliance from Blockchain, robots and IoT
November 24, 2017 12:07 am|Comments (0)

At Web Summit in Lisbon, key issues for storage and compliance included the internet of things (IoT), Blockchain, biometrics and always-available health data.

In this podcast, Computer Weekly storage editor Antony Adshead talks with the CEO of Vigitrust, Mathieu Gorge, about the implications for storage and compliance of always-available healthcare data, biometric security methods and the data generated, Blockchain, and human-robot interaction in internet of things deployments.

Antony Adshead: What is Web Summit, why is it important, and what key themes emerged with regard to storage and compliance?

Mathieu Gorge: The Web Summit has been held every year for the past 10 years. It grew from 400 people to more than 59,000 people this year, and is currently held in Lisbon. The founder is Paddy Cosgrave, who started it in Dublin, but it got so big it needed a new home.

Web Summit is organised in different tracks. There are tracks for startups, for scaling companies and for enterprises. It’s a mix of 24 different summits; some focus on software as a service (SaaS), some on compliance and others on next-generation IT, which is primarily the IoT and robots at the moment.

It allows people to get a feel for everything web-based, and any type of new solutions that are coming out. It also has a number of keynote speakers that come in from large organisations, but also innovative startups. It’s always excellent to learn and it’s very good for networking.

Adshead: Could you expand on key themes that emerged with regard to storage and compliance?

Gorge: If I look very briefly at four key things, the first one is startups. There is always a number of them that pitch every day at Web Summit.

There was a trend around solutions to do with health data; how we build solutions that allow consumers to have a full overview of their health status in such a way that it’s available and securely stored on the cloud, and that they can get access to that information anywhere and anytime so they can get treatment anywhere in the world. There were a number of innovative solutions there that were showcased.

The second was security and compliance; new ideas on how we can provide strong authentication and identity management. There was a lot of focus on biometrics, looking at your eyes, fingerprints and a mix of different things.

These are not necessarily groundbreaking, but there was an emphasis that wasn’t there last year. It was coupled with the question of how we store those credentials from a security perspective. Is it stored on the go, in vaults or in dynamic storage? Again, there are a number of startups in that domain.

Focusing on Blockchain

Third is Blockchain. There were a number of keynotes around Blockchains; some around what an initial coin offering is, how it works, why it is good for startups and the industry, and what it allows you to do. It was interesting to see heavy hitters like Tim Draper speaking on the main stage.

Finally, there was the concept of the IoT, focusing on the advent of the first robots coming out in the market and how those devices become intelligent through AI. From a storage and compliance perspective, they accumulate information about humans and our interaction with robots. One of the key questions asked how we make sure this is done in a correct and secure way; as well as how we make sure it is done in compliance with the new EU GDPR, because it’s going to be very hard to track everything.

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Why Blockchain Firms Shouldn't Ignore New EU Cybersecurity Laws
February 15, 2017 11:35 am|Comments (0)

The directive itself confirms that a wide interpretation should be applied when it says that “cloud computing services span a wide range of activities that …


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Building the blockchain of success: How cloud is at the heart of it
January 31, 2017 2:10 pm|Comments (0)

Blockchain is the new buzzword on the block; and while many business leaders, managers, developers and IT departments are Googling it and left …


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Microsoft Launches Project Bletchley Consortium Blockchain Technology
October 12, 2016 4:35 am|Comments (0)

Bletchley v1 slashes the time it takes to deploy a consortium Ethereum network, Microsoft claims.


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“mijin”, the permissioned blockchain platform – Planning to…
February 4, 2016 7:30 pm|Comments (0)

Tech Bureau (CEO: Takao Asayama) announces Mijin, a low-cost solution for creating permissioned blockchains. The goal of Mijin, is to allow financial institutions to reduce infrastructure costs by up…

(PRWeb September 24, 2015)

Read the full story at http://www.prweb.com/releases/2015/09/prweb12972612.htm


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“mijin”, the permissioned blockchain platform – Planning to…
January 12, 2016 2:20 am|Comments (0)

Tech Bureau (CEO: Takao Asayama) announces Mijin, a low-cost solution for creating permissioned blockchains. The goal of Mijin, is to allow financial institutions to reduce infrastructure costs by up…

(PRWeb September 24, 2015)

Read the full story at http://www.prweb.com/releases/2015/09/prweb12972612.htm

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