Day: October 23, 2018

Australian Government Agency Says Blockchain ‘Interesting’ But Hyped

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The Australian government agency dedicated to streamlining the country’s IT operations has called blockchain “interesting,” but said it is hyped by firms working with the tech. The chief digital officer of the Digital Transformation Agency (DTA), Peter Alexander, indicated the view was arrived at after the organization received  AU$700,000 (about US$500,000) from the government in May to explore blockchain applications within government services. “Blockchain: Interesting technology but early on in its development, it’s kind of at the top of a hype cycle,” Alexander said at a parliamentary committee meeting on Tuesday, as…

Australian Government Agency Says Blockchain ‘Interesting’ But Hyped

boss

The Australian government agency dedicated to streamlining the country’s IT operations has called blockchain “interesting,” but said it is hyped by firms working with the tech. The chief digital officer of the Digital Transformation Agency (DTA), Peter Alexander, indicated the view was arrived at after the organization received  AU$700,000 (about US$500,000) from the government in May to explore blockchain applications within government services. “Blockchain: Interesting technology but early on in its development, it’s kind of at the top of a hype cycle,” Alexander said at a parliamentary committee meeting on Tuesday, as…

The Delicate Psychology of Stablecoins

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Michael J. Casey is the chairman of CoinDesk’s advisory board and a senior advisor for blockchain research at MIT’s Digital Currency Initiative. The following article originally appeared in CoinDesk Weekly, a custom-curated newsletter delivered every Sunday exclusively to our subscribers. There’s an early scene in “It’s a Wonderful Life,” that stalwart of holiday season TV viewing, that provides one of the most insightful on-screen depictions of the core challenge of banking: maintaining trust. It’s where Jimmy Stewart’s character, George Bailey, desperately trying to stave off a run on Bailey Building…

Bitmain’s Latest Bitcoin Miner Update Activates Controversial ‘AsicBoost’

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Bitcoin mining computer manufacturer Bitmain has released a software update for its Antminer s9 devices, using controversial code to allow them to more efficiently mine bitcoin. Bitmain announced Monday that the just-released firmware will support “overt AsicBoost” functionality, bringing a speed boost to the miners. Notably, while Bitmain is only just now enabling these mining devices to use AsicBoost, the chips were already capable of supporting the function on a hardware level. In particular, the post claims that this will ensure Bitmain’s machines remain effective at mining the number one…

EU Securities Group Advises Regulating Crypto Assets Under Existing Rules

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A group that advises the European Securities and Markets Authority (ESMA) –  the EU’s securities watchdog – has recommended regulating most cryptocurrencies and ICO tokens under existing financial rules, but said more clarification is needed. In a report dated Oct. 19, the Securities and Markets Stakeholders Group (SMSG) said that, since transferable crypto assets used in payments (such as bitcoin) are increasingly considered as investments, the related risks are very similar to those seen in the capital markets. It therefore recommends that the ESMA should consider such assets under the EU’s MiFID…

Accenture Tech Now Connects Corda, Fabric, DA and Quorum Blockchains

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Enterprise blockchain customers might not need to worry any longer about having picked the wrong platform to build on, thanks to a new interoperability solution being unveiled by Accenture. Revealed at the annual Sibos conference on Monday, the consulting giant has created an “interoperability node” which it says can house the business logic of different blockchains – in other words, the rules which allow them to perform various tasks. According to Accenture, the interoperability node can connect the four major enterprise platforms: Hyperledger Fabric; R3’s Corda; Quorum, developed by global…

Public Company’s Crypto Claims Draw SEC Scrutiny, Trade Suspension

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The U.S. Securities and Trading Commission (SEC) has suspended the trading of shares for a company which claimed to be offering an initial coin offering (ICO) that was registered with the regulator. The SEC said Monday it had suspended trading in the American Retail Group, otherwise known as Simex, Inc., after the company claimed in August that it was partnering with an SEC-qualified custodian to support cryptocurrency transactions. Further, the company was offering a token sale which it claimed was “officially registered in accordance [with] SEC requirements.” Neither of these…

Crypto Payments Startup Uphold Launches Lending Products

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Digital payments startup Uphold is launching new lending and earning products in partnership with crypto lending platform Cred. Uphold Earn and Uphold Borrow, announced Monday, are designed to help customers earn interest from stablecoin holdings and borrow money against the cryptocurrencies they own, respectively. The company’s new Earn product will allow customers to earn interest on Universal Dollar holdings. The Universal Dollar, announced earlier this month, is a dollar-backed stablecoin released by Uphold and a number of other startups. The dollar holdings backing the stablecoin at a 1:1 ratio are stored…

ABN AMRO, Samsung SDS Partner for Blockchain Trade Pilot

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ABN AMRO, one of the largest banks in the Netherlands, has launched a blockchain pilot aimed to bring new efficiencies to container-based international trade. For the project, the bank has partnered with Samsung SDS, the logistics and IT arm of consumer tech giant Samsung, and the Port of Rotterdam, according to a press release dated Oct. 19. Using a blockchain system, the partners ultimately intend to move away from the current paper documentation surrounding international container shipments, including payments and administration. “An average 28 parties are involved in container transport from China…