Blockchain Business Integration Will Require Accommodations From Financial Firms

2018-11-12 06:26

To Accommodate Blockchain, Finance Firms Have To Replace The Underlying IT Infrastructure

We have been hearing news about blockchain technology being adopted by several leading financial companies. The technology is finding various applications in making traditional establishments faster and efficient. According to Libra’s Jeremy Drain, before entities reap these benefits, they have to fundamentally change their supporting IT infrastructure.

Speaking at the ScotChain18 conference in Edinburgh he stated that there’s an assumption by most firms that their prevalent infrastructure will accept crypto and blockchain. It will be harder than it looks as most of the existing data are way too different than the ones produced with blockchain.

At the conference Drain wasn’t the only one who thought that blockchain cannot be integrated into the modern day financial industry without some unavoidable modifications. Kent McKenzie, the risk advisor for RegTech and Apolline Blandin from Cambridge Centre of Alternative Finance both pointed out the regulatory challenges attached to using blockchain for governments. They even added that a standard must be set for the industry if it is to successfully penetrate the financial services industry.

“Without exception, the success stories seem to have one characteristic in common: they needed the right infrastructure in place to ensure the rapid, seamless, and secure transmission and processing of data on the blockchain. Whilst this is not an issue for many startup ventures in the blockchain space, this may mean a complete rethink for large corporates looking to keep pace with this foundational technology,” added CEO of recruitment firm MBN Solutions.

Notably, in June, Moscow exchange declared that it is building an IT infrastructure that gives companies the ability to carry out ICOs. The company's CEO, Alexander Afanasiev said that the exchange will not list tokens rather only issue futures contracts for ICOs which provides information to token issuers about what their liability is.

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2018-6-29 12:50


Top 3 Blockchain Technologies Poised to Save Businesses Time and Money on KYC

The costs of complying with due diligence processes like KYC (Know Your Customer) and AML (anti-money laundering) are rising. With financial firms regularly spending 8. 4x their average compliance costs on KYC amidst growing client complaints about poor KYC experiences, KYC is becoming a growing balance sheet and relationship management liability.

2018-6-22 21:00


World’s Biggest VC Firms are Creating Cryptocurrency Funds, Market Enthusiastic

Historically venture capitalists do not own cryptocurrencies. They hold equity and invest in privately and publicly held companies but, with the potential of cryptocurrency and blockchain based technology companies to create unprecedented returns VC firms are exploring ways to restructure legally and financially to tap into that future revenue stream.

2018-6-22 08:03


Nasdaq Blockchain Trial Margin calls in ‘minutes’

A group of industry stakeholders has developed a blockchain platform to transfer collateral to central counterparties when trading securities. Stock exchange operator Nasdaq announced Tuesday that its clearing arm, along with securities services provider ABN AMRO Clearing and financial services firms EuroCCP and Euroclear, have developed a joint proof-of-concept (PoC) blockchain platform. Further, Euroclear, one

2018-6-20 13:23


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Proposed Regulations Could Cause Major Shifts in Canadian Crypto Businesses

Canada’s government has released draft regulations for “virtual currencies” with a consultation period of 90 days, saying that proposed regulatory changes could mean a loss of $60 million over 10 years for businesses that deal in cryptocurrencies but will improve Canada’s international reputation and make it easier for crypto businesses to deal overseas.

2018-6-13 20:24


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