R3 Announces 'Corda', an Anti-Blockchain for Banks. Consortium startup R3CEV today announced it is working on a distributed ledger that might otherwise be considered a blockchain, but which the company made perfectly clear is anything but.
Far from the permissionless ledger of transactions popularized by bitcoin, R3's technology, called Corda, claims to be tailor-made for financial institutions. The only information that’s decentralized is whatever the members choose is necessary. In a blog post published today, R3’s chief technology officer and the man in charge of the project, Richard Gendal Brown, described one of the key differences between Corda and what most people in the industry think of when they imagine a blockchain.
Brown wrote: "We are not building a blockchain. "We need to make it easy to write business logic and integrate with existing code," wrote Brown, who was hired from IBM in September to lead the project. Planning image via Shutterstock. Mega Blockchain Research on Banks: Strategic Analysis of Activities and Roadmap. National Australia BankBlockchain, the underlying technology behind cryptocurrency, is exciting the world’s major banks.
It is considered to be a potentially disruptive force in finance by major banks and institutions. Blockchain is a decentralized network and very difficult to hack, steal or counterfeit. The report is a strategic analysis of various initiatives taken by banks to study and research on blockchain technology, such as investments in blockchain startups, in-house product/process development based on blockchain concept, workshops, contests and competitions based on blockchain technology innovation, patenting various blockchain use cases, etc. Financial institutions are also actively participating in groups focused on blockchain study and research areas at global and regional level. The year 2015 saw US$ 180 million investments in blockchain technology globally.
Blockchain's Big Innovation is Trust, Not Money. Jason Leibowitz is a former Wall Street professional who pivoted careers in 2014 to focus full-time on digital currency.
In this opinion piece, Leibowitz discusses why the blockchain is now best perceived as an innovation in distributed, digital trust, despite its early connotations with the financial technology space. It’s been referred to as a "revolutionary technology" by IBM, and a "once in a generation opportunity" by PricewaterhouseCoopers. But perhaps the most descriptive title came from The Economist when they dubbed blockchain "the trust machine". It is a breakthrough in computer science that holds the promise of reducing the cost of establishing and maintaining trust for both individuals and organizations. "Blockchain" is a relatively new term that refers to a specific type of computer database.
How Mobile Is Killing Innovation, And How Blockchain Can Save It. The pace of technology innovation has been on a tear over the last two decades, as The Economist recently highlighted.
Built on open protocols like TCP/IP and accessed through open-source browsers like Mozilla Firefox, the Web has given rise to Google, Facebook, Wikipedia and more. Freedom has been kind to innovation. That freedom, however, is now under siege. Bluntly stated, the curated mobile experience is killing the Web, app by app, leaving us with a sheltered but increasingly sterile environment for experimentation. We Prefer Apps To Innovation We don't really have anyone to blame but ourselves. Atoms disapear and reapear. When Will Socially Responsible Investing Discover P2P Lending? Pricing CoinFunded, The world's first ethical crowdfunding platform. Anthemis. What is Platform Innovation™? J Christopher Flowers warns of banking crisis. Spinning the information society. Banking Disrupted: Is a Fear of Failure Preventing Innovation? “Banking is necessary, but banks are not.” - Bill Gates Come to think of it, the human civilization did pretty well for thousands of years before banks and insurance companies came around and started playing a major role in our lives.
Most people cannot imagine living without insurance and access to banking today, but Banking has been a slow mover in recent times and is getting disrupted. A few years back, ATM machines gave us liberation from bank branches. Then came Internet banking, which made quite a few physical bank branches redundant. Now with mobile payments, the concept of cash is fast facing extinction. In Kenya, more than 90% people use M-PESA to make payments using their mobile phones.
Most banks today have invested in a portfolio of smartphone and tablet applications.
E-invoicing. A Vision of the Future From Those Likely to Invent It. “Phones and computers will automatically do anything tedious that doesn't require brainpower, like signing up for a web site or app.
The march of technology is the incessant march of convenience.” Ev Williams “Fully immersive virtual reality.” Fintech news. The Harvest Way. Data Visualisation. 8 Steps to the Network You Want - The Journey Begins. Fintech OpenLab. Fintech Open Lab – Communauté – Google+
Welcome to CoinPayments.net. Commerce and Capital Transfer Optimized. Is Bitcoin the Future of Money? - SXSW Interactive 2014 (Full Session) Me & My Money: Arkadi Kuhlmann. Arkadi Kuhlmann. Fintech Gamification. Enterprise Gamification Consultancy - Rabobank: How a Dutch Bank Wins With Gamification. When you think about banks, then the word serious would immediately strike your mind.
But certainly not in the context of "serious games," but "serious business. " This is about to change, as the case of the Dutch Rabobank with assets of €771bn and a profit of €1.3bn is demonstrating. Gamification has become an important strategy in how banking business is done, both internally for employees and externally for clients. Maarten Molenar, project manager for the Rabobank Gamification Hub, is the driver and evangelist behind the gamification strategy for this cooperative bank conglomerate that operates in over 48 countries and employees nearly 60,000 people.
Rabobank as one of the largest and oldest banking cooperations in the world has been doing serious games in the past to promote the bank at TV shows and for young clients of the future (the 8-16 year old) - including the cooperative game World Food Game which was an experiment in gamified co-creation with young people. 5 Banks Leading the Way in Gamification. 2014 Forecast: Gamification and the Year Ahead in Banking. December 17, 2013 Few banks, particularly in the U.S., have begun using gamification in their digital interactions with customers, but globally the concept is gaining ground, according to a study on innovation and gamification in banking by Infosys .
The study surveyed 160 banks around the world, and while only 9% of them had implemented some form of gamification, another 35% said they have plans in the next two years to adopt gamification. "Banks are starting to see gamification as a path to online innovation," says Rajashekhara Maiya, associate vice president and principal of Finacle Product Strategy at Infosys. "Right now the foremost barrier [to the adoption of gamification for banks is their legacy IT systems, which are preventing any innovation. They don't have the necessary technical abilities or scalability. " Another bank in Singapore put more than 150 screens in two of their branches that customers can use to design their own personalized credit card, Maiya adds.
Collaboration In The Cloud How Cross Boundary Collaboration Is Transforming Business by Erik van Ommeren.
Join NewFinance - NewFinance. Open platform. In computing, an open platform describes a software system which is based on open standards, such as published and fully documented external application programming interfaces (API) that allow using the software to function in other ways than the original programmer intended, without requiring modification of the source code.
Using these interfaces, a third party could integrate with the platform to add functionality. The opposite is a closed platform. An open platform does not mean it is open source, however most open platforms have multiple implementations of APIs. For example Common Gateway Interface (CGI) is implemented by open source web servers as well as Microsoft Internet Information Server (IIS). An open platform can consist of software components or modules that are either commercial or open source or both. An open platform implies that the vendor allows, and perhaps supports, the ability to do this.
Disruption in Banking - By Brett King, CEO & Founder, Moven.