Categories: Bitcoin Business

Factbox – Blockchain projects: A status update

Click here to view original web page at www.reuters.com

(Reuters) - Banks, exchange operators and other companies are investing billions of dollars to find uses for blockchain, a digital ledger used by cryptocurrencies like bitcoin.

A Reuters review of 33 projects announced over the past four years and interviews with industry executives involved in them shows the technology has yet to deliver on its promise.

Here are six projects, categorized by their status:

NOT ACTIVE

** Deloitte and technology startup SETL announced in 2016 that they had tested a card payment system based on blockchain. SETL said at the time that the service could launch as early as 2017. The system has not launched, SETL President Peter Randall told Reuters.

** An IBM and MUFG Bank Ltd project, announced in 2016, to build a blockchain system to manage contracts between the two companies is no longer active, according to the companies.

PRESSING FORWARD

** Australian Securities Exchange Chief Executive Dominic Stevens told Reuters in May that the exchange expects to go live as planned in 2021 with a blockchain-based technology to replace its over 25-year-old equities clearing and settlement system. The project, announced in 2016, is one of the most ambitious of its kind.

** The Depository Trust & Clearing Corporation expects to go live later this year with a blockchain-based trade information warehouse of cleared and bilateral credit derivatives. DTCC said in January 2017 it was working with IBM and startups Axoni and R3 on the project.

LAUNCHED

** Non-profit advisory group American Association of Insurance Services (AAIS) has launched a system built on blockchain technology from IBM to help insurers streamline data reporting. The group generated a small report and one insurer is loading its data onto the blockchain, while others want to get started, said Joan Zerkovich, head of AAIS operations. But the system is a long way from being widely adopted and a handful of states still require that data be sent on paper, Zerkovich said.

** In late 2018 foreign exchange settlement provider CLS said its new blockchain-based payment netting service called CLSNet had gone live with Morgan Stanley and Goldman Sachs Group Inc. Since then, three other banks have joined the service, which was built with IBM, and more will be added this year, said Alan Marquard, chief strategy and development officer at CLS.

Reporting by Anna Irrera and John McCrank. Additional reporting by Suzanne Barlyn in New York and Paulina Duran in Sydney.; Editing by Lauren Tara LaCapra and Paritosh Bansal

A Reuters review of […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Argo: New Agreement Signed to Expand Power Capacity by 357%

LONDON--(BUSINESS WIRE)-- Argo will also have an option to boost mining capacity by up to 1360 petahash (PH), or 1.36… Read More

56 mins ago

Legendary Investor Bashes ‘Psycho-Currency’ Bitcoin, Then Accidentally Makes Crypto Case

Mark Mobius, founding partner of Mobius Capital Partners claims bitcoin's emergence will further drive investors to gold. | Source: REUTERS/Francis… Read More

57 mins ago

Hitting This Key Area Could Trigger a Quick Bitcoin Price Boom

Bitcoin price is having a volatile week. | Source: Shutterstock By CCN Markets : Since August 15, in less than… Read More

57 mins ago

Online Blockchain Launches Cryptocurrency Subscription Service for New Coins and Tokens

- Innovative 'HODLbox' enables subscribers to exploit nascent cryptos - LONDON, Aug. 20, 2019 /PRNewswire/ -- Online Blockchain plc (… Read More

57 mins ago

Maharashtra to use blockchain technology to monitor services

Maharashtra , the second largest state in India, announced that they will be using blockchain technology in a wide variety… Read More

57 mins ago

People Who Want to Control Their Capital Buy Bitcoin, Says Circle CEO

Jeremy Allaire, CEO at cryptocurrency financial services company Circle, expressed his optimism in regards to Bitcoin ( BTC ) being… Read More

58 mins ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More