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Welcome to Blockchain Connect: Lory Kehoe, Managing Director, ConsenSys

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Lory is a Managing Director with ConsenSys and leads ConsenSys Ireland. ConsenSys is a global technology company, building the infrastructure and applications to help corporates and governments harness the power of blockchain technology.

This week, Laurence Coldicott sat down to discuss Lory’s role at Blockchain Connect, and the state of play for blockchain in 2019.

Firstly Lory, if you could give us a bit of background around your role at ConsenSys?
Sure, I am incredibly grateful to be working as Managing Director with ConsenSys Ireland. It is highly rewarding to be working at the forefront of the blockchain revolution, creating transformational change as part of a global formation of technologists and entrepreneurs. And building the infrastructure, applications, and practices that empower a decentralized world.

You have previously compared the Blockchain revolution to the early days of the internet, where do you think we are now; are we beyond the Wild Wild West?

Change is often feared but it is nonetheless inevitable. The internet taught us that. Blockchain has a copious equivalence to the internet in the mid-1990s, a time when Luddites were sceptical of its most basic potential. The multi-modal efficacy of blockchain solutions in enabling the connection of people, companies or things in a direct way or on a peer-to-peer basis is definitively validated. And I certainly believe that we are operating within an era of blockchain Darwinism, when valiant proof of concepts are actuating tangible and saleable value across countless applications, and any spurious concepts are promptly being debunked.

What applications of blockchain do you currently find the most exciting? Where are you seeing the early adopters/partners coming from?
Society today is characterised entities that control that transaction process, embedding themselves within it and administering a premium for their involvement. What is perverse is that this involvement by its nature can in fact induce arduous transactional and regulatory onuses upon users. Blockchain definitively threatens this model.

Using blockchain, we can adeptly disintermediate and rationalize processes, creating unprecedented efficiencies. We can now transfer ownership of a car, cast a vote in an election, or transfer a share certificate without having to go through a third party such as a bank, a government or a stockbroker.

How do you see Blockchain, particularly Enterprise grade Blockchain projects, developing in Europe over the next year to 18 months?
The competitive advantages afforded to early adopters in terms of efficiency plays and firstcomer market grab, across a multitude of use cases, are certainty palpable.

Fractional ownership schemes for tokenised investment and property portfolios are one field in particular in which I foresee immense application advancement and proliferation over the next 18months.

Smart contracts are self-executing contracts that effect automatically once certain criteria are met, such as funds or legal document receipt. The benefit of smart contracts in trade finance, for instance in aircraft leasing, to streamline changes of ownership of aircraft, are readily comprehensible.

How can you see it positively impacting on the banking industry?
Transparency has of course come to the fore as of particular import within the banking sector, a key feature in blockchain is that anything that is stored on the blockchain is there forever, the information is ‘immutable’ and it cannot be erased. This means that the information that is stored on the blockchain offers us an unequalled level of transparency. It also guarantees that the record cannot be manipulated, i.e. that nobody else can come in and change the record. This guarantees a level of trust and transparency that has not existed heretofore.

For example, if an institution is carrying €100m, and if I then try to amend the blockchain to say the figure is €200m, then others can see that this information is not correct. It will therefore elucidate inaccuracies or fraudulence to other users, and that the transaction shouldn’t exist on the shared database.

Blockchain is also described as a distributed ledger. In simple terms, this means that instead of us keeping one master ledger tracking all transactions and then having to reconcile different copies of the ledgers, we can get to a place where there is a shared ledger in the middle that records everyone who has access to the book. The benefits of tokenising AML and KYC procedures are also discernible, institutions would be able to share and access records with ease, with substantial operational efficiencies resultant for all involved, not to mention cost savings.

Are you seeing any regulatory challenges to the proliferation of blockchain?
The regulatory challenges to blockchain application tend to be dictated by the industry of application. For instance, banking, pharma and food supply chain industries are all characterised by rigid and intense regulatory hurdles.

We work with and for clients to devise solutions that not only satisfy these requirements, but indeed simplify compliance of them. At the crux of the blockchain infrastructure is the fact that it guarantees that records cannot be manipulated, i.e. that nobody else can enter the blockchain and change a record. We often describe it as the ‘trust machine’, which inherently offers a meticulous audit trail. This integrity element is particularly germane in the context of such a heavily regulated and security centric environments.

Are you excited to about being at the forefront of the Dublin tech scene? What lends Ireland to being a hot bed of digital innovation?

Yes absolutely, there is palpable excitement in ConsenSys’s Dublin innovation studio. Ethereum-based blockchain platforms offer the opportunity for dynamic transformation in global interconnectedness and machine interface. We are building the next internet, and developers are keen to work on developing things that have never been built before.

This week, Laurence Coldicott sat down to discuss Lory’s role at Blockchain Connect, and the state of play for blockchain in 2019.

Register for FinTech Connect on 3–4 December at ExCeL, London.

Source: https://www.fintechconnect.com/blockchain/interviews/welcome-to-blockchain-connect-lory-kehoe-managing-director-consensys

Blockchain

Hong Kong in Talks with China to Stretch Cross-Border Testing of Digital Yuan

After the successful proceeding of the first phase of the testing of the Digital Yuan, Hong Kong is in talks with China to stretch its cross-border testing.

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After the successful proceeding of the first phase of the testing of the Digital Yuan, Hong Kong is in talks with China to stretch its cross-border testing. This has marked yet another step toward wider adoption of the currency.

Hong Kong to Stretch Testing of Digital Yuan to China

The Monetary Authority of Hong Kong has recently conducted tests with the Digital Currency Institute of the People’s Bank of China.

In addition to this, the Hong Kong Monetary Authority said in an e-mailed response to the questions asked that it involved a bank designated by the mainland authority, as well as the merchants and bank staff.

The e-mailed response said:

“We have tested the use of the related app, system connectivity, and certain use cases such as cross-boundary purchases.” 

Along with this, the statement said:

“We are discussing and collaborating with the PBOC on the next phase of technical testing, including the feasibility of broadening and deepening the use of e-CNY for cross-boundary payments.”

Also, it should be known that the People’s Bank of China is pretty ahead of other major central banks in the development of its own digital currency.

The bank is looking forward to replacing cash and maintaining control over a payments landscape that has become increasingly dominated by technology companies not regulated like banks.

Payment Infrastructure Underpinning e-CNY can Address Substantial Portion of Cost Base

As revealed in the report released on Wednesday by Oliver Wyman, the usage of the Digital Yuan in Hong Kong could lead to a much faster and cheaper cross-border payment and clearing process. 

Michael Ho, the Principal of Financial Services at Oliver Wyman and Co-Author of the report said:

“If the payment infrastructure underpinning e-CNY were to roll out for cross-border payments at scale, we believe it can address a substantial portion of this cost base.”

China could promote the overseas use of digital yuan starting with the Greater Bay Area, a massive urban cluster that includes Shenzhen, Macau, and Hong Kong.

READ  Diginex Introduces EQUOS.io In Singapore To Start Derivative Product Trading

#Cross-border transactions #Digital Yuan #Hong Kong

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Source: https://www.cryptoknowmics.com/news/hong-kong-in-talks-with-china-to-stretch-cross-border-testing-of-digital-yuan

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Identity Platform Acuant Partners with Blockchain Analysis Firm Chainalysis

It has been revealed that the identity platform for fraud prevention and Anti-Money Laundering compliance, Acuant has partnered with Chainalysis.

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In a recent announcement, it has been revealed that the identity platform for fraud prevention and Anti-Money Laundering compliance, Acuant has partnered with Chainalysis. The recent partnership between the AML compliance and the blockchain analysis company is meant to assist financial institutions with AML solutions.

Acuant Partners Chainalysis to Provide AML Solutions

The partnership between Chainalysis and Acuant will be helping in assisting the cryptocurrency businesses assess risk, safeguard them against illegal transactions, automate workflows, and protect their reputations with Anti-Money Laundering solutions.

In addition to this, it should be known that the customers of both partners, Acuant and Chainalysis, will now be able to leverage both the platforms via the interface provided by Acuant to manage transactions that are indicative of higher risk.

The customers will be provided with access to Chainalysis Know Your Transactions (KYT) as well as Chainalysis Reactor, their graphical investigative software

Talking further about the investigative software, it can be utilized to follow the flow of funds across the blockchain for investigations.

The amalgamation of the Chainalysis Know Your Transactions and Acuant integrates a data set of thousands of services with the solutions that help to review both the fiat and crypto transactions.

The Integration of Identity Platform and Blockchain Analysis Firm

Well, along with this, the integration will be helping in detecting any kind of suspicious activities, manage the investigations, and moreover, file the suspicious activity reports (SARs).

The real-time alerts on the highest-risk activity will be allowing the compliance teams to target the most urgent activity and following that, fulfill the regulatory obligations to report the transactions that are suspicious.

Jose Caldera, the Chief Product Officer at Acuant said:

“Our partnership with Chainalysis will further augment our support to the cryptocurrency industry. This partnership is bringing together and integrating the top Anti-Money Laundering solutions in the marketplace today. We look forward to working with Chainalysis to strengthen our platform and to continue to be a leading solutions provider in the crypto space.” 

READ  Bitcoin PARABOLIC!! | $9,500 Next Stop?? | Bitcoin Maximalism Vs. Altcoin Hype | BTC On Excel

#Acuant #Blockchain #Chainalysis

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Source: https://www.cryptoknowmics.com/news/identity-platform-acuant-partners-with-blockchain-analysis-firm-chainalysis

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BIC’s Video News Show: Bitcoin Cash

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In this episode of the BeInCrypto video news show, host Jessica Walker will look at bitcoin cash (BCH). The coin has returned to the top ten in market cap, due to an anticipated upgrade, its pairing with ethereum (ETH), as well as the increased use of CashFusion. We’ll also take a look at its recent price movements.

Bitcoin Cash is Back in the Top 10 Cryptos! Is it There to Stay?

Bitcoin cash back in top ten

Bitcoin cash has been gaining a lot in the past several weeks. It currently sits at the tenth place on CoinMarketCap’s top cryptocurrencies in terms of market capitalization. It is a regular on the list and it seems to be going up because of investors looking for the next “boom-coin.” By sharing a name with mainstay bitcoin (BTC), it’s basking in the glory of its more popular namesake. But what are some other reasons for BCH’s return to the top ten?

May 15th upgrade

Perhaps the most important thing on BCH holders calendar is the upgrade that will happen on May 15. Most of the changes are aimed at improving the experience of users and merchants when using BCH to make payments. This will hopefully provide another incentive for adoption.

Another upgrade that stands out to us is the removal of the unconfirmed chained transaction limit. This will allow users to do more than 50 chained unconfirmed transactions at a time. This was a highly requested feature for a long time. In particular, by gambling sites and other high volume, quick transaction apps that relied on BCH for payment. 

BCH and Ethereum

Another interesting development around BCH is its pairing with Ethereum. This will happen through the SmartBCH sidechain, which was announced last Thursday. 

In an interview with bitcoin.com, the Smart Bitcoin Cash team lead explained that developers and decentralized app makers can now experiment and develop with the sidechain, which is compatible with the Ethereum Virtual Machine. This seems to have already provoked some interest. 

The Coinflex exchange team has begun running tests with setting up a decentralized exchange and creating tokens. If successful, the sidechain could become a platform for expanding the user base of bitcoin cash and grow its ecosystem. 

CashFusion

CashFusion has also been mentioned quite a lot this week. For those of you who haven’t heard of it, CashFusion is a service that provides privacy for bitcoin cash. Described simply, it lets wallets help each other blend into the crowd and keep prying eyes away. 

Reports have indicated that since CashFusion was introduced in November 2019, there have been more than 67,000 fusions or almost $6 billion worth of BCH using today’s exchange rates. This could be another sign of the popularity of bitcoin cash, which has largely gone under the radar in recent months.

Technical analysis

A quick chart analysis shows us that we are close to a high from May 2018, which was around $1,850 dollars. Right now, we seem to be on track to reach and test that level. But a correction and retest of $1,228 on the downside are also possible, although that level did hold several days ago. 

Source:TradingView

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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Source: https://beincrypto.com/bics-video-news-show-bitcoin-cash/

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Aave Testing Out Permissioned Pool for Institutional Investors

DeFi lending protocol, Aave protocol has built a permissioned pool for institutions to test out before getting involved within the DeFi ecosystem.

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DeFi lending protocol, Aave protocol, has built a permissioned pool for institutions to test out before getting involved within the DeFi ecosystem. The permissioned test pool is designed to be compliant with AML regulations with mandatory Know Your Customer (KYC) verification process from relevant partners. The pool would be coming to mainnet sooner rather than later.

Aave Permissioned Pool for Institutional Investors

Earlier on May 12, a Twitter user posted a tweet tagging Aave’s official Twitter account expressing concern that an anti-money laundering warning had appeared on Aave’s homepage.

Responding to this, the founder of AAVE, Stani Kulechov tweeted back saying that there had been a mistake and that “The text is actually incorrect and relates to another pool we’re testing out” explaining that Aave is still fully decentralized, and the text had appeared in the wrong place before later revealing that Aave is testing out a private pool for institutional investors.

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Another user replied asking whether the specified pool was for testing out compliance features. Kulechov then confirmed the private pool was built for institutions to practice “before aping into DeFi.”

Even though Aave was launched at the beginning of 2020, it has experienced significant growth in total deposits and daily deposits since the summer of 2020.

Aave’s recent launch on Polygon and the introduction of its liquidity program was followed by its total value locked rising from $5.4 billion on April 25 to roughly $11.4 billion on May 12.

Aave Deposits and Permissioned Pool for Institutional Investors

Aave’s head of institutional business development, Ajit Tripathi, confirmed that the protocol had indeed designed a permissioned pool.

However, the “private pool” description in Kulechov’s Tweet was not entirely accurate as the pool will be on public chains but will have permissioned access for institutions, describing that the purpose of the pool was educational.

READ  DASH Falling and Testing Below $191.22 – Technical Analysis

Aave has totaled over $45 billion in deposits, with 2021 seeing the protocol average $231 million in deposits per day. Over 46,000 unique Ethereum users have become lenders on Aave, with the average all-time deposit reaching $173,000. AAVE is currently trading at $566 at the time of writing.

#AAVE #DeFi #Permissioned Pool

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Source: https://www.cryptoknowmics.com/news/aave-testing-out-permissioned-pool-for-institutional-investors

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