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Bank Of England Governor Might Open Opportunity For Ripple Tech, Says That Payments Across Borders Should Be Indistinguishable From Those Across The Street

The Governor of the Bank of England, Mark Carney, has vowed to transform the central bank in preparation for the upcoming “fourth industrial revolution.”

Speaking at the Innovate Finance Global Summit, Carney said that he would focus on encouraging innovation among fintech startup, and making climate change and Artificial Intelligence (AI) priorities.

Carney stressed on the emerging digital economy, which many developing nations are preparing for by embracing blockchain technology and decentralized systems.

The Governor of the Bank of England, Mark Carney, has vowed to transform the central bank in preparation for the upcoming “fourth industrial revolution.”

Speaking at the Innovate Finance Global Summit, Carney said that he would focus on encouraging innovation among fintech startup, and making climate change and Artificial Intelligence (AI) priorities.

Carney stressed on the emerging digital economy, which many developing nations are preparing for by embracing blockchain technology and decentralized systems.

The second great wave of globalisation is cresting. The Fourth Industrial Revolution is just beginning. And a new economy is emerging. That new economy requires a new finance. A new finance to serve the digital economy, a new finance to support the major transitions underway across the globe, and a new finance to increase the financial sector’s resilience.

Carney also spoke of the changing nature of the way we exchange value,

Consumers and businesses increasingly expect transactions to be settled in real time, checkout to become an historical anomaly, and payments across borders to be indistinguishable from those across the street.

Though Ripple is not mentioned by name, the kind of solutions that Ripple offers is a partial answer for the kind of upgrade that Carney speaks of. The cross-border solutions that Ripple provides has been warmly welcomed by banks across the world.

Earlier this year, the World Economic Forum released a report that showed over 40 central banks across the world were conducting research and/or implementing blockchain solutions. Certainly there is a lot to be gained by established entities adopting the technology, IMF Managing Director, Christine Lagarde, has also said that “cryptocurrencies clearly shake the world.”

Abhimanyu Krishnan
About Abhimanyu Krishnan

Abhimanyu is an engineer on paper but a writer by living. To him, the most celebratory aspect of blockchain technology is its democratic nature. While he’s hodling, he can be found reading a good book or making the local dogs howl with the sound of his guitar playing.

Source: Bank Of England Governor Might Open Opportunity For Ripple Tech, Says That Payments Across Borders Should Be Indistinguishable From Those Across The Street

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SendFriend gets $1.7M for blockchain-based remittance led by MIT, Mastercard

SendFriend, a New York-based blockchain startup specializing in international money transfer to the Philippines, has raised $1.7 million in pre-seed funding from a group led by MIT Media Lab, Mastercard Foundation, Ripple and Barclays. Other investors include Techstars, Mahindra Finance, 2020 Ventures and 8 Decimal Capital. The blockchain-based platform, set to launch service from New Jersey and expand to other U.S. states, will allow customers, mostly overseas Filipino workers, to transfer funds back home for about 65 percent less than what is currently on the market, according to David Lighton, co-founder and CEO………………

Source: SendFriend gets $1.7M for blockchain-based remittance led by MIT, Mastercard

Blockchain in Trade Finance: Arguably the Hottest Banking Trend Right Now

In the journey to digitalizing trade, blockchain and distributed ledger technology (DLT) have emerged as powerful technologies promising to bring tremendous new opportunities for trade finance. At the 2018 Singapore Fintech Festival, experts discussed the many opportunities that blockchain brings to the table, with Jim Sullivan, deputy assistant secretary for services at the US Department of Commerce of International Trade Administration, citing two core areas for blockchain: trade finance and supply chain. Sullivan spoke about an advisory committee for the US Secretary of Commerce that is working to evaluate different standards across the world and the feasibility of leveraging blockchain in trade finance…………

Source: Blockchain in Trade Finance: Arguably the Hottest Banking Trend Right Now

Can Blockchain Technology Make Agriculture Safer?

Smart contracts built on blockchain technology may eliminate the need for middlemen. Energy grids could use that tech to increase cybersecurity. And aerospace suppliers look to blockchain as a potential investment in keeping track of their supply lines and boosting efficiencies. But perhaps one of the most unexpected – and impactful – applications of blockchain may be in agriculture…………

Source: Can Blockchain Technology Make Agriculture Safer?

Wyoming ‘financial technology sandbox’ bill seeks to boost blockchain and fintech innovation – TokenPost

A bill has been introduced in Wyoming’s state legislature to establish financial technology sandbox in order to boost innovation in this space. Introduced last week, the “Financial Technology Sandbox Act” seeks to create a financial technology sandbox for the testing of financial products and services in the state of Wyoming.

Source: Wyoming ‘financial technology sandbox’ bill seeks to boost blockchain and fintech innovation – TokenPost

Dutch Banking Group, ING Eyes Blockchain-Based Initiatives in 2019

https://www.pivot.one/share/post/5c271191595ce7166df14e66?uid=5bd49f297d5fe7538e6111b6&invite_code=JTOJYV

No More Banks or FICO Reports? Economist Describes Ways Blockchain Technology Will Change How We Allocate Credit

In our lifetime we will see many of the traditional banks and credit reporting systems become irrelevant as blockchain technology brings about a radical transformation of the institutional nature of our banking system – a system that is based on a centralized ledger to manage transactions, says Virginia Tech economist David Bieri.

According to Bieri, “the distributed ledger technology of the blockchain offers new ways of economic coordination and governance whereby a information flows are shared almost instantaneously across all participants in a networked system, opening the door for new possibilities such as de-nationalized currencies and a radical democratization of different forms of trust.”

Bieri is an associate professor at Virginia Tech who has also held positions in central banking across the globe.

Quoting Bieri

“The information monopoly of the three credit bureaus is rapidly being dismantled as big data and AI allow fintech companies to engineer something that is much more accurate than the FICO score, from the social media and other personal information they have on you. Several fintech companies are already basing their lending information on this. It has similar logic to FICO, but is based off of their proprietary information.”

“There is significant power in the distributed network because in order for someone to tamper with it they would need to change every copy at the same time and hack every computer separately. Because this is much harder to do than hack a central single location, it makes the data more secure.”

Background and research

Bieri is leading a collaborative research project with two of the largest blockchain-based fintech consortia, R3 and Hyperledger, to develop standards as well as examine how the banking system is reorganizing itself to embrace blockchain, the very thing that might render it obsolete. Project Information – “Disruption, Dislocation or Delusion? Fintech and the Digital Macrofoundations of the Next Global Financial Order” (David Bieri and Giselle Datz)

About Bieri

David Bieri is an associate professor in the School of Public and International Affairs and in the department of economics at Virginia Tech. His current research examines the dynamics of financialization and its role in the process of urbanization. He also writes about regulatory aspects of international finance and global monetary governance. Previously, Bieri held positions in central banking at the Bank for International Settlements in Switzerland and in investment banking in London.

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