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Forging a blockchain agencies can use

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Besides examining agency spending and performance, the Government Accountability Office also has its eye on distributed ledger technologies.

GAO’s five-year strategic plan released in February identified blockchain and cryptocurrencies as technologies that have the ability “potentially transform” society.

Agencies considering using blockchain to improve government processes must develop policies and procedures that address risk, change management and training as part of their strategy, GAO Director of Financial Management and Assurance Asif Khan said. “Blockchain is so customizable and versatile so you need to clearly think through the needs in your environment,” he said at May 2 KPMG Future Ready Government event.

“We find people who are interested in blockchain because it is a buzzword,” Khan said. But with more experimentation and proofs of concept, “the word will get out as to how people can adopt blockchain within their own [agencies],” he said.

Agencies need risk-based policies and procedures for the blockchain projects.  For instance, Khan said, agencies must have a game plan for what happens if the ledger is hacked and the chain can no longer be accessed for a specific project.

Change management and training enter the picture when blockchain starts making processes more efficient and eliminating redundancies.  “Peoples’ roles are going to shift, so change management is necessary to show how [the project] will be implemented,” Khan said.  “Each person needs to be trained on what their roles are in the environment.”

GAO itself is interested in using blockchain to verify information at the source level for its reports, but the idea has not gone beyond the discussion phase, Kahn said.

The Treasury Department’s Bureau of Fiscal Service, however, already has seen benefits from a blockchain proof of concept that inventoried employees’ computers and phones.  However, it remains to be seen whether blockchain will be able to live up to the hype, said Craig Fischer, program manager for that agency’s Office of Financial Innovation and Transformation.

“The next step is [to] understand what this [type of project] means when it is moved to into an operational environment in the federal government,” Fischer said.  “When you have a network that spans and effects several agencies, it could be useful, but we need to determine what the architecture for that would look like.”

Blockchain

China Will Have a Public Blockchain Says Qtum Growth Head

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But if China does not allow that, someone else will enter the market

If anything took the center stage at BlockShow Asia 2019, it was China’s u-turn in blockchain space. In an interesting panel discussion, Qtum, Head of Growth, John Scianna emphasized that public blockchain will find its way to China.

 His analysis matters. Previously John was a Research Analyst at the “Chamber of Digital Commerce”. And that is a progressive American blockchain advocacy group. And currently, he plays an integral role in building and specializing Qtum’s international marketing strategy Talking about the developments from the Chinese front in the last two weeks, John stated that heavy investment is on the way. He added that giants like Alibaba and Tencent will primarily encourage permissioned blockchains. But undoubtedly, the Chinese blockchain market will have public blockchains also. According to John, if China does not let it happen, some “Smart western project” might enter the market. 

Libra was Bigger News than China!

 When asked about the biggest blockchain news of 2019, John’s answer turned out to be interesting. According to him Facebook joining the game with Libra was a notable development. He also believes that Libra enjoyed an undue advantage of Facebook’s marketing. As per John, blockchain marketing is changing now. And projects are following “gorilla marketing” now. The messages they are sending out to users are clear and different. 

Regulation or no-regulation

 In his opinion over-regulation is creating bad user experiences. And blockchain has now turned into a self-regulated market. He quoted Binance as an example of self-regulation. He said that in order to stay in business, they are sticking to the right side of the law. 

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Walmart Canada announces blockchain system to boost 400 stores across Canada

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  • The new blockchain solution will be used for; tracking deliveries, verifying transactions, and automating payments.
  • It aims to increase efficiency, reduce costs, and allow for easier budgeting and planning.

Walmart Canada has announced a new solution based on blockchain, they describe it as the world’s “first enterprise full production blockchain solution launched at a large scale mission-critical function”.

It is a network which will allow for information sharing and collaboration between 70 third-party trucking companies serving the company. The blockchain system has been a collaboration between Walmart Canada and DLT Labs. The new solution aims to increase efficiency, reduce costs, and allow for easier budgeting and planning for the company’s logistics arm.

As per the press release, the Walmart Canada blockchain is reportedly the largest such application of the technology ever to hit the logistics industry. It will be leveraged for; tracking deliveries, verifying transactions, and automating payments between the company and the 70 trucking companies it works with. It will serve Walmart’s 400 retail stores across Canada.

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Northern Trust set to further leverage blockchain for fractionalized bonds

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  • The custody bank, Northern Trust is testing blockchain for the issuance of fractionalized bonds. 
  • Northern Trust will be partnership with Singapore-based debt markets company BondEvalue.

Northern Trust, custody bank is looking to leverage blockchain for fractionalized bonds on the network.  The bank will be working with a Singapore-based debt markets company BondEvalue.

It is a move which demonstrates Northern Trust’s continued interest in the technology, following the development and then selling of its private equities blockchain, which shortens the time to market for new high-tech private equity funds. 

Justin Chapman, global head of market advocacy and innovation research at Northern Trust said:

We’re building capabilities we feel will be reusable across multiple asset classes and multiple jurisdictions,” said of the new bond pilot. “Our focus on this initiative is to help bring the exchange to life and then we offer the highest grade asset servicing capability in that digital environment.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

source:fxstreet

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