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Major Spanish Port Latest to Use Blockchain in Shipping

  By David Drake   The Port Authority of the Bay of Algeciras (APBA), a major Spanish shipping port, recently signed up to use the Tradelens, the shipping platform developed by IBM. Tradelens was developed in conjunction with Maersk, the international logistics giant. Shipping and logistics are considered low hanging fruits when it comes to early adoption of blockchain-based features into daily operations. Retail giants such as Walmart and Carrefour have ramped up their supply chain management using blockchain, and with APBA coming onboard, this could mean broader adoption of this burgeoning technology. Many logistic companies have already begun using blockchain. APBA processes over 70 million tons of cargo annually, which equates to approximately 4 million containers. It is one of the top 10 busiest ports throughout Europe, and blockchain is meant to make tracking of its huge loads of cargo a lot easier. Increasing Efficiency These port companies are ... Read More »

How Falcon Private Bank is Making Crypto Transfers and Fiat Conversions Possible

  By David Drake   Falcon Private Bank, a Switzerland-based bank, has announced that it now has a system that supports the direct transfer and storage of selected cryptocurrencies. The bank has introduced digital wallets called ‘Falcon Wallets’ that allow institutional and private customers to transfer cryptocurrencies as well as convert them to fiat. The digital coins that are currently supported by the bank are Bitcoin, Bitcoin Cash, Litecoin, and Ethereum. In doing so, Falcon Bank has made these digital assets ‘fully bankable’ according to the report published on January 21. It has officially recognized them as virtual assets and even plans to include them in tax documents and portfolio statements. According to Martin Keller, CEO of the Falcon Private Bank, noted that by merging innovative financial solutions with conventional banking services, the bank has once again demonstrated its expertise and positioned itself as a leader in the virtual assets ... Read More »

MIT Review: Why this Leading Tech Institution Says Blockchain Will Go Mainstream this Year

  By David Drake   After a difficult 2018, the cryptocurrency industry is expected to recover after a tech review done by the Massachusetts Institute of Technology (MIT) predicted that blockchain is likely to go mainstream this year. This prediction is a departure from the reports highlighted by Boston Consulting Group (BCG) and Forrester Research last year. In its report, BCG suggested that the potential of blockchain in the commodity trading industry was being overhyped. According to the consulting group, trade volumes that were being run on blockchain were minimal. This made it challenging to estimate how long it would take for the technology to go mainstream in the commodity trading space. On its part, the report by Forrester Research predicted that most blockchain projects initiated in the US would be put on hold by the end of 2017. At the same time, the report indicated that companies that had ... Read More »

Finance and Retail Sectors will Lead in Blockchain Adoption, Here’s Why

  By David Drake   The Massachusetts Institute of Technology (MIT), one of the leading Science and Technology institutes in the US, has predicted that blockchain will become the norm in 2019. As a critical part of the infrastructure governing digital coins, the technology is embedded with potent features such as transparency and tracking mechanisms, that will prove vital to across sectors. Developers in different sectors have plans of integrating blockchain technology into their day-to-day operations, while steering clear of its original use with cryptocurrencies that remain unstable. Pilot projects have been launched, and beta-testing used among a myriad of corporations in a bid to discover best use cases for the technology. Blockchain in Retail The retail industry has for a while now, been exploring the use of blockchain technology in tracking shipping of products, from farm to table. Walmart has been testing blockchain as a supply tracker for several ... Read More »

Will the Decision to Make Digital Assets Bankable Promote Crypto Industry Growth?

  By David Drake   Utilization of cryptocurrencies and blockchain in the banking sector is not an entirely new concept. Banks around the globe have either reacted positively or negatively to crypto implementation. Blockchain technology has, however, evolved from being ignored and seen in a bad light, to providing innovative solutions in the banking industry. On realizing its potential, banks are finding ways to create applications that make transactions cheaper, faster and less complicated. Falcon’s Move Just recently, Falcon, a Swiss private bank, has initiated direct transfers of and conversion of select cryptocurrencies into fiat money. At the moment, the bank is working with Bitcoin, Bitcoin Cash, Ether and Litecoin. This move by the bank makes crypto assets fully bankable, which means crypto investors can easily place an order to trade either through the bank or e-banking. In addition, the bank will incorporate crypto assets in portfolio statements and tax ... Read More »

Why Falcon’s Digital Asset Service will Promote Crypto Integration in the Banking Sector

  By David Drake   Despite significant technological advancements, cryptocurrency critics have been described as a bubble that would burst and have adverse effects on its holders. This idea has largely been propagated in the banking sector because cryptocurrencies have been perceived as destructive to the already established business status quo. However, the reality is changing and slowly, banks are beginning to view cryptocurrencies as tools that are capable of  transforming the financial sector. This is evidenced by the fact that during the last G20 meeting, cryptocurrencies were mentioned as crucial towards building an open and resilient financial system. As a consequence, the banking sector has started to explore this space and some banks are on the path of launching relevant crypto products and services. One such bank is the Falcon Private Bank in Switzerland. This  bank has made big strides when it comes to providing banking services to the ... Read More »

Which Sectors Will be First to Mainstream Blockchain in 2019?

  By David Drake   One of the fascinating aspects of technology is its dynamic nature. This aspect has ensure that once mainstreamed, businesses have the option to embrace it or be edged out. Despite its numerous advantages and application, mainstreaming of blockchain has had its fair share of challenges, more so in 2018 when the valuation of most cryptocurrencies fell substantially. However, a tech review published by the Massachusetts Institute of Technology (MIT) predicts a positive outlook for blockchain. According to the review, the application of this technology will become the norm in 2019. This normalization will be characterized by  mass adoption of the technology as it gets integrated in daily operations. The positive review was made through announcements made by several large corporations to launch major blockchain projects. To further backup its prediction, MIT cites that numerous sound blockchain-based projects are close to breaking even, which is a ... Read More »

Why Finance and Legal Sectors Could Trailblaze Blockchain Mainstreaming in 2019

  By David Drake   For the past two years, blockchain has experienced ups and downs and has not lived up to the expectations of some, especially in the value of cryptocurrencies. Despite this, in its evaluation, Massachusetts Institute of Technology (MIT) expects blockchain to become the norm in 2019. In its review, the institute argues this will happen because some of blockchain projects being developed are close to being operational. Several companies are also set to unveil their blockchain centered projects this year. Why Normalization One of the reasons why MIT says blockchain will be normalized in 2019 is the fact that more companies are getting into and investing in the crypto business. Walmart, one of the largest retailers,  has been carrying out tests on its blockchain-based supply tracker system and is set to begin using it. Likewise, there are plans by the owner of Intercontinental Exchange to launch ... Read More »

3 Sectors that Will be at the Forefront of Mainstreaming Blockchain in 2019

  By David Drake   Although blockchain technology offers significant improvements to the current centralised systems, it has made small strides in the mainstream economy. Critics believe that this paints a grim future for the technology as it has been nearly 10 years since the technology was first created. Despite such views, the Massachusetts Institute of Technology (MIT) predicts that utilization of blockchain technology will become the norm in 2019. But for William Davis, Managing Director at LDJ Capital, the culture that blockchain promotes is more critical than the technology itself. He says, “Perhaps more important than the technology is the culture of transparency, immutability and personal data ownership which will create opportunities for option retail shopping with targeted marketing that is content rich and requested as opposed to intrusive and very often not desired.  Pattern recognition from anonymized data will bring quick insights with real time pattern recognition of ... Read More »

Western Union Ready to Support Customers’ Crypto Adoption

  By David Drake   For over a hundred years, the global money transfer landscape has radically evolved from localized payments, that were the preserve of banks, to the emergence of numerous money transfer companies. One of the world’s leading money transfer company, Western Union, has managed to keep up with the changing financial landscape. It has established itself as a trusted global leader, operating in more than 200 countries with over 500,000 agents worldwide. Recently, Western Union announced it is ready to add cryptos to the list of currencies on its list of operations. Months prior to this announcement, the company was against plans to include cryptocurrencies in its transfer business citing low adoption of cryptos by its customers. But this has since changed. Speaking to Reuters Plus, Odilon Almeida, President, Western Union Global Money Transfer said the company is ready to include any currencies in its service. He ... Read More »

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