![\"3](\"https://www.pymnts.com/wp-content/uploads/2024/08/3-big-ideas-blockchain.png\")
DBS and Ant International have launched a pilot of a blockchain-powered treasury and liquidity management solution designed to enable Ant International to reduce the settlement of intragroup transactions from days to seconds.
\nThe solution, DBS Treasury Tokens, will enable Ant International, a provider of digital payment and financial services solutions, to use the digital form factor to achieve instant, multicurrency treasury and liquidity management on DBS\u2019 permissioned blockchain for its entities across multiple markets, the companies said in a Tuesday (Aug. 13) press release.
\nIn addition, because DBS\u2019 permissioned blockchain is integrated with Ant International\u2019s treasury management solution, Whale, Ant International will be able to seamlessly manage its intragroup liquidity around the clock, according to the release.
\n\u201cThis milestone with DBS is an important step forward in addressing challenges like reducing costs and transaction risks for cross-border payments,\u201d Kelvin Li, head of platform tech at Ant International, said in the release.
\nDBS Treasury Tokens aims to solve challenges faced by large corporates like Ant International that operate several entities across multiple markets and need to manage payments, collections, funding needs and cash positions across time zones and currencies, according to the release.
\nBy reducing the settlement of intragroup transactions, the solution optimizes intragroup liquidity and working capital and provides corporate treasurers with greater visibility, predictability and control over the group\u2019s cash position, per the release.
\n\u201cThis new capability comes at a time when the treasury needs of businesses are evolving to meet the rise of eCommerce and on-demand services on a 24/7 basis,\u201d Lim Soon Chong, group head of global transaction services at DBS Bank, said in the release. \u201cDBS Treasury Tokens and our partnership with Ant International demonstrates how corporates can seize such opportunities with full confidence that their liquidity management capabilities can scale in tandem.\u201d
\nThis pilot stems from what DBS learned from its participation in two projects led by the Monetary Authority of Singapore: Project Orchid, which aims to develop the technology necessary for a digital Singapore dollar, and Project Guardian, which brought together policymakers and the financial industry to use asset tokenization to enhance the liquidity and efficiency of financial markets, according to the release.
\nDBS Treasury Tokens is one of the industry applications tested under Project Guardian, per the release.
\nThe post DBS and Ant International Test Blockchain-Powered Treasury Management Solution appeared first on PYMNTS.com.
\n", "content_text": "DBS and Ant International have launched a pilot of a blockchain-powered treasury and liquidity management solution designed to enable Ant International to reduce the settlement of intragroup transactions from days to seconds.\nThe solution, DBS Treasury Tokens, will enable Ant International, a provider of digital payment and financial services solutions, to use the digital form factor to achieve instant, multicurrency treasury and liquidity management on DBS\u2019 permissioned blockchain for its entities across multiple markets, the companies said in a Tuesday (Aug. 13) press release.\nIn addition, because DBS\u2019 permissioned blockchain is integrated with Ant International\u2019s treasury management solution, Whale, Ant International will be able to seamlessly manage its intragroup liquidity around the clock, according to the release.\n\u201cThis milestone with DBS is an important step forward in addressing challenges like reducing costs and transaction risks for cross-border payments,\u201d Kelvin Li, head of platform tech at Ant International, said in the release.\nDBS Treasury Tokens aims to solve challenges faced by large corporates like Ant International that operate several entities across multiple markets and need to manage payments, collections, funding needs and cash positions across time zones and currencies, according to the release.\nBy reducing the settlement of intragroup transactions, the solution optimizes intragroup liquidity and working capital and provides corporate treasurers with greater visibility, predictability and control over the group\u2019s cash position, per the release.\n\u201cThis new capability comes at a time when the treasury needs of businesses are evolving to meet the rise of eCommerce and on-demand services on a 24/7 basis,\u201d Lim Soon Chong, group head of global transaction services at DBS Bank, said in the release. \u201cDBS Treasury Tokens and our partnership with Ant International demonstrates how corporates can seize such opportunities with full confidence that their liquidity management capabilities can scale in tandem.\u201d\nThis pilot stems from what DBS learned from its participation in two projects led by the Monetary Authority of Singapore: Project Orchid, which aims to develop the technology necessary for a digital Singapore dollar, and Project Guardian, which brought together policymakers and the financial industry to use asset tokenization to enhance the liquidity and efficiency of financial markets, according to the release.\nDBS Treasury Tokens is one of the industry applications tested under Project Guardian, per the release.\nThe post DBS and Ant International Test Blockchain-Powered Treasury Management Solution appeared first on PYMNTS.com.", "date_published": "2024-08-13T19:16:36-04:00", "date_modified": "2024-08-13T19:16:36-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/DBS-Ant-international.jpg", "tags": [ "Ant International", "Blockchain", "cross-border payments", "dbs", "DBS Treasury Tokens", "financial services", "News", "Project Guardian", "Project Orchid", "PYMNTS News", "treasury management", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2051848", "url": "https://www.pymnts.com/blockchain/2024/regulated-industries-eye-blockchain-uses-tech-goes-mainstream/", "title": "Solana Says Regulated Industries Are Primed for Blockchain Use Cases", "content_html": "Blockchain technology, once synonymous with cryptocurrencies, is expanding into mainstream industries.
\nThe $943 billion projected market by 2032 has sparked a debate between public and private blockchains for regulated sectors like finance and healthcare.
\nHistorically, private blockchains, controlled by single entities or consortia, have been favored for their data privacy and managed environments. However, high costs, scalability issues and security risks due to limited access have hindered their adoption.
\n
The PYMNTS Intelligence report \u201cBlockchain\u2019s Benefits for Regulated Industries\u201d highlighted how public blockchains, known for their decentralized nature, are gaining traction. Advancements have bolstered their privacy and security features, challenging the dominance of private networks. As these technologies mature, public blockchains could become a preferred option for regulated industries, broadening the technology\u2019s reach beyond digital currencies.
\nPrivate blockchains have been favored in regulated industries for their controlled environments, offering restricted access and managed data privacy. These systems, however, face drawbacks, including infrastructure costs, scalability issues and limited interoperability due to their closed nature. Security concerns also arise from their reliance on participant trust and consensus mechanisms.
\nPublic blockchains, by contrast, offer advantages. Their decentralized architecture ensures greater transparency and security, as transactions are visible to all participants and immutable without consensus. Advancements have improved public blockchains\u2019 scalability and cost-effectiveness, reducing the need for expensive infrastructure.
\nFeatures such as confidential and reversible transactions and asset tokenization have been introduced, addressing historical privacy and security concerns. Additionally, public blockchains support interoperability with other networks and systems, encouraging broader integration. Lower barriers to participation also encourage wider adoption and innovation.
\nDevelopments in public blockchain technology address the needs traditionally met by private blockchains. For example, token extensions on the Solana public blockchain are introducing features such as confidential transactions, reversible transactions and global account management.
\nSolana\u2019s token extensions allow for the issuance of stablecoins and the tokenization of real-world assets like stocks, real estate and commodities. These features enhance regulatory compliance and improve liquidity and fractional ownership opportunities. By integrating these functionalities directly into the tokens, public blockchains offer privacy and security measures that were previously associated with private networks.
\nAs enterprises become more familiar with public blockchain technologies and their enhanced privacy and security features, the adoption of public blockchains is expected to grow. This trend suggests that public blockchains will play a role in regulated sectors, offering a practical solution that meets compliance and operational needs.
\nThe landscape of blockchain technology in regulated industries is evolving, with public blockchains gaining recognition for their potential benefits. Innovations like confidential transactions, reversible transactions and the tokenization of real-world assets are already addressing key privacy and security concerns traditionally associated with private blockchains.
\nEnhanced consensus mechanisms have improved efficiency, while greater interoperability with other networks has broadened their applicability. These developments make public blockchains an alternative to private networks, potentially leading to wider adoption and integration in sectors like finance and healthcare.
\nPublic blockchains provide a transparent ledger and can adapt to various regulatory requirements, positioning them as a viable solution for managing complex transactions and ensuring data integrity. Their lower barriers to entry and minimal infrastructure needs make them more accessible, encouraging innovation and collaboration across different sectors.
\nThe post Solana Says Regulated Industries Are Primed for Blockchain Use Cases appeared first on PYMNTS.com.
\n", "content_text": "Blockchain technology, once synonymous with cryptocurrencies, is expanding into mainstream industries.\nThe $943 billion projected market by 2032 has sparked a debate between public and private blockchains for regulated sectors like finance and healthcare.\nHistorically, private blockchains, controlled by single entities or consortia, have been favored for their data privacy and managed environments. However, high costs, scalability issues and security risks due to limited access have hindered their adoption.\n\nThe PYMNTS Intelligence report \u201cBlockchain\u2019s Benefits for Regulated Industries\u201d highlighted how public blockchains, known for their decentralized nature, are gaining traction. Advancements have bolstered their privacy and security features, challenging the dominance of private networks. As these technologies mature, public blockchains could become a preferred option for regulated industries, broadening the technology\u2019s reach beyond digital currencies.\nPublic Blockchains\u2019 Emerging Edge Over Private Chains\nPrivate blockchains have been favored in regulated industries for their controlled environments, offering restricted access and managed data privacy. These systems, however, face drawbacks, including infrastructure costs, scalability issues and limited interoperability due to their closed nature. Security concerns also arise from their reliance on participant trust and consensus mechanisms.\nPublic blockchains, by contrast, offer advantages. Their decentralized architecture ensures greater transparency and security, as transactions are visible to all participants and immutable without consensus. Advancements have improved public blockchains\u2019 scalability and cost-effectiveness, reducing the need for expensive infrastructure.\nFeatures such as confidential and reversible transactions and asset tokenization have been introduced, addressing historical privacy and security concerns. Additionally, public blockchains support interoperability with other networks and systems, encouraging broader integration. Lower barriers to participation also encourage wider adoption and innovation.\nInnovations Bring Private Blockchain Benefits to Public Networks\nDevelopments in public blockchain technology address the needs traditionally met by private blockchains. For example, token extensions on the Solana public blockchain are introducing features such as confidential transactions, reversible transactions and global account management.\nSolana\u2019s token extensions allow for the issuance of stablecoins and the tokenization of real-world assets like stocks, real estate and commodities. These features enhance regulatory compliance and improve liquidity and fractional ownership opportunities. By integrating these functionalities directly into the tokens, public blockchains offer privacy and security measures that were previously associated with private networks.\nEnterprises Embrace Public Blockchains for Compliance\nAs enterprises become more familiar with public blockchain technologies and their enhanced privacy and security features, the adoption of public blockchains is expected to grow. This trend suggests that public blockchains will play a role in regulated sectors, offering a practical solution that meets compliance and operational needs.\nThe landscape of blockchain technology in regulated industries is evolving, with public blockchains gaining recognition for their potential benefits. Innovations like confidential transactions, reversible transactions and the tokenization of real-world assets are already addressing key privacy and security concerns traditionally associated with private blockchains.\nEnhanced consensus mechanisms have improved efficiency, while greater interoperability with other networks has broadened their applicability. These developments make public blockchains an alternative to private networks, potentially leading to wider adoption and integration in sectors like finance and healthcare.\nPublic blockchains provide a transparent ledger and can adapt to various regulatory requirements, positioning them as a viable solution for managing complex transactions and ensuring data integrity. Their lower barriers to entry and minimal infrastructure needs make them more accessible, encouraging innovation and collaboration across different sectors.\nThe post Solana Says Regulated Industries Are Primed for Blockchain Use Cases appeared first on PYMNTS.com.", "date_published": "2024-08-13T13:37:45-04:00", "date_modified": "2024-08-13T21:47:12-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/blockchain.jpg", "tags": [ "Blockchain", "Blockchain\u2019s Benefits for Regulated Industries", "compliance", "digital transformation", "Featured News", "News", "privacy", "PYMNTS Intelligence", "PYMNTS News", "PYMNTS Study", "regulations", "Security", "Solana", "Technology" ] }, { "id": "https://www.pymnts.com/?p=2050153", "url": "https://www.pymnts.com/blockchain/2024/aelf-and-chaingpt-partner-to-add-ai-chatbots-to-blockchain/", "title": "Aelf and ChainGPT Partner to Add AI\u00a0Chatbots to Blockchain", "content_html": "Aelf and\u00a0ChainGPT have partnered to add chatbots, non-fungible token (NFT) and smart contract generators, and other artificial intelligence (AI) technologies to aelf\u2019s blockchain network.
\nThis collaboration aims to accelerate aelf\u2019s transformation into an AI-enhanced blockchain and extend ChainGPT\u2019s AI-powered infrastructure for the blockchain industry into new markets, the companies said in a Wednesday (Aug. 7)\u00a0press release.
\n\u201cThis partnership will empower incumbent and new developers with advanced tools to create more dynamic and responsive applications and provide our communities with smarter, more intuitive interaction capabilities,\u201d\u00a0Brian Liang, chief operating officer of aelf, said in the release.
\nIlan Rakhmanov, founder and CEO of ChainGPT, said in the release: \u201cTogether we\u2019re empowering developers with advanced, scalable solutions and driving innovation in the Web3 space.\u201d
\nThe first phase of the partnership will focus on the integration of ChainGPT\u2019s AI chatbots across aelf\u2019s website,\u00a0Telegram and\u00a0Discord platforms, according to the release. These chatbots will be trained on aelf\u2019s developer documentation and strategic initiatives, will serve both technical and retail users, and will manage everything from simple user inquiries to complex development questions.
\nIn the second phase, aelf will integrate ChainGPT\u2019s decentralized AI solutions into its blockchain infrastructure, the release said. These solutions include NFT and smart contract generators, AI trading assistants and an AI-focused launchpad.
\nThe companies will encourage developers who are building decentralized applications (dApps) on aelf to integrate these AI tools into their platforms, and they will provide comprehensive support to those who do so, per the release.
\n\u201cThis partnership marks a significant milestone in the adoption of AI technologies in the blockchain space, setting a new standard for how AI can enhance the scalability and functionality of blockchain networks,\u201d the press release said.
\nIn another project, ChainGPT launched a platform called\u00a0GT Protocol in January, saying it brings AI-powered\u00a0auto-trading to the world of cryptocurrencies.
\nMade possible through a strategic partnership with ChainGPT Pad, a launchpad and incubator supporting promising Web3 startups, this platform offers a non-custodial setting to access CeFi, DeFi\u00a0and NFTs.
\nIn another pairing of AI and blockchain technology,\u00a0Lockchain.ai debuted an AI-powered blockchain\u00a0risk management platform in April, saying it offers \u201cautomated risk management solutions to traders, investors and fund managers in the blockchain ecosystem.\u201d
\nThe post Aelf and ChainGPT Partner to Add AI\u00a0Chatbots to Blockchain appeared first on PYMNTS.com.
\n", "content_text": "Aelf and\u00a0ChainGPT have partnered to add chatbots, non-fungible token (NFT) and smart contract generators, and other artificial intelligence (AI) technologies to aelf\u2019s blockchain network.\nThis collaboration aims to accelerate aelf\u2019s transformation into an AI-enhanced blockchain and extend ChainGPT\u2019s AI-powered infrastructure for the blockchain industry into new markets, the companies said in a Wednesday (Aug. 7)\u00a0press release.\n\u201cThis partnership will empower incumbent and new developers with advanced tools to create more dynamic and responsive applications and provide our communities with smarter, more intuitive interaction capabilities,\u201d\u00a0Brian Liang, chief operating officer of aelf, said in the release.\nIlan Rakhmanov, founder and CEO of ChainGPT, said in the release: \u201cTogether we\u2019re empowering developers with advanced, scalable solutions and driving innovation in the Web3 space.\u201d\nThe first phase of the partnership will focus on the integration of ChainGPT\u2019s AI chatbots across aelf\u2019s website,\u00a0Telegram and\u00a0Discord platforms, according to the release. These chatbots will be trained on aelf\u2019s developer documentation and strategic initiatives, will serve both technical and retail users, and will manage everything from simple user inquiries to complex development questions.\nIn the second phase, aelf will integrate ChainGPT\u2019s decentralized AI solutions into its blockchain infrastructure, the release said. These solutions include NFT and smart contract generators, AI trading assistants and an AI-focused launchpad.\nThe companies will encourage developers who are building decentralized applications (dApps) on aelf to integrate these AI tools into their platforms, and they will provide comprehensive support to those who do so, per the release.\n\u201cThis partnership marks a significant milestone in the adoption of AI technologies in the blockchain space, setting a new standard for how AI can enhance the scalability and functionality of blockchain networks,\u201d the press release said.\nIn another project, ChainGPT launched a platform called\u00a0GT Protocol in January, saying it brings AI-powered\u00a0auto-trading to the world of cryptocurrencies.\nMade possible through a strategic partnership with ChainGPT Pad, a launchpad and incubator supporting promising Web3 startups, this platform offers a non-custodial setting to access CeFi, DeFi\u00a0and NFTs.\nIn another pairing of AI and blockchain technology,\u00a0Lockchain.ai debuted an AI-powered blockchain\u00a0risk management platform in April, saying it offers \u201cautomated risk management solutions to traders, investors and fund managers in the blockchain ecosystem.\u201d\nThe post Aelf and ChainGPT Partner to Add AI\u00a0Chatbots to Blockchain appeared first on PYMNTS.com.", "date_published": "2024-08-09T14:39:43-04:00", "date_modified": "2024-08-09T14:39:43-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/05/blockchain-payments-defi.jpg", "tags": [ "aelf", "AI", "artificial intelligence", "Blockchain", "ChainGPT", "crypto", "cryptocurrency", "DeFi", "News", "NFTs", "partnerships", "PYMNTS News", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2039135", "url": "https://www.pymnts.com/blockchain/2024/ripple-launches-effort-to-promote-blockchain-innovation-in-uae/", "title": "Ripple Launches Effort to Promote Blockchain Innovation in UAE", "content_html": "Blockchain solutions provider\u00a0Ripple\u00a0is set to team up with Dubai\u2019s\u00a0DIFC Innovation Hub.
\nThe collaboration is designed to accelerate blockchain and digital assets innovation in the United Arab Emirates (UAE), Ripple\u00a0announced\u00a0Wednesday (Aug. 7), connecting developers with the DIFC Hub, home to more than 1,000 growth-stage tech companies, digital labs, venture capital outfits, regulators and educational entities.
\n\u201cThe UAE is one of the most advanced jurisdictions globally when it comes to offering regulatory clarity for licensed firms to offer virtual asset services and fostering an environment in which the next generation of financial innovation can flourish,\u201d Ripple CEO\u00a0Brad Garlinghouse\u00a0said in a news release.
\n\u201cOur partnership with the DIFC Innovation Hub promises to drive the adoption of blockchain technology in the region as the XRPL continues to be a leading blockchain for the region\u2019s start-ups and scaleups building real use cases.\u201d
\nAccording to the release, Ripple has committed one billion XRP to accelerate development and new global use cases on its XRP Ledger blockchain, providing financial, technical and business support to developers.
\n\u201cSince announcing the 1B XRP Fund in late 2021, Ripple has funded over 160 teams building on the XRPL, reaching 47 countries to date, across a wide range of use cases spanning decentralized finance (DeFi), to Real World Assets (RWA), and other groundbreaking new solutions,\u201d the release said.
\nThe partnership comes as American blockchain/crypto firms look to countries like the UAE amid pressure from the U.S. Securities and Exchange Commission (SEC).
\n\u201cWhat we are seeing, where it\u2019s the UK, Japan, Singapore \u2026 even the European Union, more than two dozen countries have come together to\u00a0provide a framework\u00a0for crypto regulation,\u201d Garlinghouse told Bloomberg News last month at the Republican National Convention.
\n\u201cIt\u2019s frustrating that we as a country can\u2019t get that framework in place. And instead, we have this interminable litigation coming from the SEC that really isn\u2019t solving the problem.\u201d
\nMeanwhile, research by PYMNTS Intelligence and\u00a0Visa\u00a0finds that the UAE is home to a digitally-engaged populace, with\u00a089% of retail shoppers\u00a0\u2014 and 45% of grocery shoppers \u2014 using digital tools while browsing in physical stores.
\n\u201cAnd, when surveyed about the quality of their\u00a0digital shopping features, respondents shared what turned out to be the second highest level of customer satisfaction among the six countries we studied,\u201d PYMNTS wrote in June. \u201cThis likely explains why 71% of UAE consumers used digital features to enhance their most recent shopping experience.\u201d
\nThe post Ripple Launches Effort to Promote Blockchain Innovation in UAE appeared first on PYMNTS.com.
\n", "content_text": "Blockchain solutions provider\u00a0Ripple\u00a0is set to team up with Dubai\u2019s\u00a0DIFC Innovation Hub.\nThe collaboration is designed to accelerate blockchain and digital assets innovation in the United Arab Emirates (UAE), Ripple\u00a0announced\u00a0Wednesday (Aug. 7), connecting developers with the DIFC Hub, home to more than 1,000 growth-stage tech companies, digital labs, venture capital outfits, regulators and educational entities.\n\u201cThe UAE is one of the most advanced jurisdictions globally when it comes to offering regulatory clarity for licensed firms to offer virtual asset services and fostering an environment in which the next generation of financial innovation can flourish,\u201d Ripple CEO\u00a0Brad Garlinghouse\u00a0said in a news release.\n\u201cOur partnership with the DIFC Innovation Hub promises to drive the adoption of blockchain technology in the region as the XRPL continues to be a leading blockchain for the region\u2019s start-ups and scaleups building real use cases.\u201d\nAccording to the release, Ripple has committed one billion XRP to accelerate development and new global use cases on its XRP Ledger blockchain, providing financial, technical and business support to developers.\n\u201cSince announcing the 1B XRP Fund in late 2021, Ripple has funded over 160 teams building on the XRPL, reaching 47 countries to date, across a wide range of use cases spanning decentralized finance (DeFi), to Real World Assets (RWA), and other groundbreaking new solutions,\u201d the release said.\nThe partnership comes as American blockchain/crypto firms look to countries like the UAE amid pressure from the U.S. Securities and Exchange Commission (SEC).\n\u201cWhat we are seeing, where it\u2019s the UK, Japan, Singapore \u2026 even the European Union, more than two dozen countries have come together to\u00a0provide a framework\u00a0for crypto regulation,\u201d Garlinghouse told Bloomberg News last month at the Republican National Convention.\n\u201cIt\u2019s frustrating that we as a country can\u2019t get that framework in place. And instead, we have this interminable litigation coming from the SEC that really isn\u2019t solving the problem.\u201d\nMeanwhile, research by PYMNTS Intelligence and\u00a0Visa\u00a0finds that the UAE is home to a digitally-engaged populace, with\u00a089% of retail shoppers\u00a0\u2014 and 45% of grocery shoppers \u2014 using digital tools while browsing in physical stores.\n\u201cAnd, when surveyed about the quality of their\u00a0digital shopping features, respondents shared what turned out to be the second highest level of customer satisfaction among the six countries we studied,\u201d PYMNTS wrote in June. \u201cThis likely explains why 71% of UAE consumers used digital features to enhance their most recent shopping experience.\u201d\nThe post Ripple Launches Effort to Promote Blockchain Innovation in UAE appeared first on PYMNTS.com.", "date_published": "2024-08-07T13:53:35-04:00", "date_modified": "2024-08-07T13:53:35-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2022/02/Ripple.jpg", "tags": [ "Blockchain", "cryptocurrency", "DeFi", "DIFC Innovation Hub", "News", "partnerships", "PYMNTS News", "Ripple", "UAE", "United Arab Emirates", "What's Hot", "XRP" ] }, { "id": "https://www.pymnts.com/?p=2020053", "url": "https://www.pymnts.com/blockchain/2024/california-puts-car-titles-on-chain-in-push-for-blockchain-usability/", "title": "California Puts Car Titles On-Chain in Push for Blockchain Usability", "content_html": "Fraud detection and prevention are among the many promises blockchain technology holds. But unlike certain other far-from-realized promises, the security of on-chain digitization is finding real use in the real world.
\nOn Tuesday (July 30) California\u2019s Department of Motor Vehicles (DMV) digitized tens of millions of car vehicle titles registered in the state using blockchain technology, in part to serve as a deterrent against lien fraud.
\nNow, up to 42 million vehicle titles exist on Ava Labs\u2019 Avalanche blockchain as part of an effort by the state to modernize the title transfer process for California drivers and DMV representatives.\u00a0
\n\u201cAs consumers continue to demand more automation and expect the ability to transact life online, widespread adoption of secure systems is possible with blockchain infrastructure,\u201d said Andrew Smith, president of Oxhead Alpha, one of the core technology providers involved in the initiative.
\n\u201cThese systems have historically been accessible by large financial institutions but have done little for regular citizens. We believe that ultimately, value transfer will be embedded within the system itself proving the technology works at scale and enables other jurisdictions to implement similar approaches.\u201d
\n\u201cBlockchains are the most advanced tool any organization can leverage to maximize efficiency, maintain compliance and protect consumer data \u2014 vital components for a government serving its constituents,\u201d added John Wu, president of Ava Labs.\u00a0
\nCalifornians will be able to access and claim their vehicle titles through a mobile app expected to be available by early 2025.\u00a0
\nAnd that was just one data point from a full week of crypto and Web3 news, as the sector looks to derive greater impact from blockchain\u2019s novel applications.
\nRead more: Making Sense of Why FIs Are Tokenizing Real-World Assets
\nIn a sign of the changing times, with blockchain finding a wider embrace across the financial sector, the Bank of England announced Tuesday that it is conducting a new series of experiments with central bank digital currencies (CBDCs) for retail use. The bank said it will work with the Treasury,\u00a0Payments Systems Regulator and the\u00a0Financial Conduct Authority in its experiments to ensure that all forms of currency, digital or otherwise, are interchangeable with each other.
\nPYMNTS Intelligence reveals that blockchain has numerous potential benefits to serve the needs of regulated industries, including finance, healthcare, identity verification and supply chain management.
\nAnd last Tuesday (July 23), news broke that two Swiss banks \u2014\u00a0Amina Bank and\u00a0Sygnum Bank \u2014 had recently launched real-time payment and settlement networks, targeting a gap left by the closure of\u00a0Silvergate Exchange Network (SEN) and Signature Bank\u2019s Signet platform. The aim is to help crypto companies \u201cexecute trades and settle positions more quickly.\u201d
\nThat\u2019s not all. State Street is also reportedly looking at\u00a0a number of\u00a0options for settling\u00a0payments on blockchain. The financial services and banking firm is considering creating its\u00a0own\u00a0stablecoin, creating its\u00a0own\u00a0deposit token, joining digital-cash consortium\u00a0efforts, and\u00a0developing settlement options through blockchain payment startup\u00a0Fnality, in which it has an investment.
\nState Street would join other companies that are exploring or implementing crypto settlement, including\u00a0PayPal, which introduced its\u00a0own\u00a0stablecoin;\u00a0Visa and\u00a0Mastercard, which enable stablecoin-based settlement; and\u00a0JPMorganChase, which is exploring deposit tokens.
\nAdditional\u00a0research by PYMNTS Intelligence shows \u201cthat using cryptocurrencies for cross-border payments could be the\u00a0winning use case that the sector has been looking for.\u201d
\nRead more:\u00a0Crypto\u2019s Three Priorities for 2024: Interoperability, Acceptance, Regulation
\nStill, despite the potential for a \u201ccrypto president,\u201d the regulatory environment for blockchain within the U.S. remains relatively challenging and tumultuous.
\nOnline betting service\u00a0DraftKings said Tuesday that is closing down its 3-year-old non-fungible token (NFT) marketplace, along with Reignmakers, a fantasy sports game based around NFTs, due to \u201crecent legal developments.\u201d
\nWhile the company did not specify the nature of the legal developments, a report noted that DraftKings is the subject of a\u00a0federal class action lawsuit\u00a0claiming the company\u2019s NFTs are unregistered securities.
\nDraftKings isn\u2019t alone in its NFT troubles. Earlier this year,\u00a0GameStop, which had introduced an NFT marketplace in the summer of 2022, decided to exit the non-fungible token business, citing the\u00a0ongoing regulatory uncertainty\u00a0around the larger cryptocurrency market.
\nMeanwhile, the U.S. Treasury Department released an assessment in May which found that NFTs are \u201chighly susceptible\u201d to theft and use in fraud and scams.
\nThe post California Puts Car Titles On-Chain in Push for Blockchain Usability appeared first on PYMNTS.com.
\n", "content_text": "Fraud detection and prevention are among the many promises blockchain technology holds. But unlike certain other far-from-realized promises, the security of on-chain digitization is finding real use in the real world. \nOn Tuesday (July 30) California\u2019s Department of Motor Vehicles (DMV) digitized tens of millions of car vehicle titles registered in the state using blockchain technology, in part to serve as a deterrent against lien fraud.\nNow, up to 42 million vehicle titles exist on Ava Labs\u2019 Avalanche blockchain as part of an effort by the state to modernize the title transfer process for California drivers and DMV representatives.\u00a0\n\u201cAs consumers continue to demand more automation and expect the ability to transact life online, widespread adoption of secure systems is possible with blockchain infrastructure,\u201d said Andrew Smith, president of Oxhead Alpha, one of the core technology providers involved in the initiative. \n\u201cThese systems have historically been accessible by large financial institutions but have done little for regular citizens. We believe that ultimately, value transfer will be embedded within the system itself proving the technology works at scale and enables other jurisdictions to implement similar approaches.\u201d\n\u201cBlockchains are the most advanced tool any organization can leverage to maximize efficiency, maintain compliance and protect consumer data \u2014 vital components for a government serving its constituents,\u201d added John Wu, president of Ava Labs.\u00a0\nCalifornians will be able to access and claim their vehicle titles through a mobile app expected to be available by early 2025.\u00a0 \nAnd that was just one data point from a full week of crypto and Web3 news, as the sector looks to derive greater impact from blockchain\u2019s novel applications. \nRead more: Making Sense of Why FIs Are Tokenizing Real-World Assets\nBlockchain for Financial Sector\nIn a sign of the changing times, with blockchain finding a wider embrace across the financial sector, the Bank of England announced Tuesday that it is conducting a new series of experiments with central bank digital currencies (CBDCs) for retail use. The bank said it will work with the Treasury,\u00a0Payments Systems Regulator and the\u00a0Financial Conduct Authority in its experiments to ensure that all forms of currency, digital or otherwise, are interchangeable with each other.\nPYMNTS Intelligence reveals that blockchain has numerous potential benefits to serve the needs of regulated industries, including finance, healthcare, identity verification and supply chain management. \nAnd last Tuesday (July 23), news broke that two Swiss banks \u2014\u00a0Amina Bank and\u00a0Sygnum Bank \u2014 had recently launched real-time payment and settlement networks, targeting a gap left by the closure of\u00a0Silvergate Exchange Network (SEN) and Signature Bank\u2019s Signet platform. The aim is to help crypto companies \u201cexecute trades and settle positions more quickly.\u201d\nThat\u2019s not all. State Street is also reportedly looking at\u00a0a number of\u00a0options for settling\u00a0payments on blockchain. The financial services and banking firm is considering creating its\u00a0own\u00a0stablecoin, creating its\u00a0own\u00a0deposit token, joining digital-cash consortium\u00a0efforts, and\u00a0developing settlement options through blockchain payment startup\u00a0Fnality, in which it has an investment.\nState Street would join other companies that are exploring or implementing crypto settlement, including\u00a0PayPal, which introduced its\u00a0own\u00a0stablecoin;\u00a0Visa and\u00a0Mastercard, which enable stablecoin-based settlement; and\u00a0JPMorganChase, which is exploring deposit tokens. \nAdditional\u00a0research by PYMNTS Intelligence shows \u201cthat using cryptocurrencies for cross-border payments could be the\u00a0winning use case that the sector has been looking for.\u201d\nRead more:\u00a0Crypto\u2019s Three Priorities for 2024: Interoperability, Acceptance, Regulation\nLegal Snarls\nStill, despite the potential for a \u201ccrypto president,\u201d the regulatory environment for blockchain within the U.S. remains relatively challenging and tumultuous. \nOnline betting service\u00a0DraftKings said Tuesday that is closing down its 3-year-old non-fungible token (NFT) marketplace, along with Reignmakers, a fantasy sports game based around NFTs, due to \u201crecent legal developments.\u201d\nWhile the company did not specify the nature of the legal developments, a report noted that DraftKings is the subject of a\u00a0federal class action lawsuit\u00a0claiming the company\u2019s NFTs are unregistered securities.\nDraftKings isn\u2019t alone in its NFT troubles. Earlier this year,\u00a0GameStop, which had introduced an NFT marketplace in the summer of 2022, decided to exit the non-fungible token business, citing the\u00a0ongoing regulatory uncertainty\u00a0around the larger cryptocurrency market.\nMeanwhile, the U.S. Treasury Department released an assessment in May which found that NFTs are \u201chighly susceptible\u201d to theft and use in fraud and scams.\nThe post California Puts Car Titles On-Chain in Push for Blockchain Usability appeared first on PYMNTS.com.", "date_published": "2024-07-31T17:20:22-04:00", "date_modified": "2024-07-31T17:20:22-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/California-DMV-blockchain.jpg", "tags": [ "Ava Labs", "Avalanche", "Blockchain", "blockchain settlements", "California DMV", "CBDCs", "central bank digital currencies", "DraftKings", "John Wu", "News", "NFTs", "Oxhead Alpha", "PYMNTS News", "Reignmakers", "state street", "Web3" ] }, { "id": "https://www.pymnts.com/?post_type=tracker_posts&p=2010975", "url": "https://www.pymnts.com/tracker_posts/blockchains-benefits-for-regulated-industries/", "title": "Blockchain\u2019s Benefits for Regulated Industries", "content_html": "Regulated industries, including healthcare and financial services, must adhere to numerous requirements, such as know your customer (KYC), anti-money laundering (AML) and data privacy regulations. In many ways, blockchain is the answer to these industries\u2019 wish lists. Blockchain enables robust KYC and AML by verifying identities in real time and providing an immutable record of data and transactions for the detection of financial crime. It also facilitates secure data sharing between authorized parties by using cryptography and access controls. Finally, smart contracts on blockchain can enforce rules automatically, aiding compliance and reducing human error.
\nOne question that arises for regulated enterprises, however, is whether public or private blockchain is preferable for these institutions. Indeed, past opinion has sometimes advised private, permissioned blockchain for such use cases to ensure maximum data privacy and protection, yet private chains come with their own set of challenges that can defeat their benefits. There are advocates on both sides, but recent innovations on public blockchain \u2014 offering all the security features of private chains plus the many benefits of public chains \u2014 may soon render this question obsolete.
\nBlockchain has numerous potential benefits to serve the unique needs of regulated industries, including finance, healthcare, identity verification and supply chain management, to name a few.
\nRegulated industries present special challenges that blockchain is ideally equipped to manage. In general, regulations exist to offer protection to industry participants, typically around data or money movement. Blockchain\u2019s transparency and traceability have the capacity to boost trust and security while also increasing the speed and efficiency of operations.
\nFor example, in healthcare, blockchain\u2019s distributed ledger technology can be leveraged to streamline centralization of patient records while ensuring that only authorized parties have access to their confidential data. Blockchain also offers financial services greater transactional speed and security, as well as the elimination of costly intermediaries, as in the case of cross-border payments. The technology facilitates faster and more efficient transactions compared to traditional banking methods, and its programmability through smart contracts allows for automated transactions and regulatory compliance.
\nAs the digital economy expands, the need for a stable, efficient and secure form of digital money is becoming increasingly evident. Both stablecoins and deposit tokens \u2014 digital representations of traditional bank deposits issued by regulated financial institutions \u2014 are gaining favor for this purpose. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are often subject to volatility, both stablecoins and deposit tokens are backed by fiat currency, making them as stable as traditional money or bank deposits. Some of the world\u2019s largest banks are envisioning tokenized assets as crucial to the future of the global digital money landscape.
\nBlockchain Use Cases for Regulated Industries
\n Healthcare data protection:
\nBlockchain can facilitate the secure sharing of healthcare data among patients and providers, while also maintaining privacy and data integrity.
Identity verification:
\nBlockchain can offer decentralized identity verification, enabling individuals to safely share their personal information without the need for identity providers.
Smart contracts:
\nSelf-executing contracts, or smart contracts, can enforce contract terms automatically, avoiding the need for a central authority and resulting in reduced costs and improved efficiency.
Supply chain management:
\nBlockchain can be used to track and verify goods as they move through different phases of a supply chain. This leads to enhanced transparency, lower incidence of fraud and more ethical sourcing.
Past preconceptions have favored private over public blockchain for regulated industries due to strict data privacy requirements, but private blockchain has drawbacks that can make it untenable \u2014 as well as less secure than public chains.
\n![\"\"](\"https://www.pymnts.com/wp-content/uploads/2024/07/Solana-Blockchain-Payments-Tracker-July-2024-Graphic-1.png\"){kind=tracking}
Source: The Value Exchange. DLT in the Real World Survey Key Findings. 2024. https://www.broadridge.com/article/capital-markets/dlt-in-the-real-world-2024. Accessed July 2024.
\nThe inevitable question that arises most frequently for regulated enterprises considering entry into blockchain is whether public or private chains are better suited for their purposes.
\nPrivate blockchains are permissioned networks where access is restricted to participants who have been granted permission to join, with the consensus process generally controlled by a single organization or consortium. Because the public at large does not have access to the code empowering the network, proponents argue that private blockchain is the better candidate for facilitating regulated enterprise transactions. Indeed, regulatory pressure has resulted in nearly two-thirds of the enterprise blockchain ecosystem consisting of private blockchains. However, what these arguments miss is that public blockchain is actually very secure, and there are downsides to using private chains that can make them unsustainable \u2014 or unusable altogether.
\nSome of the drawbacks of private blockchain for enterprises include the following:
\nHigh cost: Establishing and maintaining a private blockchain network can be extremely expensive, requiring a high number of resources related to infrastructure, development and continuous operational costs. Indeed, some sources argue that private blockchains are, in essence, \u201ccumbersome databases,\u201d with the costs of servers, staffing and network infrastructure all falling to the controlling entity\u2019s responsibility. These costs often make private blockchain networks impractical or untenable over time, not just for mid-sized and smaller companies but even for top global businesses such as IBM.
\nDifficulty with scalability and interoperability: Private blockchains may encounter scalability issues as they increase in size and complexity, especially if the underlying technology cannot adequately handle a large volume of information. One source notes that private blockchain is substantially slower and less scalable than public blockchain. Moreover, because private chains are generally built on proprietary technologies, interoperability among many institutions is often impossible to achieve, with costs making it infeasible for most private owners.
\nSecurity issues: The security of a private blockchain largely depends on the chosen consensus mechanism and the trustworthiness of participants. A malicious or compromised participant could corrupt the entire network. Ironically, some even argue that private blockchains\u2019 exclusive nature can make them more vulnerable to bad actors than public networks. Relatedly, private blockchains\u2019 lack of transparency through restriction to authorized participants can, in a worst-case scenario, raise the potential for data manipulation.
\nPublic blockchain is fast, inexpensive and, ultimately, very secure. Moreover, innovative token extensions are bringing all the benefits of private, permissioned networks to public blockchain.
\n![\"\"](\"https://www.pymnts.com/wp-content/uploads/2024/07/Solana-Blockchain-Payments-Tracker-July-2024-Graphic-2.png\"){kind=tracking}
Source: HFS Horizons. Public Blockchain Services, 2023. https://www.hfsresearch.com/research/hfs-horizons-public-blockchain-services-2023/. Accessed July 2024.
\nPublic blockchains consist of decentralized networks that permit anyone to join, view transaction history and verify data integrity through a consensus mechanism, such as \u201cproof of work\u201d on Bitcoin or \u201cproof of stake\u201d on networks like Ethereum or Solana. Proponents of public blockchain also add that, contrary to its name, it is very private. Indeed, in its original conception and design, blockchain\u2019s intrinsic security arises from the anonymity of the parties engaged in any given transaction. Blockchain\u2019s immutable and permanent record of transactions ensures this security, and because this record is swiftly validated by multiple independent data centers around the world, consensus is quick, nearly ruling out data tampering. In addition, integrated encryption and other forms of obfuscation further enhance public blockchain\u2019s innate security principle.
\nMoreover, innovations on public blockchain are rendering the public-versus-private debate itself moot. Token extensions, a new token issuance program, for example, are a turnkey innovation on the Solana public blockchain that can apply security controls to the network akin to those of permissioned, private blockchains. Some of the features enabled by these \u201cextensions\u201d include confidential transfers, reversibility and the ability to white- or blacklist accounts globally. Because these features are embedded into the token itself, there is no need for third-party smart contracts to enable this type of functionality. This innovation is currently making new use cases possible on public blockchain for regulated enterprises, such as the issuance of stablecoins for payments and the tokenization of real-world assets, including stocks, bonds, real estate, commodities and even artwork. Tokenization of these assets allows for higher liquidity and fractional ownership, making these investments more accessible to those who might not otherwise be able to partake of these opportunities.
\nAn HFS Horizons report noted a recent \u201cmomentum shift as enterprise focus pivoted toward public blockchains,\u201d with ongoing innovation driving further growth in their adoption by regulated enterprises. Researchers noted that while highly regulated enterprises frequently reported choosing private blockchains due to regulatory pressure, firms are becoming increasingly comfortable with public blockchain as innovation unlocks new levels of privacy. The report concludes that enterprises will turn more and more to public blockchains to achieve scalability in years to come.
\nInnovations such as the Solana network\u2019s token extensions are indicative of a paradigm shift in how assets are being developed, managed and traded. By boosting security measures, ensuring regulatory compliance and encouraging the tokenization of real-world assets, this innovation could allow blockchain to revolutionize a number of regulated industries.
\nAs the integration of blockchain continues to bridge the gap between traditional financial and decentralized ecosystems, this technology can help pave the way to a more efficient global economy \u2014 one that\u2019s based on transparency, security and financial inclusion.
\n\n\nSeveral factors contributed to Solana being chosen for the [PayPal USD (PYUSD)] expansion, including its proven cost-effectiveness and high throughput. However, the more nuanced reason for choosing Solana relates to the unique features it enables for PYUSD. PYUSD is enabled by Solana token extensions, bringing familiar FinTech features to stablecoin payments. These features are not merely nice-to-haves. We believe they are important features to provide to merchants if PYUSD is to grow in its utility to broader commercial segments.\u201d
\n
Source: PayPal USD. PYUSD Launches on Solana: The Next Phase of Adoption. May 29, 2024. https://pyusd.mirror.xyz/TpEwPNybrwzPSSQenLtO4kggy98KH4oQRc06ggVnA0k. Accessed July 2024.
\nThe post Blockchain\u2019s Benefits for Regulated Industries appeared first on PYMNTS.com.
\n", "content_text": "Regulated industries, including healthcare and financial services, must adhere to numerous requirements, such as know your customer (KYC), anti-money laundering (AML) and data privacy regulations. In many ways, blockchain is the answer to these industries\u2019 wish lists. Blockchain enables robust KYC and AML by verifying identities in real time and providing an immutable record of data and transactions for the detection of financial crime. It also facilitates secure data sharing between authorized parties by using cryptography and access controls. Finally, smart contracts on blockchain can enforce rules automatically, aiding compliance and reducing human error.\nOne question that arises for regulated enterprises, however, is whether public or private blockchain is preferable for these institutions. Indeed, past opinion has sometimes advised private, permissioned blockchain for such use cases to ensure maximum data privacy and protection, yet private chains come with their own set of challenges that can defeat their benefits. There are advocates on both sides, but recent innovations on public blockchain \u2014 offering all the security features of private chains plus the many benefits of public chains \u2014 may soon render this question obsolete.\n\n Regulated Industries Offer Fertile Ground for Blockchain\n Public vs. Private Blockchain for Regulated Industries\n Public Blockchain: New Functionalities for Regulated Industries\nSecure and Stable Public Blockchain Solutions for Enterprises\n\nRegulated Industries Offer Fertile Ground for Blockchain\nBlockchain has numerous potential benefits to serve the unique needs of regulated industries, including finance, healthcare, identity verification and supply chain management, to name a few.\n\n$19.7B\nEstimated value of the blockchain technology market in 2024\n\n\n$943B\nEstimated value of the blockchain technology market in 2032\n\n\n30%\nThe financial market\u2019s current share of the blockchain market\n\n\nBlockchain offers elegant solutions to the challenges faced by regulated industries.\nRegulated industries present special challenges that blockchain is ideally equipped to manage. In general, regulations exist to offer protection to industry participants, typically around data or money movement. Blockchain\u2019s transparency and traceability have the capacity to boost trust and security while also increasing the speed and efficiency of operations.\nFor example, in healthcare, blockchain\u2019s distributed ledger technology can be leveraged to streamline centralization of patient records while ensuring that only authorized parties have access to their confidential data. Blockchain also offers financial services greater transactional speed and security, as well as the elimination of costly intermediaries, as in the case of cross-border payments. The technology facilitates faster and more efficient transactions compared to traditional banking methods, and its programmability through smart contracts allows for automated transactions and regulatory compliance.\nBlockchain is becoming a regular player in finance.\nAs the digital economy expands, the need for a stable, efficient and secure form of digital money is becoming increasingly evident. Both stablecoins and deposit tokens \u2014 digital representations of traditional bank deposits issued by regulated financial institutions \u2014 are gaining favor for this purpose. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are often subject to volatility, both stablecoins and deposit tokens are backed by fiat currency, making them as stable as traditional money or bank deposits. Some of the world\u2019s largest banks are envisioning tokenized assets as crucial to the future of the global digital money landscape.\n\nBlockchain Use Cases for Regulated Industries\n Healthcare data protection:\nBlockchain can facilitate the secure sharing of healthcare data among patients and providers, while also maintaining privacy and data integrity.\n Identity verification:\nBlockchain can offer decentralized identity verification, enabling individuals to safely share their personal information without the need for identity providers.\n Smart contracts:\nSelf-executing contracts, or smart contracts, can enforce contract terms automatically, avoiding the need for a central authority and resulting in reduced costs and improved efficiency.\n Supply chain management:\nBlockchain can be used to track and verify goods as they move through different phases of a supply chain. This leads to enhanced transparency, lower incidence of fraud and more ethical sourcing.\n\nPublic vs. Private Blockchain for Regulated Industries\nPast preconceptions have favored private over public blockchain for regulated industries due to strict data privacy requirements, but private blockchain has drawbacks that can make it untenable \u2014 as well as less secure than public chains.\n\nSource: The Value Exchange. DLT in the Real World Survey Key Findings. 2024. https://www.broadridge.com/article/capital-markets/dlt-in-the-real-world-2024. Accessed July 2024.\nThe benefits of private blockchain for regulatory industries are subject to debate.\nThe inevitable question that arises most frequently for regulated enterprises considering entry into blockchain is whether public or private chains are better suited for their purposes.\nPrivate blockchains are permissioned networks where access is restricted to participants who have been granted permission to join, with the consensus process generally controlled by a single organization or consortium. Because the public at large does not have access to the code empowering the network, proponents argue that private blockchain is the better candidate for facilitating regulated enterprise transactions. Indeed, regulatory pressure has resulted in nearly two-thirds of the enterprise blockchain ecosystem consisting of private blockchains. However, what these arguments miss is that public blockchain is actually very secure, and there are downsides to using private chains that can make them unsustainable \u2014 or unusable altogether.\nPrivate blockchain has fundamental disadvantages compared to public blockchain.\nSome of the drawbacks of private blockchain for enterprises include the following:\nHigh cost: Establishing and maintaining a private blockchain network can be extremely expensive, requiring a high number of resources related to infrastructure, development and continuous operational costs. Indeed, some sources argue that private blockchains are, in essence, \u201ccumbersome databases,\u201d with the costs of servers, staffing and network infrastructure all falling to the controlling entity\u2019s responsibility. These costs often make private blockchain networks impractical or untenable over time, not just for mid-sized and smaller companies but even for top global businesses such as IBM.\nDifficulty with scalability and interoperability: Private blockchains may encounter scalability issues as they increase in size and complexity, especially if the underlying technology cannot adequately handle a large volume of information. One source notes that private blockchain is substantially slower and less scalable than public blockchain. Moreover, because private chains are generally built on proprietary technologies, interoperability among many institutions is often impossible to achieve, with costs making it infeasible for most private owners.\nSecurity issues: The security of a private blockchain largely depends on the chosen consensus mechanism and the trustworthiness of participants. A malicious or compromised participant could corrupt the entire network. Ironically, some even argue that private blockchains\u2019 exclusive nature can make them more vulnerable to bad actors than public networks. Relatedly, private blockchains\u2019 lack of transparency through restriction to authorized participants can, in a worst-case scenario, raise the potential for data manipulation.\nPublic Blockchain: New Functionalities for Regulated Industries\nPublic blockchain is fast, inexpensive and, ultimately, very secure. Moreover, innovative token extensions are bringing all the benefits of private, permissioned networks to public blockchain.\n\n\nSource: HFS Horizons. Public Blockchain Services, 2023. https://www.hfsresearch.com/research/hfs-horizons-public-blockchain-services-2023/. Accessed July 2024.\n\nPublic blockchain\u2019s benefits include those of private blockchain \u2014 and more.\nPublic blockchains consist of decentralized networks that permit anyone to join, view transaction history and verify data integrity through a consensus mechanism, such as \u201cproof of work\u201d on Bitcoin or \u201cproof of stake\u201d on networks like Ethereum or Solana. Proponents of public blockchain also add that, contrary to its name, it is very private. Indeed, in its original conception and design, blockchain\u2019s intrinsic security arises from the anonymity of the parties engaged in any given transaction. Blockchain\u2019s immutable and permanent record of transactions ensures this security, and because this record is swiftly validated by multiple independent data centers around the world, consensus is quick, nearly ruling out data tampering. In addition, integrated encryption and other forms of obfuscation further enhance public blockchain\u2019s innate security principle.\nOn Solana, token extensions are opening up new use cases on public blockchain.\nMoreover, innovations on public blockchain are rendering the public-versus-private debate itself moot. Token extensions, a new token issuance program, for example, are a turnkey innovation on the Solana public blockchain that can apply security controls to the network akin to those of permissioned, private blockchains. Some of the features enabled by these \u201cextensions\u201d include confidential transfers, reversibility and the ability to white- or blacklist accounts globally. Because these features are embedded into the token itself, there is no need for third-party smart contracts to enable this type of functionality. This innovation is currently making new use cases possible on public blockchain for regulated enterprises, such as the issuance of stablecoins for payments and the tokenization of real-world assets, including stocks, bonds, real estate, commodities and even artwork. Tokenization of these assets allows for higher liquidity and fractional ownership, making these investments more accessible to those who might not otherwise be able to partake of these opportunities.\nThere is a \u2018momentum shift\u2019 occurring among enterprises toward public blockchain adoption.\nAn HFS Horizons report noted a recent \u201cmomentum shift as enterprise focus pivoted toward public blockchains,\u201d with ongoing innovation driving further growth in their adoption by regulated enterprises. Researchers noted that while highly regulated enterprises frequently reported choosing private blockchains due to regulatory pressure, firms are becoming increasingly comfortable with public blockchain as innovation unlocks new levels of privacy. The report concludes that enterprises will turn more and more to public blockchains to achieve scalability in years to come.\nSecure and Stable Public Blockchain Solutions for Regulated Industries\nInnovations such as the Solana network\u2019s token extensions are indicative of a paradigm shift in how assets are being developed, managed and traded. By boosting security measures, ensuring regulatory compliance and encouraging the tokenization of real-world assets, this innovation could allow blockchain to revolutionize a number of regulated industries.\nAs the integration of blockchain continues to bridge the gap between traditional financial and decentralized ecosystems, this technology can help pave the way to a more efficient global economy \u2014 one that\u2019s based on transparency, security and financial inclusion.\n\n\n\n\n Several factors contributed to Solana being chosen for the [PayPal USD (PYUSD)] expansion, including its proven cost-effectiveness and high throughput. However, the more nuanced reason for choosing Solana relates to the unique features it enables for PYUSD. PYUSD is enabled by Solana token extensions, bringing familiar FinTech features to stablecoin payments. These features are not merely nice-to-haves. We believe they are important features to provide to merchants if PYUSD is to grow in its utility to broader commercial segments.\u201d\n\n\n\n\nSource: PayPal USD. PYUSD Launches on Solana: The Next Phase of Adoption. May 29, 2024. https://pyusd.mirror.xyz/TpEwPNybrwzPSSQenLtO4kggy98KH4oQRc06ggVnA0k. Accessed July 2024.\nThe post Blockchain\u2019s Benefits for Regulated Industries appeared first on PYMNTS.com.", "date_published": "2024-07-26T04:03:10-04:00", "date_modified": "2024-07-26T13:07:00-04:00", "authors": [ { "name": "Ashley McLeod", "url": "https://www.pymnts.com/author/amcleod/", "avatar": "https://secure.gravatar.com/avatar/5fcbfee0fc4dc81613187d709d661036?s=512&d=blank&r=g" } ], "author": { "name": "Ashley McLeod", "url": "https://www.pymnts.com/author/amcleod/", "avatar": "https://secure.gravatar.com/avatar/5fcbfee0fc4dc81613187d709d661036?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/public-blockchain-payments-healthcare.jpg", "tags": [ "Blockchain", "blockchain payments", "Featured News", "Finance", "Healthcare", "News", "private blockchain", "public blockchain", "PYMNTS Intelligence", "PYMNTS News", "regulation", "Solana", "Technology", "Tracker Series" ] }, { "id": "https://www.pymnts.com/?p=2012738", "url": "https://www.pymnts.com/blockchain/2024/report-state-street-considering-several-blockchain-based-projects/", "title": "Report: State Street Considering Several Blockchain-Based Projects", "content_html": "State Street is reportedly looking at a number of options for settling payments on blockchain.
\nThe financial services and banking firm is considering creating its own stablecoin, creating its own deposit token, joining digital-cash consortium efforts, and developing settlement options through blockchain payment startup Fnality, in which it has an investment, Bloomberg reported Wednesday (July 17), citing an unnamed source.
\nState Street did not immediately reply to PYMNTS\u2019 request for comment.
\nWith these efforts, State Street would join other companies that are exploring or implementing crypto settlement, according to the report.
\nThese companies include PayPal, which introduced its own stablecoin; Visa and Mastercard, which enable stablecoin-based settlement; and JPMorganChase, which is exploring deposit tokens, the report said.
\nEarlier this year, State Street integrated its team members focused on digital assets into its overall business, seeking closer ties between digital assets and traditional finance, per the report.
\nWhen State Street reorganized its digital assets division in January, it was reported that most of the division\u2019s employees moved to other units of the company and that the company continues to provide clients with services and market infrastructure for digital assets.
\nIn a statement provided to PYMNTS at the time, State Street said: \u201cIn an effort to better deliver our digital expertise and solutions to clients, we have brought together our traditional custody and digital finance in a seamless interoperable customer experience. This approach is reducing fragmentation for clients and is making the digital transition as easy as possible for investors.\u201d
\nIn March, it was reported that State Street was one of more than three dozen participants in a recently completed pilot project that looked to reframe assumptions about the use of blockchain-based applications within traditional finance.
\nThe project, called the Canton Network, brought together 15 asset managers, 13 banks, four custodians, three exchanges and a stablecoin issuer to explore the potential of a privacy-enabled open blockchain network allowing for real-time settlement and immediate reconciliation across counterparty systems.
\nIt proved that blockchain could be leveraged to streamline and synchronize financial applications while adhering to regulatory asset control, security and data privacy requirements.
\nThe post Report: State Street Considering Several Blockchain-Based Projects appeared first on PYMNTS.com.
\n", "content_text": "State Street is reportedly looking at a number of options for settling payments on blockchain.\nThe financial services and banking firm is considering creating its own stablecoin, creating its own deposit token, joining digital-cash consortium efforts, and developing settlement options through blockchain payment startup Fnality, in which it has an investment, Bloomberg reported Wednesday (July 17), citing an unnamed source.\nState Street did not immediately reply to PYMNTS\u2019 request for comment.\nWith these efforts, State Street would join other companies that are exploring or implementing crypto settlement, according to the report.\nThese companies include PayPal, which introduced its own stablecoin; Visa and Mastercard, which enable stablecoin-based settlement; and JPMorganChase, which is exploring deposit tokens, the report said.\nEarlier this year, State Street integrated its team members focused on digital assets into its overall business, seeking closer ties between digital assets and traditional finance, per the report.\nWhen State Street reorganized its digital assets division in January, it was reported that most of the division\u2019s employees moved to other units of the company and that the company continues to provide clients with services and market infrastructure for digital assets.\nIn a statement provided to PYMNTS at the time, State Street said: \u201cIn an effort to better deliver our digital expertise and solutions to clients, we have brought together our traditional custody and digital finance in a seamless interoperable customer experience. This approach is reducing fragmentation for clients and is making the digital transition as easy as possible for investors.\u201d\nIn March, it was reported that State Street was one of more than three dozen participants in a recently completed pilot project that looked to reframe assumptions about the use of blockchain-based applications within traditional finance.\nThe project, called the Canton Network, brought together 15 asset managers, 13 banks, four custodians, three exchanges and a stablecoin issuer to explore the potential of a privacy-enabled open blockchain network allowing for real-time settlement and immediate reconciliation across counterparty systems.\nIt proved that blockchain could be leveraged to streamline and synchronize financial applications while adhering to regulatory asset control, security and data privacy requirements.\nThe post Report: State Street Considering Several Blockchain-Based Projects appeared first on PYMNTS.com.", "date_published": "2024-07-17T20:13:52-04:00", "date_modified": "2024-07-17T20:13:52-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/State-Street-blockchain.jpg", "tags": [ "Blockchain", "cryptocurrency", "digital assets", "fnality", "News", "payments settlement", "PYMNTS News", "stablecoins", "state street", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2012442", "url": "https://www.pymnts.com/blockchain/2024/web3-this-week-blackrock-ceo-calls-bitcoin-legitimate-mainstream-off-ramps-grow/", "title": "Web3 This Week: BlackRock CEO Calls Bitcoin \u2018Legitimate,\u2019 Mainstream Off-Ramps Grow", "content_html": "Traditional financial operations are centralized, regulated and audited.
\nBlockchain technology and cryptocurrencies are, well, pretty much the opposite, relying instead on cryptographic algorithms and decentralized consensus mechanisms to secure transactions.
\nBut despite the sector\u2019s troubled youth, as the blockchain and digital asset space matures, major banks, asset managers and payment processors are exploring and adopting blockchain technology to enhance their services, increase transparency and reduce costs.
\nOn Monday (July 15) BlackRock CEO Larry Fink told CNBC: \u201cMy opinion five years ago was wrong. Here\u2019s my opinion today: I believe in the opportunity today. I believe bitcoin is legitimate.\u201d
\nIf the chief of the world\u2019s largest asset manager is espousing those views, then it\u2019s clear that the increasing integration of blockchain by traditional financial institutions may even suggest a growing acceptance that could lead to more robust and secure applications in the future.
\nEach week, PYMNTS rounds up the top crypto and Web3 news, updates and announcements for our readers, tracking the key data points along the crypto sector\u2019s journey toward reshaping the future of finance, payments and digital commerce.
\nHere\u2019s what you need to know.
\nAdding to the complexity of blockchain adoption is the evolving regulatory environment for the sector.
\nGovernments and regulatory bodies worldwide are still grappling with how to effectively regulate this new asset class. Regulatory approaches vary significantly across jurisdictions, creating a patchwork of rules and guidelines that businesses must navigate. In some regions, stringent regulations aim to curb illicit activities and protect investors, while in others, more permissive approaches seek to foster innovation and growth.
\nStill, as PYMNTS reported, the Republican party is leaning on crypto as a policy pillar for the upcoming 2024 election \u2014 and Donald Trump\u2019s pick for vice president, J.D. Vance, has maintained a positive view on the digital asset sector throughout his political career, and voted as a senator accordingly.
\nElsewhere, the Supreme Court\u2019s recent Chevron decision could have implications for the crypto space and the degree of power federal regulatory agencies, including the Securities Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), have to oversee it.
\nAs PYMNTS reported Monday,\u00a0Visa has teamed with\u00a0WireX to promote\u00a0the use of\u00a0digital currencies in Europe and the U.K. The partnership includes the debut of Wirex Pay, a \u201cmodular Zero Knowledge (ZK)\u201d payment chain, to simplify both traditional and cryptocurrency transactions, part of a broader project by Wirex and Visa to develop projects that integrate blockchain technology within traditional financial systems.
\nLast Thursday (July 11), cryptocurrency exchange Coinbase introduced a centralized hub for monitoring onchain activity. The\u00a0Coinbase Wallet web app lets users explore, manage and engage with people, communities and businesses onchain, accessible on both desktop and mobile devices.
\nAlso on Thursday, PYMNTS unpacked how the\u00a0competition between instant payment systems and cryptocurrencies, particularly stablecoins, highlights a broader shift toward faster, more efficient financial transactions. Each offers a unique approach to solving the inefficiencies of traditional banking systems, but their coexistence raises questions about the future of financial transactions.
\nAnd in another announcement\u00a0that same Thursday, Mastercard and Canadian FinTech\u00a0Nuvei said they\u2019ve teamed to help consumers turn digital assets into fiat currency.
\n\u201cThis new functionality provides a bridge between digital and traditional finance that can be spent via Mastercard\u2019s global network,\u201d the companies said in a news release. \u201cThis off-ramping solution is integrated directly into Nuvei\u2019s modular payment platform, delivering a simple, secure user experience.\u201d
\nAccording to the release, the off-ramping lets consumers convert a range of supported digital assets into fiat currency. From there, they can then transfer the funds to their eligible Mastercard in near real-time via Mastercard Move\u2019s money movement capabilities, with no need to go through third-party exchanges or money service businesses.
\nRead more: Payments, Penalties and TradFi Adoption Define This Week in Web3
\nOn Tuesday (July 16), it was announced that the crypto exchange Kraken is now soccer team Tottenham Hotspur\u2019s first official crypto and Web3 partner, with the goal of boosting fan engagement and increasing awareness about cryptocurrency.
\nAt the same time, PYMNTS covered Wednesday (July 17) how cryptocurrency miners are reportedly scrambling to boost their revenues by forging deals with AI (artificial intelligence) developers.
\nCrypto miners operate vast, powerful computing sites and have struggled to turn a profit due to high energy costs and reduced rewards for mining. AI firms need a lot of energy and computing infrastructure, both of which crypto miners can offer, along with a better proposition than AI firms building their own high-performance computing data centers.
\nAnd, as Reuters reported Tuesday, Craig Wright \u2014 an Australian computer scientist who has long claimed to be the anonymous inventor of bitcoin \u2014 is now facing a criminal investigation in Britain for alleged perjury after he was found to have repeatedly lied and forged documents to support his false claim.
\nThe post Web3 This Week: BlackRock CEO Calls Bitcoin \u2018Legitimate,\u2019 Mainstream Off-Ramps Grow appeared first on PYMNTS.com.
\n", "content_text": "Traditional financial operations are centralized, regulated and audited.\nBlockchain technology and cryptocurrencies are, well, pretty much the opposite, relying instead on cryptographic algorithms and decentralized consensus mechanisms to secure transactions.\nBut despite the sector\u2019s troubled youth, as the blockchain and digital asset space matures, major banks, asset managers and payment processors are exploring and adopting blockchain technology to enhance their services, increase transparency and reduce costs.\nOn Monday (July 15) BlackRock CEO Larry Fink told CNBC: \u201cMy opinion five years ago was wrong. Here\u2019s my opinion today: I believe in the opportunity today. I believe bitcoin is legitimate.\u201d\nIf the chief of the world\u2019s largest asset manager is espousing those views, then it\u2019s clear that the increasing integration of blockchain by traditional financial institutions may even suggest a growing acceptance that could lead to more robust and secure applications in the future.\nEach week, PYMNTS rounds up the top crypto and Web3 news, updates and announcements for our readers, tracking the key data points along the crypto sector\u2019s journey toward reshaping the future of finance, payments and digital commerce.\nHere\u2019s what you need to know.\nThe Regulatory Landscape Surrounding Crypto is Shifting \nAdding to the complexity of blockchain adoption is the evolving regulatory environment for the sector.\nGovernments and regulatory bodies worldwide are still grappling with how to effectively regulate this new asset class. Regulatory approaches vary significantly across jurisdictions, creating a patchwork of rules and guidelines that businesses must navigate. In some regions, stringent regulations aim to curb illicit activities and protect investors, while in others, more permissive approaches seek to foster innovation and growth.\nStill, as PYMNTS reported, the Republican party is leaning on crypto as a policy pillar for the upcoming 2024 election \u2014 and Donald Trump\u2019s pick for vice president, J.D. Vance, has maintained a positive view on the digital asset sector throughout his political career, and voted as a senator accordingly.\nElsewhere, the Supreme Court\u2019s recent Chevron decision could have implications for the crypto space and the degree of power federal regulatory agencies, including the Securities Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), have to oversee it.\nCrypto Onramps Continue to Make Institutional Inroads \nAs PYMNTS reported Monday,\u00a0Visa has teamed with\u00a0WireX to promote\u00a0the use of\u00a0digital currencies in Europe and the U.K. The partnership includes the debut of Wirex Pay, a \u201cmodular Zero Knowledge (ZK)\u201d payment chain, to simplify both traditional and cryptocurrency transactions, part of a broader project by Wirex and Visa to develop projects that integrate blockchain technology within traditional financial systems.\nLast Thursday (July 11), cryptocurrency exchange Coinbase introduced a centralized hub for monitoring onchain activity. The\u00a0Coinbase Wallet web app lets users explore, manage and engage with people, communities and businesses onchain, accessible on both desktop and mobile devices.\nAlso on Thursday, PYMNTS unpacked how the\u00a0competition between instant payment systems and cryptocurrencies, particularly stablecoins, highlights a broader shift toward faster, more efficient financial transactions. Each offers a unique approach to solving the inefficiencies of traditional banking systems, but their coexistence raises questions about the future of financial transactions.\nAnd in another announcement\u00a0that same Thursday, Mastercard and Canadian FinTech\u00a0Nuvei said they\u2019ve teamed to help consumers turn digital assets into fiat currency.\n\u201cThis new functionality provides a bridge between digital and traditional finance that can be spent via Mastercard\u2019s global network,\u201d the companies said in a news release. \u201cThis off-ramping solution is integrated directly into Nuvei\u2019s modular payment platform, delivering a simple, secure user experience.\u201d\nAccording to the release, the off-ramping lets consumers convert a range of supported digital assets into fiat currency. From there, they can then transfer the funds to their eligible Mastercard in near real-time via Mastercard Move\u2019s money movement capabilities, with no need to go through third-party exchanges or money service businesses.\nRead more: Payments, Penalties and TradFi Adoption Define This Week in Web3\nMiscellaneous Marketplace Moves \nOn Tuesday (July 16), it was announced that the crypto exchange Kraken is now soccer team Tottenham Hotspur\u2019s first official crypto and Web3 partner, with the goal of boosting fan engagement and increasing awareness about cryptocurrency.\nAt the same time, PYMNTS covered Wednesday (July 17) how cryptocurrency miners are reportedly scrambling to boost their revenues by forging deals with AI (artificial intelligence) developers.\nCrypto miners operate vast, powerful computing sites and have struggled to turn a profit due to high energy costs and reduced rewards for mining. AI firms need a lot of energy and computing infrastructure, both of which crypto miners can offer, along with a better proposition than AI firms building their own high-performance computing data centers.\nAnd, as Reuters reported Tuesday, Craig Wright \u2014 an Australian computer scientist who has long claimed to be the anonymous inventor of bitcoin \u2014 is now facing a criminal investigation in Britain for alleged perjury after he was found to have repeatedly lied and forged documents to support his false claim.\nThe post Web3 This Week: BlackRock CEO Calls Bitcoin \u2018Legitimate,\u2019 Mainstream Off-Ramps Grow appeared first on PYMNTS.com.", "date_published": "2024-07-17T14:47:19-04:00", "date_modified": "2024-07-17T14:47:19-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/09/blockchain-capital.jpg", "tags": [ "Bitcoin", "BlackRock", "Blockchain", "coinbase", "Crypto Regulations", "cryptocurrency", "decentralized finance", "digital assets", "Kraken", "Larry Fink", "legal", "MasterCard", "News", "Nuvei", "PYMNTS News", "regulations", "Visa", "Web3", "WireX" ] }, { "id": "https://www.pymnts.com/?p=1975174", "url": "https://www.pymnts.com/blockchain/2024/coinbase-debuts-wallet-app-hub-onchain-activity/", "title": "Coinbase Debuts Wallet App as Hub for Onchain Activity", "content_html": "Cryptocurrency exchange Coinbase introduced a centralized hub for monitoring onchain activity.
\n\u201cIn the rapidly evolving, decentralized world of crypto, keeping track of your onchain activities can be hard,\u201d the company said in a Thursday (July 11) blog post. \u201cToday, many people use manual spreadsheets and need to open multiple browser tabs to track their assets holistically. Many people also manage several crypto wallets, and until now, achieving a comprehensive view of all their assets in one place has been a challenge.\u201d
\nIn addition, many desktop users are limited by the \u201csmall viewport\u201d of browser wallet extensions, all of it adding up to a need for a unified view of transactions, according to the post.
\nThe Coinbase Wallet web app lets users explore, manage and engage with people, communities and businesses onchain, accessible on both desktop and mobile devices, per the post.
\n\u201cDiscover the latest NFT mints, seamlessly view and trade across all your wallets, and access all your crypto assets in a single, full-screen, streamlined interface,\u201d the blog post said. \u201cThis launch complements our recent introduction of smart wallet, designed to simplify your entry into the onchain world, allowing new users to start without the need to install any extension or mobile app.\u201d
\nMeanwhile, PYMNTS wrote last week about the challenges facing the wider adoption of cryptocurrencies, including issues surrounding scalability and interoperability.
\n\u201cEffective solutions will be instrumental in the widespread adoption of blockchain technology,\u201d the report said. \u201cBy enabling faster and cheaper transactions, these advancements can enhance the user experience and open up new use cases for blockchain.\u201d
\nTo that end, Stripe and Coinbase teamed up in June to expand the worldwide embrace of cryptocurrency and provide faster, less costly financial infrastructure.
\nCoinbase\u2019s efforts to make crypto trading easier to track are happening as crypto hackers seem to be stepping up their efforts.
\nLast week saw the release of a report from blockchain data firm TRM Labs that showed hackers stole $1.38 billion by mid-2024, up from $657 million at the same point last year.
\nFor all PYMNTS digital transformation coverage, subscribe to the daily Digital Transformation Newsletter.
\nThe post Coinbase Debuts Wallet App as Hub for Onchain Activity appeared first on PYMNTS.com.
\n", "content_text": "Cryptocurrency exchange Coinbase introduced a centralized hub for monitoring onchain activity.\n\u201cIn the rapidly evolving, decentralized world of crypto, keeping track of your onchain activities can be hard,\u201d the company said in a Thursday (July 11) blog post. \u201cToday, many people use manual spreadsheets and need to open multiple browser tabs to track their assets holistically. Many people also manage several crypto wallets, and until now, achieving a comprehensive view of all their assets in one place has been a challenge.\u201d\nIn addition, many desktop users are limited by the \u201csmall viewport\u201d of browser wallet extensions, all of it adding up to a need for a unified view of transactions, according to the post.\nThe Coinbase Wallet web app lets users explore, manage and engage with people, communities and businesses onchain, accessible on both desktop and mobile devices, per the post.\n\u201cDiscover the latest NFT mints, seamlessly view and trade across all your wallets, and access all your crypto assets in a single, full-screen, streamlined interface,\u201d the blog post said. \u201cThis launch complements our recent introduction of smart wallet, designed to simplify your entry into the onchain world, allowing new users to start without the need to install any extension or mobile app.\u201d\nMeanwhile, PYMNTS wrote last week about the challenges facing the wider adoption of cryptocurrencies, including issues surrounding scalability and interoperability.\n\u201cEffective solutions will be instrumental in the widespread adoption of blockchain technology,\u201d the report said. \u201cBy enabling faster and cheaper transactions, these advancements can enhance the user experience and open up new use cases for blockchain.\u201d\nTo that end, Stripe and Coinbase teamed up in June to expand the worldwide embrace of cryptocurrency and provide faster, less costly financial infrastructure.\nCoinbase\u2019s efforts to make crypto trading easier to track are happening as crypto hackers seem to be stepping up their efforts.\nLast week saw the release of a report from blockchain data firm TRM Labs that showed hackers stole $1.38 billion by mid-2024, up from $657 million at the same point last year.\nFor all PYMNTS digital transformation coverage, subscribe to the daily Digital Transformation Newsletter.\nThe post Coinbase Debuts Wallet App as Hub for Onchain Activity appeared first on PYMNTS.com.", "date_published": "2024-07-11T17:08:09-04:00", "date_modified": "2024-07-11T17:08:09-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/01/Coinbase-3-1.jpg", "tags": [ "Bitcoin", "Blockchain", "coinbase", "cryptocurrency", "digital wallets", "Mobile Applications", "Mobile Wallets", "News", "PYMNTS News", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=1974326", "url": "https://www.pymnts.com/blockchain/2024/payments-penalties-and-tradfi-adoption-define-this-week-in-web3/", "title": "Payments, Penalties and TradFi Adoption Define This Week in Web3", "content_html": "Crypto is as crypto does. And crypto is, by all appearances, trying to do better.
\nThe European Union\u2019s (EU) landmark Markets in Crypto-Assets Act (MiCA) framework is now live, and Web3 companies are already complying, a fact which industry observers believe could represent the start of the mainstream growth and adoption phase of digital assets.
\nBut there is still a perception among some businesses and consumers that cryptocurrencies are primarily associated with illegal activities and speculation. This negative perception can be a barrier to broader acceptance.
\nWhile blockchain technology is secure, the broader ecosystem has been plagued by hacks, scams and thefts. This undermines confidence and adds an extra layer of risk for businesses considering accepting cryptocurrencies. Additionally, the regulatory environment for cryptocurrencies is still evolving.
\nDifferent countries have different regulations, and in some cases, cryptocurrencies are outright banned. This creates uncertainty and risk for businesses considering adoption.
\nOvercoming these barriers will require advancements in technology, clearer regulatory frameworks, broader consumer education and a more stable market environment.
\nAs PYMNTS wrote last Thursday (July 4), we are halfway through 2024, and the cryptocurrency and blockchain space finds itself at a critical juncture, where regulatory developments, interoperability and scalability and institutional acceptance are at the forefront.
\nBut recent news has shown that the cold shoulder institutions have traditionally shown to the Web3 space is beginning to thaw.
\nFor example, Switzerland-based cryptocurrency wallet maker\u00a0Tangem AG launched a payments partnership with\u00a0Visa. The collaboration,\u00a0announced Friday (July 5), has resulted in a Visa payments card combined with a hardware wallet that lets Tangem users make payments using their crypto or stablecoin balances at merchants that accept Visa.
\nVisa is not the only payment organization making crypto moves. Mastercard has been working with Tezos Foundation and Baanx to offer a range of non-custodial crypto card offerings that take place on Etherlink, per a Tuesday (July 9) report. Mastercard and Baanx also have a debit card with DeFi firm 1Inch and together are working on one with MetaMask.
\nElsewhere, Singapore\u2019s\u00a0DBS Bank is set to begin a custody service for stablecoin reserves.
\nIt\u2019s part of a collaboration between the city-state\u2019s largest lender and a local unit of cryptocurrency issuer Paxos Trust, PYMNTS reported last Tuesday (July 2), with the partnership also including cash management services.
\nLeading financial institution Goldman Sachs is gearing up to launch three tokenization projects by the year\u2019s end, targeting major institutional clients, according to a Wednesday (July 10) report.
\nEven Sony now owns and operates a crypto exchange, with a July 1 report indicating that the exchange aims to collaborate with various Sony Group businesses, leveraging the conglomerate\u2019s vast intellectual property portfolio across the entertainment, music and gaming sectors. Sony Bank is also venturing into blockchain-based financial products, including NFT rewards and stablecoin issuance.
\nRead more: This Week in Web3: Mt Gox Bitcoin and Crypto\u2019s Future
\nOf course, it will take time for crypto to shake its illicit connotations, because the sector still remains a favorite of fraudsters.
\nBy the middle of 2023, hackers had stolen $657 million in cryptocurrency. One year later, that figure had\u00a0more than doubled to $1.38 billion, blockchain data firm\u00a0TRM Labs said in a report issued Friday (July 5).
\nStill,\u00a0thefts from hacks are a third below the first six months of 2022, which\u00a0\u201cremains a record year.\u201d
\nCryptocurrency analysts have alleged that an online marketplace called HuiOne Guarantee is where cybercriminals in Southeast Asia, particularly those linked to pig butchering scams, go to launder their funds. Per the Wednesday report, merchants on the platform offer technology, data and money laundering services, and have engaged in transactions totaling at least $11 billion.
\nBut that doesn\u2019t mean that these criminals don\u2019t ultimately end up facing the music. Two former FTX executives are set to face sentencing hearings later this year. Nishad Singh will be sentence on Oct. 30 and Gary Wang will be sentence on Nov. 20, with both having pleaded guilty to fraud, PYMNTS reported on Tuesday.
\nAs always with crypto, it is crucial to separate the signal from the noise. And the marketplace is continuing to innovate and build.
\nThirdFi.org, a Web3 infrastructure protocol that empowers Web3 users with identity and developers with application programming interfaces and software development kits, on Wednesday raised $2 million in token financing investments.
\nAnd after a period of relative dormancy,\u00a0crypto\u00a0gaming is once again showing signs of life, with Tap-to-Earn games emerging in the crypto world, picking up where Play-to-Earn crypto games left off.
\nThe post Payments, Penalties and TradFi Adoption Define This Week in Web3 appeared first on PYMNTS.com.
\n", "content_text": "Crypto is as crypto does. And crypto is, by all appearances, trying to do better.\nThe European Union\u2019s (EU) landmark Markets in Crypto-Assets Act (MiCA) framework is now live, and Web3 companies are already complying, a fact which industry observers believe could represent the start of the mainstream growth and adoption phase of digital assets.\nBut there is still a perception among some businesses and consumers that cryptocurrencies are primarily associated with illegal activities and speculation. This negative perception can be a barrier to broader acceptance.\nWhile blockchain technology is secure, the broader ecosystem has been plagued by hacks, scams and thefts. This undermines confidence and adds an extra layer of risk for businesses considering accepting cryptocurrencies. Additionally, the regulatory environment for cryptocurrencies is still evolving.\nDifferent countries have different regulations, and in some cases, cryptocurrencies are outright banned. This creates uncertainty and risk for businesses considering adoption.\nOvercoming these barriers will require advancements in technology, clearer regulatory frameworks, broader consumer education and a more stable market environment.\nCrypto Continues to Make Inroads with Global Institutions\nAs PYMNTS wrote last Thursday (July 4), we are halfway through 2024, and the cryptocurrency and blockchain space finds itself at a critical juncture, where regulatory developments, interoperability and scalability and institutional acceptance are at the forefront.\nBut recent news has shown that the cold shoulder institutions have traditionally shown to the Web3 space is beginning to thaw.\nFor example, Switzerland-based cryptocurrency wallet maker\u00a0Tangem AG launched a payments partnership with\u00a0Visa. The collaboration,\u00a0announced Friday (July 5), has resulted in a Visa payments card combined with a hardware wallet that lets Tangem users make payments using their crypto or stablecoin balances at merchants that accept Visa.\nVisa is not the only payment organization making crypto moves. Mastercard has been working with Tezos Foundation and Baanx to offer a range of non-custodial crypto card offerings that take place on Etherlink, per a Tuesday (July 9) report. Mastercard and Baanx also have a debit card with DeFi firm 1Inch and together are working on one with MetaMask.\nElsewhere, Singapore\u2019s\u00a0DBS Bank is set to begin a custody service for stablecoin reserves.\nIt\u2019s part of a collaboration between the city-state\u2019s largest lender and a local unit of cryptocurrency issuer Paxos Trust, PYMNTS reported last Tuesday (July 2), with the partnership also including cash management services.\nLeading financial institution Goldman Sachs is gearing up to launch three tokenization projects by the year\u2019s end, targeting major institutional clients, according to a Wednesday (July 10) report.\nEven Sony now owns and operates a crypto exchange, with a July 1 report indicating that the exchange aims to collaborate with various Sony Group businesses, leveraging the conglomerate\u2019s vast intellectual property portfolio across the entertainment, music and gaming sectors. Sony Bank is also venturing into blockchain-based financial products, including NFT rewards and stablecoin issuance.\nRead more: This Week in Web3: Mt Gox Bitcoin and Crypto\u2019s Future\nSecurity Concerns and Market Perception\nOf course, it will take time for crypto to shake its illicit connotations, because the sector still remains a favorite of fraudsters.\nBy the middle of 2023, hackers had stolen $657 million in cryptocurrency. One year later, that figure had\u00a0more than doubled to $1.38 billion, blockchain data firm\u00a0TRM Labs said in a report issued Friday (July 5).\nStill,\u00a0thefts from hacks are a third below the first six months of 2022, which\u00a0\u201cremains a record year.\u201d\nCryptocurrency analysts have alleged that an online marketplace called HuiOne Guarantee is where cybercriminals in Southeast Asia, particularly those linked to pig butchering scams, go to launder their funds. Per the Wednesday report, merchants on the platform offer technology, data and money laundering services, and have engaged in transactions totaling at least $11 billion.\nBut that doesn\u2019t mean that these criminals don\u2019t ultimately end up facing the music. Two former FTX executives are set to face sentencing hearings later this year. Nishad Singh will be sentence on Oct. 30 and Gary Wang will be sentence on Nov. 20, with both having pleaded guilty to fraud, PYMNTS reported on Tuesday.\nWeb3 Marketplace Moves \nAs always with crypto, it is crucial to separate the signal from the noise. And the marketplace is continuing to innovate and build.\nThirdFi.org, a Web3 infrastructure protocol that empowers Web3 users with identity and developers with application programming interfaces and software development kits, on Wednesday raised $2 million in token financing investments.\nAnd after a period of relative dormancy,\u00a0crypto\u00a0gaming is once again showing signs of life, with Tap-to-Earn games emerging in the crypto world, picking up where Play-to-Earn crypto games left off.\nThe post Payments, Penalties and TradFi Adoption Define This Week in Web3 appeared first on PYMNTS.com.", "date_published": "2024-07-10T15:49:09-04:00", "date_modified": "2024-07-10T15:49:09-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2022/09/Web3.jpg", "tags": [ "Blockchain", "Crypto Exchange", "Crypto payments", "Crypto Regulations", "Crypto Wallets", "cryptocurrency", "Cybersecurity", "decentralized finance", "DeFi", "digital assets", "Financial Crime", "hacks", "Markets in Crypto-Assets Act", "MICA", "money laundering", "News", "PYMNTS News", "regulations", "stablecoins", "Theft", "This Week in Web3", "tokenziation", "Web3" ] } ] }