Author: Free Bitcoin News

  • Ethereum Data Platform Offers Energy Efficiency and Low Cost with Unique Consensus Mechanism

    Ethereum Data Platform Offers Energy Efficiency and Low Cost with Unique Consensus Mechanism

    Ethereum Data Platform Offers Energy Efficiency and Low Cost with Unique Consensus Mechanism

    Shenzhen, China ETD (Ethereum Data) is an ecological sustainable blockchain computing platform that combines Ethereum smart contacts with shared DSB (Disk Storage banking) technology to contribute computing power to shared computational networks, powered by its native token (ETD Coin)

    The unique platform has contributed to power networks such as the Berkeley Open Infrastructure for Network Computing (BOINC) and is focused on providing a cleaner, and environmentally friendlier direction to the blockchain industry.

    What is Ethereum Data?

    ETD is a platform which utilizes Ethereum smart contract capabilities with a new public chain consensus system that tackles energy waste and promotes computational efficiency.

    The platform is a solution for companies and application developers based on public chain technology, allowing them to design and develop system applications that serve the real economy.

    The Ethereum Data platform integrates with industrial applications, talent training, open-source systems and incubation accelerators, making blockchain systems cheaper, and easier to run. The platform is also a decentralized general-purpose computer system built on Ethereum smart contracts, DSB (Disk Storage Banking) and other Distributed computing technologies. The platform uses a unique privacy preserving distributed resource sharing consensus protocol, to ensure a flexible expansion of dispersed applications.

    ETD Consensus Mechanism

    ETD uses a unique consensus mechanism which combines Proof of Computation (PoC) with Proof of Existence(PoE). This helps the platform to optimize the use of core resources, including distributed computing models, distributed storage models, P2P logical network communication, and two-way data privacy protection requirements. The procedure of privacy preserving computation is fundamental to achieving universal private cryptographic biometric (PCB) data matching.

    Cryptographic Biometric (PCB) Data Matching

    PCB consensus is a proof of work pairing which is obtained/discovered by privacy preserving computations which need data and network capacity to send the data. As a result, providing data resources is just as crucial as providing calculation workload (PoC).

    The PCB data storage uses the Proof-of-Existence technique to assure the safety of the data source of the double-blind matching process. This paired data can be supplied by the node (PoE), or the local or other nodes can supply the data fragments, and the needed PCB data (combined PoC and PoE) can be acquired by computation.

    The Ecological ETD Network

    ETD encourages growth in technology sectors such as AI, big data, VR, Robotics, IoT and cloud services. ETD utilizes these technologies to offer a strong blockchain infrastructure for various application scenarios and assist companies in migrating to blockchain technology.

    This broad spectrum of application covers manufacturing, health care, transportation, intellectual property protection, green energy vehicles, agriculture, distributed energy, food, commerce, and finance. companies can integrate blockchain technology and industrial applications to increase efficiency and save operating costs.

    To overcome expensive R&D and application development for public blockchain projects ETD’s infrastructure offers a solution with modular application plug-ins, and fully equipped technological and business model consulting. The public chain enables companies to create a variety of apps and services based on the ETD ecological network.

    Upcoming ETD Collaborations

    The ETD Foundation is now looking to collaborate with universities and their affiliated scientific research institutions around the world to establish ETD General-Purpose Computing Labs. These collaborations will benefit research groups which do not possess access to supercomputers, with ETD making the EDT machine available to collaborators.

    As ETD modular tools enable labs to quickly turn their innovations into user-friendly web apps, Scientists no longer must incur the costs of employing software developers, marketing employees, and finance professionals.

    ETD Coin

    ETD (ETD Coin) is the native token of the Ethereum Data platform, and will be distributed to any collaborative projects that complete scientific work through the ETD machine. ETD Coin will also be attainable through exchanges, dApps and rewards later on.

    Earning ETD

    Tokens earned by collaborators will be instantly deposited into the Lab’s processing power pool for future R&D operations and the commercialization of related technologies and innovations.

    ETD can also be used to pay for the collection of data or to recruit volunteers from around the world. ETD also has privacy protection and anonymity features to protect all data from collaborative efforts.

    Lower Cost, Great Efficiency

    ETD’s technical architecture integrates computation and data storage functions at a lower cost and with greater efficiency. It has a more comprehensive mechanism for user privacy protection and authentication protocols.

    The Ethereum Data smart contract system is more suitable for highly diverse computing needs, allowing it to develop a decentralized, resource-sharing, self-organizing ecological network. Interested parties can learn more about the Ethereum Data by reading the whitepaper here

    Ethereum Data Links

    Website

    Media Contact Details

    Contact Email: [email protected]

    Ethereum data is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

  • BTC.com Block Explorer Updated To The Demand Of Multi-Dimensional Data Query And Custom API

    BTC.com Block Explorer Updated To The Demand Of Multi-Dimensional Data Query And Custom API

    Since 2019, with new advancements made in the field of computer technology, such as distributed data storage, point-to-point transmission, consensus mechanism and encryption algorithm, blockchain technology has ensured the complete disclosure of data records without relying on centralization managers for maintaining data records. As a new form of information technology, it has brought about a great power of change not only in the productive forces, but also in the relations of production.

    However, ensuring that the data is made public without centralizing managers’ records requires the use of Block Explorer.

    What is a Block Explorer?

    When it comes to browsers, people’s preferred choices are usually Baidu, Google and other Internet browsers. On the other hand, users can simply use the Block Explorer as a tool to browse all the information about the blockchain.

    The Block Explorer contains details about each block in the blockchain, each transaction, and the wallet, exchange address, etc. Each public chain, however, has its own algorithm and ecology, which led to the initial Block Explorer to support a single public chain information query. If users want to find multiple public chain information simultaneously, they need to switch between different browsers, which makes the query complex and inefficient. With the development of technology, Block Explorer has gradually developed from single currency to integrated multi-currency information query browser.

    Basic introduction of BTC.com Block Explorer

    As one of the old Block Explorer, BTC.com block explorer is now regarded as one of the top three Block Explorer. As the largest block data query service provider in the Chinese community, it can meet the demand of multi-dimensional data query & API custom service for different customer groups. The most important and the largest function of BTC.com block explorer is data query, designed to create faster and more convenient Block Explorer with more reasonable information display.

    • Supports multi-currency and cross-chain query – BTC.com block explorer supports multi-currency block queries, and currently supports three digital currencies of BTC, BCH and LTC. The latest output block information can be directly queried by entering the corresponding height / wallet address / transaction id.
    BTC.com Block Explorer Updated To The Demand Of Multi-Dimensional Data Query And Custom API
    • High precision – Before searching, users need to select the corresponding currency, and they can directly inquire the latest block, the whole network hashrate, the active address number, the transaction number, the value dynamic, the transfer information and each mining pool hashrate and so on.
    • Real-time update – BTC.com block explorer synchronizes all blockchains in real time, and the transactions confirmed a second ago can be found too.
    • Clear and comprehensive – The information is comprehensive and clear at a glance. In BTC.com, the ratio, difficulty, number of daily transfers, median of daily block volume, daily charge, and daily change of transaction volume are shown in the chart form. The user can directly and accurately grasp the information direction.

    BTC.com block explorer, as the most famous data service infrastructure in the industry, is also committed to establishing new standards in various areas of multi-currency on the basis of open-source code, and moreover, BTC.com brand can be seen in wallets, mining pools, market, information and other areas. In 2020, Block Explorer had 200 million API weekly transfer frequencies, becoming the trust partner of industry leader enterprises. As the first open-source mining pool, it provides low-level code for 350+ enterprises, and provides technical services for many cloud mining service providers, becoming the only company in completing the implementation of delivery in seven days in the industry.

    BTC.com block explorer function update analysis

    In 2020, BTC.com started the browser redesign project, and recruited a group of product experience officers at home and abroad. It provides more practical, simple, efficient, accurate, transparent and fair block data and industry hot query services for global digital currency enthusiasts, to guarantee accuracy and deepness in the professional version and easy-to-understand in the popular version.

    The latest updates made on the BTC.com block explorer are:

    1. The homepage is lighter, and the color tone gives a person a kind of comfortable and refreshing feeling. Secondly the new edition is more symmetrical in typography and has better visual effect, and users can see at a glance of the locations of the corresponding services.

    2. The data of BTC, BCH, LTC and ETH are combined into one, and users don’t have to switch back and forth when querying.

    3. Aggregate search saves users’ time to search data at different browsers, getting right to the most critical information

    4. Users can add tabs and don’t have to switch pages frequently.

    5: The top right corner of the interface can directly set the page language.

    6: Multi-data interface optimization increases the response speed of web pages, making user experience smoother.

  • Ethereum Data(ETD) Platform Offers Energy Efficiency and Low Cost with Unique Consensus Mechanism

    Ethereum Data(ETD) Platform Offers Energy Efficiency and Low Cost with Unique Consensus Mechanism

    Ethereum Data(ETD) Platform Offers Energy Efficiency and Low Cost with Unique Consensus Mechanism

    Los Angeles,California, United States— ETD (Ethereum Data) is an ecological sustainable blockchain computing platform that combines Ethereum smart contacts with shared DSB (Disk Storage banking) technology to contribute computing power to shared computational networks, powered by its native token (ETD Coin)

    The unique platform has contributed to power networks such as the Berkeley Open Infrastructure for Network Computing (BOINC) and is focused on providing a cleaner, and environmentally friendlier direction to the blockchain industry.

    What is Ethereum Data?

    ETD is a platform which utilizes Ethereum smart contract capabilities with a new public chain consensus system that tackles energy waste and promotes computational efficiency.

    The platform is a solution for companies and application developers based on public chain technology, allowing them to design and develop system applications that serve the real economy.

    The Ethereum Data platform integrates with industrial applications, talent training, open-source systems and incubation accelerators, making blockchain systems cheaper, and easier to run. The platform is also a decentralized general-purpose computer system built on Ethereum smart contracts, DSB (Disk Storage Banking) and other Distributed computing technologies. The platform uses a unique privacy preserving distributed resource sharing consensus protocol, to ensure a flexible expansion of dispersed applications.

    ETD Consensus Mechanism

    ETD uses a unique consensus mechanism which combines Proof of Computation (PoC) with Proof of Existence(PoE). This helps the platform to optimize the use of core resources, including distributed computing models, distributed storage models, P2P logical network communication, and two-way data privacy protection requirements. The procedure of privacy preserving computation is fundamental to achieving universal private cryptographic biometric (PCB) data matching.

    Cryptographic Biometric (PCB) Data Matching

    PCB consensus is a proof of work pairing which is obtained/discovered by privacy preserving computations which need data and network capacity to send the data. As a result, providing data resources is just as crucial as providing calculation workload (PoC).

    The PCB data storage uses the Proof-of-Existence technique to assure the safety of the data source of the double-blind matching process. This paired data can be supplied by the node (PoE), or the local or other nodes can supply the data fragments, and the needed PCB data (combined PoC and PoE) can be acquired by computation.

    The Ecological ETD Network

    ETD encourages growth in technology sectors such as AI, big data, VR, Robotics, IoT and cloud services. ETD utilizes these technologies to offer a strong blockchain infrastructure for various application scenarios and assist companies in migrating to blockchain technology.

    This broad spectrum of application covers manufacturing, health care, transportation, intellectual property protection, green energy vehicles, agriculture, distributed energy, food, commerce, and finance. companies can integrate blockchain technology and industrial applications to increase efficiency and save operating costs.

    To overcome expensive R&D and application development for public blockchain projects ETD’s infrastructure offers a solution with modular application plug-ins, and fully equipped technological and business model consulting. The public chain enables companies to create a variety of apps and services based on the ETD ecological network.

    Upcoming ETD Collaborations

    The ETD Foundation is now looking to collaborate with universities and their affiliated scientific research institutions around the world to establish ETD General-Purpose Computing Labs. These collaborations will benefit research groups which do not possess access to supercomputers, with ETD making the EDT machine available to collaborators.

    As ETD modular tools enable labs to quickly turn their innovations into user-friendly web apps, Scientists no longer must incur the costs of employing software developers, marketing employees, and finance professionals.

    ETD Coin

    ETD (ETD Coin) is the native token of the Ethereum Data platform, and will be distributed to any collaborative projects that complete scientific work through the ETD machine. ETD Coin will also be attainable through exchanges, dApps and rewards later on.

    Earning ETD

    Tokens earned by collaborators will be instantly deposited into the Lab’s processing power pool for future R&D operations and the commercialization of related technologies and innovations.

    ETD can also be used to pay for the collection of data or to recruit volunteers from around the world. ETD also has privacy protection and anonymity features to protect all data from collaborative efforts.

    Lower Cost, Great Efficiency

    ETD’s technical architecture integrates computation and data storage functions at a lower cost and with greater efficiency. It has a more comprehensive mechanism for user privacy protection and authentication protocols.

    The Ethereum Data smart contract system is more suitable for highly diverse computing needs, allowing it to develop a decentralized, resource-sharing, self-organizing ecological network. Interested parties can learn more about the Ethereum Data by reading the whitepaper here

    Ethereum Data Links

    Website

    Media Contact Details

    Contact Email: [email protected]

    Ethereum data is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

  • Flowcoin, redefine the flow economy based on data

    With the rapid replacement of technology, the Internet industry has entered a brand new course. The development of science and technology has laid the social and economic context based on big data. In recent years, the construction of the Internet such as 5G networks, artificial intelligence, and the Internet of Things industry is showing a trend of positive and rapid development. The virtual Internet is interacting with the real world, which may determine the economic height of human social civilization in the future.

    The Internet is essentially the superposition and interaction of data, with the advancement of digital civilization. A large amount of traffic data is constantly showing up. Traditional data storage technology and forms have begun to show problems in recent years. On the one hand, the servers of traditional centralized intelligent storage vendors distribute one or more IDC data. Central, the central storage server needs to improve the overall processing capacity of the storage system through artificial forms, which are cumbersome and difficult to meet the standards required for actual production. On the other hand, in order to reduce operating costs and earn more profits, centralized traffic data storage service providers continue to compress service quality, which will directly lead to a decline in the quality of traffic data storage and cause many problems on the side. For example: traffic data storage and transmission efficiency is low, server downtime causes traffic data loss. In addition, individual traffic data storage service providers even resell the traffic data information stored by users to institutions that need the data for personal gain. How to break through the market crisis of flow data storage will determine the future market prospects of the flow economy. Flowcoin, a flow data storage solution with IPFS as the underlying logic and blockchain technology as the core, was born to solve this problem.

    In the ecological application of Flowcoin, the role of a centralized data storage service provider will be abolished and replaced by every user participating in this value network. Any user with storage resources can become a storage service provider node, and users can obtain value incentive FLW by providing idle storage space and retrieval bandwidth. Compared with centralized flow data storage, Flowcoin’s value network has achieved three new breakthroughs:

    1. Because every user can provide data storage, the market monopoly will be broken, and the price of traffic data storage in the market will become more reasonable.

    2. The combined storage space of global users will exceed the storage space that centralized storage service providers can provide, and can provide the market with an unlimited flow data storage space.

    • The Flowcoin value network uses blockchain technology to achieve full transparency on the flow data chain, and people cannot change or use it without authorization. At the same time, in theory, all nodes will not be down at the same time, which means that there will be no traffic data loss. It solves the hidden dangers caused by human factors in the traffic data storage market.

    In the Flowcoin value network, because Flowcoin’s smart contracts use the BDPOST share system storage proof mechanism based on the ciphertext sorting of the B+ tree index structure, an automatic prosecution process can also be carried out on the stored nodes in this ecology to prevent human beings. Accidental damage to the data structure occurred. This mechanism can verify the effective storage work of storage nodes and allocate block rewards to them reasonably. In the Flowcoin value network, organization and management, intelligent division of labor, value calling, provision of services and sharing of benefits are carried out through transparent rules. Users participating in its value network will receive development value dividends together with Flowcoin. The more storage space and bandwidth resources provided, the richer the rewards will be. All these production relationships can be promoted by smart contracts, and smart contracts It can clarify the details of various rights and interests involved by users, and can significantly reduce usage costs and transaction costs.

    The proposal of the Flowcoin flow data storage model will effectively solve the problems of the times in the past flow data storage and make the flow data storage more efficient and high-performance. In addition, the temporal and spatial consensus mechanism adopted by Flowcoin can rationally circulate resources, promote the secondary utilization of idle storage resources, provide the blockchain industry with more green and environmentally friendly consensus inspiration, accelerate the transformation of the Internet era, and give energy to the development of the era under the flow economy.

    For details, please visit the relevant website:

    Telegram: https://t.me/FLWflowcoin

    Btok: https://0.plus/FLWflowcoin

  • Blockchain newsletter for July: Blockchain and other technologies make for powerful solutions

    Blockchain newsletter for July: Blockchain and other technologies make for powerful solutions

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    With blockchain’s growing maturity, innovators of all stripes are finding new opportunities in combining blockchain with other technologies. Blockchain + AI. Blockchain + IoT. Blockchain + confidential computing. In all these synergistic combinations, the formula adds up to greater value overall.

    EXCLUSIVE video preview: IBM’s Jerry Cuomo on Blockchain and AI
    Hear from Jerry Cuomo, IBM Fellow and VP & CTO, AI Automation, and IBM Blockchain founder, and learn how AI + Blockchain result in authenticity, augmentation and automation.

    The mix of blockchain and AI is fueling Industry 4.0, enabling organizations to unlock trapped value, enhance trust and drive digital transformation. IPwe, an IP transaction platform powered by IBM solutions for AI, blockchain and cloud, uses AI to make sense out of millions of patents and blockchain for its patent marketplace.

    Learn how industries are revolutionizing business with IBM Blockchain

    Blockchain’s secure handling of data, along with speed, transparency and traceability, underpins many blockchain + IoT use cases. In the supply chain, IoT devices record location, temperature, humidity and other indicators of how goods are handled — for example, pharmaceuticals in the solution from Sonoco and IBM and wine in the solution from eProvenance and IBM. That data is stored on a blockchain network where it can be viewed by all permissioned participants.

    Blockchain and smart contracts can also enable smart IoT devices to communicate securely, complete transactions and execute commands without human intervention, bringing new capabilities to smart cities and the energy, automotive, agriculture and manufacturing industries while addressing IoT’s inherent issues around security and privacy.

    Blockchain security levels up a notch when combined with confidential computing, the technology that isolates and protects data during processing. Combined, the two technologies offer an end-to-end security solution that protects data at rest (immutably stored on blockchain), in motion (encryption) and in use (confidential computing).

    July’s features of “watch, read and listen”

    Choose your learning path: Blockchain Foundation or Advanced
    Learn from two blockchain analysts, Martha Bennett of Forrester and Craig Wentworth of Independent Thought, as they share their insights around using blockchain to solve critical business problems.

    Webinar: Is it time stop talking about blockchain?
    Get insights from Forrester’s Martha Bennett on the foundations of blockchain for business, what the technology can and can’t do, and the key success factors of any blockchain project.

    Case study: Ledgermatic builds a secure foundation for digital assets
    Read how Ledgermatic was able to move corporate assets, workflows and financing onto blockchain by using IBM Confidential Computing.

    Video: Value Visionaries – Guilda Javaheri, CTO, Golden State Foods
    Learn how Golden State Foods combined RFID to track fresh beef’s movement, IoT to monitor its temperature, and blockchain to orchestrate the supply chain.

    Our solutions and how to get started

    No matter where you are in your adoption journey or what industry you’re in, we’re here to help you use blockchain technology to reach your business goals.

    Still not sure where to start? Schedule time to talk with one of our experts specific to your industry, and they can help guide you in the right direction.

    We’ll be back next month with more news you can use from IBM Blockchain. In the meantime, if someone forwarded you this email and you’d like to subscribe, sign up here.

    blockchain platformBuilding on the leading blockchain platform

    The leading open source blockchain for business platform transforming companies and driving growth.

    Learn about IBM Blockchain Platform

  • Sathish N, FSS – Tech Observer

    Sathish N, FSS – Tech Observer

    With open banking and instant payments increasingly becoming mainstream, back-office enterprise reconciliation systems need to keep pace. Conventionally, transactions typically were processed in a batch mode and payments took hours, if not days, to process, clear and settle. Now, reconciliation and settlement cycles have been compressed. This puts tremendous pressure on any institution’s back office to support multiple intraday settlement cycles and reconcile data in near real-time.

    That is why financial institutions are looking for end-to-end enterprise level automated reconciliation processes that can help them scale to handle large influx of transaction data, improve speed, manage operational risk, and address compliance needs.

    According to Sathish N, Deputy Chief Product Officer, FSS this is what AI and Machine Learning promise to deliver. “By employing machine learning at key data reconciliation points, reconcilers can unlock multiples of value in terms of time, operating cost and avoiding regulatory penalties,” he said in an interview with Tech Observer,  adding that advanced ML algorithms can improve process efficiency across multiple reconciliation points.

     Edited Excerpts: 

    How automating reconciliation systems helps in improving the efficiency of processing transactions?

    With digital payments growing exponentially, millions of transactions are exchanged daily between multiple payment ecosystem constituents. The payment or transaction settlement cycles varies basis the combination of stakeholder and different applications that are used and accounting records maintained by these multiple processing systems need to be in sync at different stages of the transaction. The accuracy of the financial close process is crucial to maintaining the financial integrity of the ecosystem, mitigating risk, and fostering trust amongst customers.

    Further with open banking and instant payments increasingly becoming mainstream, back-office enterprise reconciliation systems need to keep pace.  Conventionally, transactions typically were processed in a batch mode and payments took hours, if not days, to process, clear and settle. Now, reconciliation and settlement cycles have been compressed. This puts tremendous pressure on any institution’s back office to support multiple intraday settlement cycles and reconcile data in  near real-time. Current manual or semi-automated processes simply cannot  scale to accommodate new business needs.

    End-to-end enterprise level automated reconciliation processes can help financial institutions and corporates scale to handle large influx of transaction data, improve speed, manage operational risk, and address compliance needs.

    Improve Accuracy and Lower Risk of Error  

    A single exception can result in significant losses and reconciliation teams handle a large number of exceptions every day Automating reconciliation and certification processes throughout the entire financial close lifecycle, reduces the risk of errors.

    Lower Exceptions and Write-Offs

    With automated reconciliation processes accounting discrepancies can be proactively identified and corrected before customers even register a complaint.  As an example, the customers could have cancelled a transaction, but the corresponding credit may have not been received due to a technical glitch or a system error or an actual fraud that has occurred.   With detailed audit trails such discrepancies can be easily identified, enabling banks to reduce exception investigation handling  time by 90%,  optimize dispute handling costs which in turn aids with risk mitigation

    Mitigate Compliance Risk

    With improved data management and audit trails, financial institutions reduce compliance risk and ensure compliance with audit and regulatory requirements.

    Enhance Productivity

    Automate time-consuming manual processes in reconciliation operations, saves time staff spends on reconciliation processes, freeing resources to focus on strategic added value work including risk mitigation, and operational improvements

    How AI and ML could be used by banks to overcome the challenges in reconciliation systems?

    A growing number of channels, instrument complexity, and activity spread across multiple service providers and increased transaction frequency by consumers adds to the complexity of the reconciliation process. AI and Machine Learning will have a significant upside on the efficiency of the reconciliation process. By employing machine learning at key data reconciliation points, reconcilers can unlock multiples of value in terms of time, operating cost and avoiding regulatory penalties,

    Advanced ML algorithms can improve process efficiency across multiple reconciliation points. The reconciliation process typically entails tasks such as onboarding payment classes, extracting, and normalizing data from non-standardized file formats, defining matching rules and posting entries for settling accounts.

    Conventional systems rely on a static pre-configured “rule-based framework” for payments reconciliation. However, these tools can become inefficient while adding new data sources or if new entries are introduced in a particular reconciliation file, these need to be identified manually. Further reconciliation teams need to create, test, and implement new rules whilst balancing the impact on existing rules which prolongs the reconciliation cycle time. With ML-enabled processes, the  system automatically “learns” the data sources and patterns, analyzes it for likely matches across multiple data sets, highlights reconciliation exceptions / mismatches, and presents actionable “to do” lists to resolve data issues.

    The use of Robotic Process Automation can automate routine, manually  intensive tasks.  Let me give you an example.  Even today banks with automated reconciliation processes deploy dedicated personnel to fetch files from an interchange portal or a  dispute management system, download the files and place them in the right location for the reconciliation system to act on the data.  Such tasks can be automated by use of bots, maximizing value of employee time.

    Payment reconciliations have become exceedingly complex, with multiple payment options, channels, combination of product processors for different payment method across line of business and the need for speed and accuracy of reconciliation is crucial for businesses. FSS Smart Recon offers an AI-based solution for reconciliation management across payment workflows, with built in support for, multi-source, multi-file many-to-many reconciliation scenarios. With FSS Smart Recon customers can achieve  a 40% improvement in time to market for greenfield implementations, a sizable 30% betterment in reconciliation time cycles, and an overall 25% lessening in direct costs as compared to partially automated processes FSS Smart Recon adds value in the following ways:

    • A unified platform for providing a modern, fully web-based reconciliation platform system to handle end-to-end reconciliation which incorporates data import, transformation and enrichment, data matching, exception management
    • Wide application – Supports all classes of digital payments using a single system – General Ledger Reconciliation  Tally, ATM Reconciliation, Card Reconciliation, Online Payments, Wallets, Instant Payments (IMPS and UPI), NEFT, RTGS and QR Code Payments — with built-in flexibility to rapidly onboard new payment channels and schemes
    • Universal Data Wizard: Simplifies set-up of the reconciliation process via a template-based data-mapping framework. This optimizes go live time for greenfield implementations by 30 per cent
    • Detailed Audit Trail: Provides a detailed audit trail helps users understand the rationale behind a break or match case and address it accordingly.
    • Advanced Exception Identification and analysis for advising timely action and follow ups to enable closure of the same
    • AI-based Settlement Processes Leveraging Machine Learning (ML), algorithms, FSS Smart Recon continually learns file patterns and can automatically identify new records, enabling staff to predict exceptions and perform resolution actions, without the need of constant support or professional services.
    • Dispute Management – Support for dispute and chargeback lifecycle enabling banks to respond to disputes in much shorter time frames – enhancing efficiency as well as  customer service.
    • Flexible Business Models: FSS offers Recon services as a licensed and a SaaS model, d to provide greater deployment flexibility to customers, eliminating the need for upfront capital expenditure and

    What are key technology trends are you observing in reconciliation space?

    Rapid payments evolution, market competition, and advancements in technology continue drive evolution and modernization of reconciliation processes. Technology trends that are  gaining momentum include

    • Greater adoption of SaaS and cloud-based models to accommodate growing transaction workloads and  to lower total cost of ownership
    • Blockchain is a perfect choice for complex reconciliation and would be the next differentiating inclusion in global leading products
    • Enhanced use of AI and Machine Learning AI-based algorithms for self- supervised and self-optimizing recon processes
    • Smart use of data by designing the right data layer or system of record layer to to improve  performance, precision of matching , operations, and fraud controls

    What would be the upcoming focus areas for FSS?  

    Our next big launch is around analytics and data science, the wealth of data today in most large organizations is pushed to a Data Lake or a warehouse and very little is being done to leverage these insights to make an impact to your customers or business. The product is designed to address this specific Big Data opportunity in the payments space. The product is a complete persona-based analytics suite that comes with predefined insights by business product areas, the matrix keeps growing and will soon map the entire payment ecosystem. The product helps banks to make data-driven business decisions, enhance productivity and business efficiency.

  • What are Crypto Credit Cards and How did they Work

    What are Crypto Credit Cards and How did they Work

    Today, cryptocurrency has become more popular than stocks among UK investors. After all, it has been a consistent topic of conversation in the financial world, and now, even the credit card industry wants to be a part of the buzz by rewarding customers with digital currencies.
    The question now is: Should you get a crypto credit card? Read on to get your answer!

    What is a Crypto Credit Card?
    Basically, a crypto credit card uses an incentive-style payment method that gives users cryptocurrencies as rewards. Similar to traditional rewards credit cards, this card is also supported by the world’s largest payment processing networks, Visa and Mastercard, so you can use one anywhere in the world.

    Aside from crypto enthusiasts, this innovation is perfect for those wanting to try out cryptocurrency but do not have the resources to jump in the market just yet. Moreover, since the value of cryptocurrencies continues to grow, the rewards are very tempting.

    How Does it Work?
    A crypto credit card works just like any other type of credit card. Use your card for your purchases, and you will be eligible to earn rewards. Instead of rebates or airline miles, your card will help you earn and redeem cryptocurrencies.

    Come springtime this year, Visa and financial tech company BlockFi will release the Bitcoin Rewards Credit Card, the first-ever credit card to offer crypto rewards, to all US residents, except for those in New York. Cardholders will get a 1.5% cashback on all their purchases, which will then automatically be converted to Bitcoin and stored into a BlockFi account. The crypto funds can be spent, withdrawn, and traded as the users wish.

    However, that reward does not come easily! This crypto rewards card also has its fair share of fees, and some of them might vary, since this is a very new development. With traditional cards, a guide to credit card fees by Petal points out that banks often charge account setup fees and annual fees, on top of fees for things like foreign transactions and late payments. These are paid on top of interest charged on the purchases you make with your credit card.

    With crypto credit cards, the annual fees may be offset, but again, this depends on the company. With the Bitcoin Rewards Credit Card, users have to pay a $200 (£144) annual fee, but this can be waived for the first year if they earn $250 (£180) in bitcoin and spend a minimum of $3,000 (£2,160) in their first three months as a cardholder. But if you wish to expand your cryptocurrency portfolio, you can look at the deals from Tomo Credit Card, where users can choose among Bitcoin, Ethereum, and Litecoin, for their rewards and redeem them 28 days after paying the monthly dues in full. But apart from the membership and annual fees, be sure to check into the fees for redeeming cryptocurrency.

    Should You Get One?
    Crypto credit cards offer an easy way to get started on cryptocurrency, removing the hassle of currency exchanges and additional fees. This can be the start of your investments, as you stash away crypto without thinking too much about it. Over time, these rewards can rise in value, especially as the crypto market continues to grow. This advantage can not be applicable to other forms of credit card rewards like cash back or airline miles, which decline in value even if you try to resell them.

    On the other hand, the rewards system is not exactly stable, with cryptocurrency being volatile. Also, you may lose control over when you make a purchase. Say, you were eyeing a crypto purchase, and it is presently valued high, but by the time you earned the rewards, the price has already dropped. As a result, you spent more but received less. Not to mention, while you can buy some products and services with your cryptocurrencies, these rewards are not spendable. You still have to convert these crypto rewards into dollars, so that you can spend them. Lastly, although Bitcoin rose to popularity as a decentralised system, you can never be too sure about its anonymity.

    So, should you get a credit card? It’s entirely up to you — but remember that you still can choose between traditional or crypto credit cards. Evaluate your financial situation first, and do your research. Should you choose to get a crypto credit card, be sure to read the fine print and accept that risk is a part of your decision. But if you choose to stick with traditional credit cards, be reminded to spend wisely and always make your payments. In that way, you are also rewarding yourself in the long run.

    Article written by Renee Joyce|
    For the exclusive use of www.primafelicitas.com

    AUTHOR BIO: Renee Joyce isan aspiring blogger and journalist with an interest in all crypto technology after becoming intrigued by the rise of Bitcoin in 2010. Today, she enjoys reading and writing content relating to the various trends in the world of crypto, and the technology’s increasing success. When she’s not following leads on the latest developments in blockchain technology, she loves to enjoy classic films from the Golden Age of Hollywood, and collects physical copies when she can. She also likes to write a great deal about the slow and steady decline of croquet, and she is passionately working hard to change the perception that the noble sport is merely for the elderly.

  • Making permissioned blockchains interoperable with Weaver

    Making permissioned blockchains interoperable with Weaver

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    Distributed ledger technology (DLT) has gone beyond its experimental phase and is now actively managing several enterprise workflows around the world in areas like trade logistics, export finance, inter-bank payments, and regulatory compliance. But this has not led to convergence, either to a default technology stack or to a single global network that everyone runs applications on.

    Permissioned networks of limited scope and guarded memberships are here to stay as they offer privacy, auditability, and performance, which open platforms like the Ethereum Mainnet cannot offer. DLTs of different flavors — prominently The Linux Foundation’s Hyperledger Fabric, Corda, and Ethereum adaptations — are also here to stay because each offers a unique set of capabilities that emerge from their designs, and minimum viable ecosystem (MVE) networks of proven value have been built on each of these flavors.

    This has resulted in a fragmentation of the blockchain ecosystem, with independent networks running on different DLT stacks managing processes of limited scope and creating data and asset silos. This situation severely undermines the value proposition of blockchain as the processes and assets that are artificially segregated in the blockchain world are interdependent in the real world.

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    One way to maximize network effects of individual blockchain networks without forcing them to merge is enabling interoperability in a decentralized and secure manner without relying on trusted authorities. This is the mission of the Hyperledger Weaver lab. Before looking at its internals, let’s look at some examples that will illustrate why interoperability is so crucial to the success of enterprise blockchain.

    Why enterprises need DLT interoperability

    International trade is a complex beast with no central coordinator or law-enforcing authority. Various processes have been created and refined ad hoc over centuries by merchants, financiers, and regulators, to manage supply chain logistics and cross-border financing, ensuring that parties can hedge their risks, mitigate fraud, and comply with shipping guidelines that vary with locale. Still, these processes tended to be cumbersome, expensive, and time-consuming. Therefore, the emergence of permissioned blockchain and DLT was recognized by traders, financiers, and regulators for its immense potential to improve efficiency while simultaneously reducing risk.

    Several networks have been launched to handle portions of the trade ecosystem, such as TradeLens (built on Hyperledger Fabric) for trade logistics, IBM Food Trust (built on Hyperledger Fabric) for food tracking, and we.trade (built on Hyperledger Fabric) and Marco Polo (built on R3 Corda) for trade finance, as well as others for cross-border payments and KYC. No single instance of international trade can be completed without the involvement of several of these networks, yet today they remain disconnected from each other, potentially relying on insecure custom mechanisms to link with each other.

    Networking trade logistics to trade finance

    Let us examine one such potential link, between a network that manages trade logistics to another that facilitates trade finance. The first runs smart contracts managing the logistics of exporting goods, from preparing a shipping consignment to dispatching it via a carrier and recording a bill of lading (B/L) for payment claiming purposes.

    The second network runs smart contracts that facilitate the issuance and fulfillment of letters of credit (L/C). The purpose of an L/C is to assure a seller (and its bank) that payment will be made upon the production of documentary evidence, typically including a B/L, for the dispatch of agreed-upon goods. This arrangement allows the seller to risk parting with goods before getting paid as L/Cs are generally issued by reputed banks.

    This trade finance network therefore depends on the seller (or exporter) supplying a bill of lading. But the seller has an incentive to supply a B/L as it stands to make money from the transaction, and a fraudulent seller may try to supply one without actually shipping any goods. The only way the trade finance network contracts and the buyer (or importer) can be assured that goods were shipped is if they can verify that the supplied B/L is the same one that was recorded on the trade logistics network’s ledger. Hence, one form of interoperability involves a network obtaining data from another’s ledger with proof of that data’s authenticity. We term this data sharing.

    Networking components of financial services

    Let’s look at a different example, one drawn from the areas of financial markets and digital currency. In traditional financial markets, parties trade assets such as securities and derivatives for cash or other assets. To reduce risk, various clearing and settlement processes and intermediaries are often involved.

    One form of settlement is a DvP (delivery versus payment) where the transfer of securities is performed only in the event of a corresponding payment. This arrangement reduces principal risk by ensuring that both parties receive their end of the exchange. However, settlement in financial markets are slow and time consuming. As in the trade scenario, it involves counterparty risks and requires intermediaries.

    Over the past few years, we have been seeing significant efforts in digitizing and tokenizing both currencies and securities on DLT infrastructures. We have seen concerted efforts around Central Bank Digital Currencies (CBDC) being added to the landscape of other blockchain-based payment networks. Against this backdrop, several central banks have been exploring the potential of performing DvP settlement across a currency ledger (let’s call it the Central Bank Digital Currency Network, or CBDCN) and a securities ledger (Financial Securities Network, or FSN). Consider then, a scenario involving two networks, one maintaining a currency ledger and another a securities ledger, both based on different DLT protocol stacks, performing a coordinated transfer of assets (DvP) in their respective ledgers.

    To effect the settlement of an exchange between Commercial Banks A and B, the following two transactions will have to happen atomically across both networks: transfer of payment from Bank B’s currency account in CBDCN to Bank A, and the entitlements of the designated securities are transferred from Bank A to Bank B in FSN. This is an example of another form of interoperability, one which we term asset exchange.

    A third form of interoperability is asset transfer, where an asset must be moved from one network’s ledger to another network’s ledger. As an example, think of two CBDC networks maintaining accounts for distinct clientele, and some amount of currency must be transferred from Bank A’s account in one network to Bank B’s account in another. Asset transfers are like asset exchanges in their need for atomic transactions across two networks — the destruction of an asset on one ledger must occur simultaneously with its recreation in another; either both happen or neither does. But asset transfers raise additional issues of asset integrity because they involve destruction and recreation, unlike exchanges which simply involve change in ownership.

    Using Weaver to link business networks

    What these examples and abstractions emerging from them illustrate is that enterprise blockchain and DLT networks offer very limited use if they remain isolated from each other. Trusted and decentralized interoperability among independent blockchain networks is critical to realize the full potential of the technology while allowing the ease and flexibility of building valuable networks with minimum viable ecosystems. We envision a world of blockchain networks that have the ability to interconnect with each other, on demand, just like TCP/IP-enabled inter-networking among computers two generation back. However, interoperability is not a straightforward task like API integration across enterprise domains. It has to tackle challenges arising from the need to link private networks that have no common controlling authority.

    Here is where the Weaver code comes in. Incubated in IBM Research, Weaver’s mission is to link processes and enable seamless but controlled flow of assets and data across DLT network boundaries. Weaver seeks to achieve this while maintaining the autonomy of the networks and the ledgers within and avoiding dependencies on trusted intermediaries.

    Weaver is a general-purpose interoperability framework that provides a common set of capabilities for trustworthy information communication across ledgers, whether they belong to the same network or different networks running on different DLT stacks. Among the key principles that guide Weaver’s design are accommodating DLT heterogeneity without requiring changes to existing DLT protocols, relying on common standards for communication but not requiring trusted intermediaries or third party infrastructure, and relying on networks’ native consensus mechanisms to finalize cross-network interactions.

    For overviews of how Weaver works, do check out our project repository and the official documentation. Also check out the RFCs for detailed specifications and the Getting Started guide to setup a test instance of Weaver and experiment with different interoperation scenarios.

    The road ahead for interoperability

    Weaver presently offers a capability (or protocol) for data sharing with authenticity proofs among networks built on Hyperledger Fabric and Corda. It also offers an asset exchange capability using the well-known Hashed Time Lock Contract (HTLC) pattern for Fabric, with work actively underway to extend support for Hyperledger Besu. Further, we are adding support for decentralized identity management among networks, which several protocols in the Weaver suite will need, based on written specifications and experimentation conducted in the recent past.

    We have written articles and published research papers describing our work and our vision. The project was open-sourced to the Hyperledger Labs earlier this year because we believe that projects like these must help the blockchain (or DLT) community converge to universal open standards, which requires collaboration. With community help, we hope to rapidly expand Weaver’s DLT portfolio and protocol suite.

    For more information on our Hyperledger code contributions, register now to see our on-demand webinar.

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  • Bitcoin on Track to Break ,000 Resistance as About .1B Positions in Crypto Gets Liquidated

    Bitcoin on Track to Break $40,000 Resistance as About $1.1B Positions in Crypto Gets Liquidated

    The world’s premier digital currency is on track to break through the $40,000 price level after several impressive fundamentals stirred a new upshoot over the weekend. Per data from CoinMarketCap, Bitcoin was changing hands at $38,947 after rising by 13.31% in the past 24 hours.

    Amid the rising push in the price of the digital currency, the coin tested a daily and weekly high of $39,280.42, a move that suggested to market makers that a plausible breach of the $40,000 resistance level is imminent.

    Over the weekend, the price action of Bitcoin takes its backing from indications that Elon Musk’s privately held space tech firm, SpaceX, has allocations in Bitcoin. The news was complemented by the update from Amazon, the American e-commerce giant whose executives are keen on hiring a crypto expert in a bid to stir a move that will see the firm begin accepting crypto for payments. The updates all showcased the potentials of Bitcoin as a major or growing force in world finance, and hence, the rub off on price.

    BTCUSD.png

    The BTC/USD chart on TradingView shows the bulls are in charge of the upward trend, as marked by the RSI rating of 85.78. The short-term moving average is also bullish, a position with the buyers dominating, as indicated by the bullish green candlesticks. At the current pace, sustenance of this growth trend will see the bulls push the price of Bitcoin beyond the $40,000 resistance point, a move that may unleash a whole new buyup across the board.

    The upward movement of Bitcoin has caused some traders to be caught in a massive liquidation. The cryptocurrency ecosystem has seen as much as $1.1 billion in total liquidations in the past 24 hours, according to data from Bybt. While many cryptocurrencies are featured in the liquidations, Bitcoin accounted for the bulk, with approximately $850.38 million liquidated.

     

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  • 43% Singaporean Own Cryptocurrency, Study Says

    43% Singaporean Own Cryptocurrency, Study Says

    A study released on Monday shows that 43% of own Singaporean cryptocurrencies, while most of the crypto investors range between 25 to 44 years old, according to the Independent Reserve Cryptocurrency Index (IRCI).

    This is the inaugural year for the Independent Reserve Cryptocurrency Index (ICRI) for Singapore regarding the adoption and other key factors of cryptocurrencies. Singapore, the city-state of ASEAN’s member country in Southeast Asia, scored 63 marks out of 100 in the ICRI index, higher than Australia with 47 points compared to the previous year. Singapore enjoys an open-minded and responsive regulatory environment, according to the report.

    Per the report, serval highlights are shown as follows:

    • 93% of Singaporeans are aware of at least one type of cryptocurrency. Bitcoin has the most brand recognition, with 90% of respondents saying they’re aware of it, followed by Ethereum (44%) and Litecoin (33%), respectively.
    • 43% of Singaporeans own cryptocurrencies, which is remarkably high compared to regional and global average estimates—82% of respondents hodl Bitcoin.
    • 74% of crypto holders report either making a profit or breaking even in crypto-related investments.
    • Also, 76% of Singaporeans between 26 and 35 believe crypto will become widely accepted by businesses and the public.
    • The primary driver of confidence in cryptocurrency in Singapore has increased clarity of local regulation and taxation issues.
    • Almost 40% of respondents believe Bitcoin to be an investment asset, more than three times the number of those who consider it money.
    • 21% of Singaporeans intended to buy crypto in 2020 but didn’t say their purchasing decisions were directly influenced by the economic fallout of the COVID-19 crisis.
    • However, about 7% of respondents believed Bitcoin to be a scam.

    Adrian Przelozny, the CEO of Independent Reserve, described Singapore as a “key hub in Asia due to its robust and well-regulated financial markets infrastructure and openness to new technologies.”

    Singapore enjoys a crypto-friendly environment

    Singapore enjoys a crypto-friendly environment worldwide. Earlier this month, a study ranked Singapore as the 3rd place after the United States and Cyprus in terms of the crypto-friendly index were more than 30,000 crypto searches per 100,000 people. Singaporean administration allows people to own and exchange crypto while at least ten crypto ATMs are operating. 

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