‘Most Ambitious’ Blockchain Startup Since Ethereum Raises $15 Million

By CCN Markets: A blockchain project called Helium has raised $15 million in a round led by enthusiastic technology investors like Multicoin Capital and Google (via venture fund GV). Multicoin wrote a passionate blog post, praising the project as one of the most ambitious crypto ventures since Ethereum itself. Helium reportedly will bring reduced costs to deploying wireless networks, as Multicoin partner Tushar Jain explains:  “The Helium vision is the most ambitious we have seen in the blockchain space since the advent of smart contracts on Ethereum: Helium represents a…

Most Blockchain Platforms Will Need Replacing in a Couple Years: Report

By CCN: Most enterprise blockchains have been mistargeted. They will need replacing in a couple of years. Gartner did a study that found up to 90% of the blockchains in use today will need to be replaced in just a couple short years. “By 2021, 90% of current enterprise blockchain platform implementations will require replacement within 18 months to remain competitive, secure and avoid obsolescence, according to Gartner, Inc.” Gartner says the blockchain market is fragmented. | Source: Twitter Impact to Business: $200 Billion The report isn’t all doom and…

Could the Blockchain Have Prevented It?

By CCN: A major data breach has rocked Quest Diagnostics, exposing the personal details of nearly 12 million patients in the process. The incident, which was reported in a public filing, occurred on May 14 after centralized third-party billing company American Medical Collection Agency (AMCA) informed the diagnostic testing company about “potential unauthorized activity” on a “web payment page.” Quest Diagnostics has some blockchain exposure, but apparently not enough. Among the first companies to respond was blockchain-powered ID startup Civic, suggesting its decentralized technology could put an end to data…

World’s Biggest Banks Splash $63 million on a Blockchain Digital Currency

 By CCN: Some of the world’s biggest banks are partnering with London-based Fnality International to create a blockchain digital currency for faster cross-border transfers. These banks from Japan, Europe, and the United States are hoping that issuing a utility settlement coin (USC) will lower transaction costs of cross-border payments by cutting out intermediaries. Fnality International has received $63.1 million in capital from the 14 participating banks. These banks include Barclays of Europe and the United States’ State Street; Japan’s MUFG Bank and Sumitomo Mitsui Banking Corp as well as UBS…

These US Insurance Giants Will Pay Each Other on a Blockchain

By CCN: USAA and State Farm have reportedly closed a deal that will see them using the blockchain to pay each other. So when two people get in an accident, and they’re represented by either of the companies, the company that has to pay will eventually be using a blockchain solution to settle the inter-company payment. Billions Per Year Settled On Blockchain The claims amount to billions of dollars a year, which is a lucrative volume that blockchains can settle in minutes. The advent of stablecoins and clearer regulations have…

Vanguard’s $1.3 Trillion Blockchain Makes Bundesbank Look Foolish

By CCN: Vanguard, the world’s largest provider of mutual funds, is using blockchain to power their enterprise. The investing giant, which popularized mutual funds and exchange-traded funds (ETFs) for the common investor, has been using distributed ledger technology to manage $1.3 trillion worth of index funds, Forbes reports. Vanguard’s Blockchain Manages More Than $1 Trillion in Assets Since February, Vanguard has used blockchain to manage financial data for one-quarter of its assets, valued at $1.3 trillion. More than just a one-off trial, the service is operating live for millions of…

‘Mario of the Blockchain’ CryptoKitties Has Yet to Gain Wide-Scale Usage

 By CCN: CryptoKitties, a smart contract-fueled decentralized app (dApp) built on the Ethereum blockchain, was supposed to be the one to jumpstart mainstream adoption of crypto. You know, kind of like the Mario Bros of crypto, but instead of Luigi and Mario, there are digital cats. After all, it was the app to clog the Ethereum blockchain, causing a bottleneck from the game’s popularity that slowed transactions to a snail’s pace. Nonetheless, the crypto ecosystem is still waiting for that one ‘killer app’ now that CryptoKitties and other promising dApps…

Bundesbank Ridicules Blockchain: Not a ‘Breakthrough’ Technology

By CCN: The president of Bundesbank – Germany’s central bank –  is not impressed by blockchain, despite the technology experiencing increased adoption in other sectors. German Central Bank: Blockchain Slow & Expensive According to statements made in Frankfurt on May 29, Bundesbank President Jens Weidmann claimed that a trial project to integrate blockchain failed miserably. As opposed to improving the bank’s operations, blockchain was slower and more costly, leading the president to conclude the technology failed to bring a “breakthrough” to the banking industry. Germany’s central bank ridiculed blockchain proponents’…

IBM, Maersk Finally Sign Up 2 Big Carriers for Shipping Blockchain

Shipping blockchain TradeLens, developed by IBM and Maersk, has finally recruited two major marine cargo carriers to the platform after its early marketing efforts floundered. The new additions are Mediterranean Shipping Company (MSC), the second largest after Maersk; and CMA-CGM, the fourth largest in terms of cargo carrying capacity. MSC and CMA-CGM join other carriers Asia’s Pacific International Lines (PIL), Zim Integrated Shipping Services, and Maersk subsidiary Hamburg Süd, which, when combined, account for nearly half of the world’s ocean container cargo data, IBM said. TradeLens also hosts over 100 supply…

IBM Blockchain Finance Lead Jesse Lund Is Leaving the Firm

Jesse Lund, IBM’s global head of blockchain for financial services and digital currencies, is no longer working for the company. A spokesperson for IBM confirmed Lund’s departure via an email to CoinDesk: “I can confirm that Jesse Lund is no longer employed by IBM. IBM’s practice is not to discuss the specifics of employee departures.” Reached later via LinkedIn, Lund said: “Yes, I’ve left IBM but am still optimistic about payments innovation using Blockchain.” A former banker, Lund harbored an ambitious plan to bring cryptocurrency into the enterprise world and…