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FinTech Connects… with Richard Gendal Brown, Chief Technology Officer, R3

Richard Gendal Brown of R3 talks middleware and market-level transformation through blockchain technology

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R3 is an enterprise blockchain software firm working with a global ecosystem of more than 300 participants across multiple industries from both the private and public sectors to develop on Corda, its open-source blockchain platform, and Corda Enterprise, a commercial version of Corda for enterprise usage.

I spoke to their Chief Technology Officer, Richard Gendal Brown to get his take on the blockchain market, business uses and R3’s open source blockchain platform, Corda.

How exactly do you envisage blockchain bringing increased efficiencies at market level?

If you look at what the IT industry has achieved over the last 50 or 60 years, it is all about optimisation by taking previously manual processes and automating them. This enables formerly impossible or unaffordable things to happen and it’s all about improving firms.

You saw that through the first computer revolution, then ERP, CRM and integration. It’s all about improving the efficiency of individual firms. But, if you take stock of what’s been achieved it almost feels like the industry has reached the end of that road. Whereas if you were to look at the markets in which firms operate, they still look very similar to how they looked 50 or 60 years ago. The markets themselves with one or two exceptions, have not been transformed.

For example, take syndicated lending. The banks in that market have installed software that’s made them very efficient. But, the communications process at the level of the market is archaic.  

One of the things that particularly inspired us at R3 about platforms like Bitcoin and Ethereum is that they operate at the level of entire markets. Whoever owns and trades Bitcoin and Ether use the same platform and that’s how the entire market is able to transact.

So a lesson we drew from that was what if you could do the same things with normal markets? What if you could apply those same principles to bring a level of commonality and consistency, just as IT did for individual businesses? It doesn’t just reduce cost, but alongside this brings a quality of data and new opportunities.

So, long story short, this is about doing to the markets what IT did for firms.

What are some real world, business use cases?

Most consumers think of insurance as pretty efficient. It can be done online via a comparison website. But in the corporate world, where complicated risks need to be placed, to get all the property in a company’s portfolio insured they have to go through a broker, underwriter, reinsurance and all the rest. It’s like a business negotiation that has to be carried out in getting corporate insurance.

It’s inherently decentralised, there is no-one in charge of the market. So you get the situation where the component parts are very efficient themselves, but the communication between them is very inefficient. What we do now see is that insurers are coming together to create inter-firm workflow and inter-firm blockchain solutions to massively improve the efficiency of the process.

How realistic is it to ask entire markets to change the way that they operate, given they have been doing so in a certain way for such a long time?

Collectively as an industry we have begun to realise what works. You could argue that the answer is obvious, that incentives matter. All the successful companies that we’ve seen are one where we’ve managed to crack the nut of making it a win win scenario for everyone involved. The incumbents, the service providers, the consumers, everybody benefits and everybody shares in the efficiency and the opportunities that are created.

It’s that old adage, lots of things change, but the rules of economics always stay the same.

How close do you think we are to achieving the kind of market-wide optimisation that blockchain can promise?

We are pretty close. We’ve already seen small scale deployment. 2020 is the real year of production at scale. So if we were to have this conversation next year I’d be talking about the efficiency that has been delivered and we might even be at the point where there is a secondary market on the horizon.

You can almost measure it by the amount of paper that is being carried around in people’s arms east of Bishopsgate.

So, if Corda can be considered ‘middleware’ for markets, does that mean it can be applied to every industry?

One of the most serendipitous moments of my career was when I realised that a platform we had designed for a very narrow set of use cases in the financial market was highly general purpose. It was actually the insurance industry that told us this. They were almost banging on our door asking why we were only talking about Corda in the context of banking, when the underlying data model is perfect for modeling an insurance policy.

So that made us wake up and realise that we were sitting on something that was far more general. Since we started talking about that and helping people understand it we’ve had multiple industries; banking, insurance, healthcare, oil and gas, take up the solution. You name an industry and there are people building solutions on Corda.

We realised that for Corda to be truly successful, it had to be on an open platform and it had to be accessible for all. We couldn’t do everything at R3, we had to create space for entire ecosystems and software developers to come to the fore using their knowledge of their own verticals.

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Source: https://www.fintechconnect.com/blockchain/articles/fintech-connects-with-richard-gendal-brown-chief-technology-officer-r3

Blockchain

Robinhood Testing New Cryptocurrency Wallet as Demand Rises

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The millennial-focused trading portal is edging closer to launching a long-awaited app that will enable its growing user-base to send and receive cryptocurrencies.

A beta version of Robinhood’s iPhone app showed the company’s latest upgrades on the new digital asset features, according to Bloomberg.

There is a hidden image showing a waiting list for users eager to get their hands on the app and code referring to crypto transfers, it added.

Delving Deeper into Crypto

Robinhood users can already buy and sell cryptocurrencies on the platform but they need to convert them to and from USD. With a native app, users will be able to send crypto assets to each other directly and set up two-factor authentication for additional security.

Robinhood Chief Executive Officer Vlad Tenev stated that adding crypto wallets is a priority for the company’s developers and they are actively working on such.


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“The ability to deposit and withdraw cryptocurrencies is tricky to do with scale, and we want to make sure it’s done correctly and properly.”

He did not specify a launch date, but the beta app leak suggests it is not too far away. Users of the new functions will need to activate crypto sending and receiving and the registration page will require an identity check, the report added.

On Sept. 11, CryptoPotato reported that Robinhood had launched incentives to promote longer-term cryptocurrency investing. The zero-fee recurring purchase feature enables users to schedule digital asset purchases for regular intervals with buys as low as a dollar.

This will encourage customers to build their cryptocurrency portfolios over time and “become a whole coiner,” stated Robinhood.

Robinhood Users Hungry For Crypto

Cryptocurrency trading has been one of the biggest drivers of revenue for Robinhood this year. Dogecoin has been the crown jewel, according to the company. It reported that 62% of its $233 million in second-quarter crypto income came from DOGE trading.

It added that more than half of all transaction-based revenue on the platform came from digital asset trading. The firm did warn that Q3 would not be as prosperous due to “seasonal headwinds and lower trading activity across the industry.”

Robinhood share prices have already fallen 43% since their all-time high of a little over $70 in early August. They are currently trading down 1.68% since Monday’s open at $40.70 according to Yahoo! Finance.

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Source: https://cryptopotato.com/robinhood-testing-new-cryptocurrency-wallet-as-demand-rises/

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Snoop Dogg Reveals His Connection With Twitter Account on NFTs

Snoop Dogg Twitter

Rate this post American rapper Snoop Dogg tweeted on Monday that he’s the owner of a Twitter account that talks about nonfungible tokens (NFTs). The account, named @CozomoMedici, shares “insights and tales from the wild world of NFTs” and has 27.7K followers at the moment. Snoop Dog Claims to Be Popular NFT Advocate on Twitter Snoop Dogg left the crypto community stunned this week after he revealed himself as the owner of a Twitter account dedicated to NFTs.  The account Cozomo de’ Medici, named after an Italian banker, is only a month old. However, it has already garnered attention from industry watchers and even a mention from crypto-focused news outlet The Block.   According to The Verge, the person behind the Medici account had been creating hype around their real identity for “at least a few days” and even conducted a poll for their followers to take a guess. The poll featured Democratic congresswoman Alexandria Ocasio-Cortez and Matt Bellamy, the lead singer of the rock band Muse. Snoop, however, was not mentioned in the poll. On September 20, @CozomoMedici tweeted that they were about to reveal their identity from their account. Shortly after, Snoop Dogg tweeted “I am @CozomoMedici.”   Interestingly, after making this revelation, the Medici account bought two weed-themed collectibles from an artist named NyanDogg, The Verge reported. Additionally, Snoop’s alleged OpenSea account has been sent  “a cloud of blunt and Snoop-themed NFTs” following the reveal. Is Medici Account an Elaborate Prank? The Medici account could likely turn out to be an elaborate prank, one that Snoop might have engineered himself or just participated in. Many reactions to Medici’s reveal have also expressed skepticism about Snoop’s involvement. “I have a hard time accepting that this account is Snoop Dogg. Like seriously Snoop Dogg muted his live stream for a week (?) by accident. And he is that deep into NFTs out here owning crypto punks… Owning Eth using OpenSea. Would love that to be true but I can’t believe it,” Twitter user @Brandolf485 wrote in the comments. Nonetheless, the crypto community will have to continue looking for concrete proof till Snoop’s involvement with the account is confirmed. 

The post Snoop Dogg Reveals His Connection With Twitter Account on NFTs appeared first on Cryptoknowmics-Crypto News and Media Platform.

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American rapper Snoop Dogg tweeted on Monday that he’s the owner of a Twitter account that talks about nonfungible tokens (NFTs). The account, named @CozomoMedici, shares “insights and tales from the wild world of NFTs” and has 27.7K followers at the moment.

Snoop Dog Claims to Be Popular NFT Advocate on Twitter

Snoop Dogg left the crypto community stunned this week after he revealed himself as the owner of a Twitter account dedicated to NFTs. 

The account Cozomo de’ Medici, named after an Italian banker, is only a month old. However, it has already garnered attention from industry watchers and even a mention from crypto-focused news outlet The Block.  

According to The Verge, the person behind the Medici account had been creating hype around their real identity for “at least a few days” and even conducted a poll for their followers to take a guess. The poll featured Democratic congresswoman Alexandria Ocasio-Cortez and Matt Bellamy, the lead singer of the rock band Muse. Snoop, however, was not mentioned in the poll.

On September 20, @CozomoMedici tweeted that they were about to reveal their identity from their account. Shortly after, Snoop Dogg tweeted “I am @CozomoMedici.”

Interestingly, after making this revelation, the Medici account bought two weed-themed collectibles from an artist named NyanDogg, The Verge reported. Additionally, Snoop’s alleged OpenSea account has been sent  “a cloud of blunt and Snoop-themed NFTs” following the reveal.

Is Medici Account an Elaborate Prank?

The Medici account could likely turn out to be an elaborate prank, one that Snoop might have engineered himself or just participated in. Many reactions to Medici’s reveal have also expressed skepticism about Snoop’s involvement.

“I have a hard time accepting that this account is Snoop Dogg. Like seriously Snoop Dogg muted his live stream for a week (?) by accident. And he is that deep into NFTs out here owning crypto punks… Owning Eth using OpenSea. Would love that to be true but I can’t believe it,” Twitter user @Brandolf485 wrote in the comments.

Nonetheless, the crypto community will have to continue looking for concrete proof till Snoop’s involvement with the account is confirmed. 

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Source: https://www.cryptoknowmics.com/news/snoop-dogg-reveals-his-connection-with-twitter-account-on-nfts/

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TA: Ethereum Breaking This Confluence Resistance Could Spark a Recovery

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Ethereum started a major decline below the $3,200 support zone against the US Dollar. ETH price traded as low as $2,807 and it is now attempting a recovery wave.

  • Ethereum started a fresh decline below the $3,300 and $3,200 support levels.
  • The price is now trading below $3,200 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $3,020 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could a steady recovery wave if there is a close above $3,050 in the near term.

Ethereum Price Corrects Losses

Ethereum started a major decline from the $3,500 resistance zone. ETH traded below many important support zones near $3,300 and the 100 hourly simple moving average, similar to bitcoin.

The bears gained strength below the $3,200 support zone. Finally, ether spiked below $3,000 and extended its decline. A low is formed near $2,807 and the price is now correcting losses. There was a break above the $2,920 and $2,950 resistance levels.

The price recovered above the 23.6% Fib retracement level of the recent decline from the $3,455 swing high to $2,807 low. An immediate resistance on the upside is near the $3,020 level. There is also a key bearish trend line forming with resistance near $3,020 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

A close above the $3,020 and $3,050 levels could start a decent recovery. The next major resistance might be near the $3,130 level. It is near the 50% Fib retracement level of the recent decline from the $3,455 swing high to $2,807 low. A clear break and close above the $3,130 level could start a steady increase. The next major resistance sits near $3,300.

More Losses in ETH?

If ethereum fails to correct higher above the $3,020 and $3,050 resistance levels, it could start another decline. An initial support on the downside is near the $2,960 level.

The next major support seems to be forming near the $2,900 level. A downside break below the $2,900 support zone could lead the price towards the $2,800 zone. The next major support is near the $2,750 level, below which ether price might decline towards the $2,640 support zone.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly losing pace in the bearish zone.

Hourly RSIThe RSI for ETH/USD is still well below the 50 level.

Major Support Level – $2,960

Major Resistance Level – $3,050

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Source: https://www.newsbtc.com/analysis/eth/ethereum-confluence-resistance-3050/

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