[Above] Australia based Bankcoinreserve.com is a privately held cryptocommodity firm led by Gary McAlister partnering with Ruthie Barrows of SyndicatedNews.NET.  Per their last published press release, both entities are represented by GreenbergTraurig Law Firm.

Say hello to the decentralized economy — the blockchain, like AAABlockchain, blockchains are changing everything.  The standard banking institutions, financial industry and other financial entities will all be on blockchain by mid to end 2017.

In this lucid explainer of the complex (and confusing) technology, Bettina Warburg describes how the blockchain will eliminate the need for centralized institutions like banks or governments to facilitate trade, evolving age-old models of commerce and finance into something far more interesting: a distributed, transparent, autonomous system for exchanging value.


 


Bankcoin Reserve Chairman, Gary McAlister says, “Just take a look at what has happened in Kenya.  No need for the typical multinational corporate lenders anymore where the interest paid on the bonds went offshore. The gains will now stay in the country since the citizens who buy the bonds also get to keep the 10% gain. Additionally, the 10% estimated rate of return is like a stimulus in of itself as opposed to the banks and corporations earning and transferring the 10% offshore.  That money earned now stays within country.  Next step?  Blockchain using our model where the government does not have to take from Peter (tax payer) to pay Paul (international lenders such as the USAID, the International Monetary Fund and the World Bank).”

Kenya, a pioneer in mobile money, on Thursday began selling the first ever government bonds via mobile phone, allowing anyone from teachers to shop owners to invest and fund infrastructure projects. The government is looking to tap into that network by allowing mobile phone users to trade the government securities across their phones. The bond is named M-Akiba, which means “mobile savings” in Swahili, and was launched with a value of 150 million shillings (1.3 million euros, $1.4 million usd) ahead of the main launch of a five billion shilling bond in June.
of 2017.

Trying to transfer cash to a friend’s bank account is a surprisingly stressful process if you’re going through a traditional bank.

The transfers can take days, often lack a “received” receipt, and come with fees. At times, the cash just seems to disappear.

But a major shift is underway among startups and big banks who hope to make that process, and others, cheaper, faster, and more efficient by using the technology that underlies cryptocurrency Bitcoin.


In fact, banking and financial markets are adopting the technology ‘dramatically faster than initially expected,’ according to a Wednesday IBM report titled “Leading the Pack in Blockchain Banking: Trailblazers Set the Pace.”

So much so that 15% of banks world wide expect to widely implement blockchain, which is a ledger of transactions updated in real time by various institutions, by next year, according to the report which surveyed 200 global banks.

These banks, mostly medium to large-sized institutions, are focusing their blockchain technology on three areas: consumer lending, retail payments, and reference data, which refers to the real-time information sharing of transactions across business divisions and institutions.

In four years, IBM says that 66% percent of banks expect to have blockchain in commercial production and at scale.

So far, the majority of banks are still in the testing phase—figuring out how to apply blockchain to their products and services.

Eight banks including HSBC and State Street successfully tested out blockchain in bond transactions earlier this year, UBS and Santander have been trying out the technology for cross-border payments, while Bank of America (BAC, -0.60%)announced Tuesday a partnership with Microsoft (MSFT, -0.08%) to experiment with the system.

Banks expect the the use of blockchain technology, which would allow institutions themselves to update data in real-time, to lower costs by cutting out the middleman, and speed up transactions since banks would cut down on time spent reconciling disparate data.

Leading the Pack in Blockchain Banking by Syndicated News SNN.BZ on Scribd

Facebook Comments