Payments News » Blockchain

Thai Government Trials Blockchain in Fight Against Tax Fraud

December 4 2018

in
Blockchain

“According to a report from the Bangkok Post on Monday, Thailand’s Revenue Department is considering implementing blockchain to prevent fraudulent VAT refund claims in the country. VAT is a form of consumption tax levied on goods and services. Ekniti Nitithanprapas, director-general of the Revenue Department was quoted as saying that blockchain would help verify VAT invoices and in […]

Tech

Italian banks’ blockchain project picks up pace

December 4 2018

in
Blockchain

“As reported in October, 14 banks passed the first phase with the help of ABI Lab, the technological laboratory supported by the Italian Banking Association (ABI). This followed on from June when they said this new tech will be applied to interbank processes to increase data transparency and visibility, speed in executing transactions, and allowing checks and exchanges […]

Systems

TransferWise Won’t Buy Into Blockchain Until More Banks Use Ripple

November 20 2018

in
Blockchain

“Part of the problem is that blockchain technology has not yet achieved enough adoption among banks to make it more efficient than the prevailing payments systems. And as fintech companies find new and less expensive ways to transfer money, the bar that blockchain technology must clear to make it worth switching to has gotten higher.”

Companies

Ripple Is Aiming to Overtake Swift Banking Network, CEO Says

November 13 2018

“Ripple Labs says it has more than 100 banks and payment providers on its RippleNet network, including Japan’s Mitsubishi UFJ Financial Group Inc. and Standard Chartered Plc, according to its website. Garlinghouse also said that speculation within the blockchain industry of a potential link-up between Ripple and Swift wasn’t true.”

Tech

R3’s New Corda App Supports Payments in XRP Cryptocurrency

December 5 2018

in
Blockchain

“Distributed ledger technology provider R3 has launched the Corda Settler, an application aimed to facilitate global cryptocurrency payments within enterprise blockchains – and it’s starting with XRP. R3 said XRP is the first globally recognized cryptocurrency to be supported by Settler, bringing the Corda and XRP ecosystems into closer alignment – something of a rapprochement considering […]

Domains

Finablr’s UAE Exchange, Ripple to begin blockchain payments by first quarter

December 13 2018

“Asia was one of the biggest recipients of the roughly $613 billion in remittances sent globally last year, with a large swathe coming from expatriate workers in the Middle East, where UAE Exchange, part of payments and foreign exchange company Finablr, is one of the main players. Most funds are currently sent through foreign exchange branches […]

Tech

Fit Pay’s Bitcoin-Connected Flip Device for POS Transactions Starts Shipping Next Month

January 14 2019

in
Blockchain

“Fit Pay Inc. announced on Friday it will begin shipping its Bitcoin-based contactless device, Flip, on Feb. 13. The coin-shaped token sells to consumers for $29 and allows them to convert their Bitcoin holdings to U.S. dollars and then spend the money at stores equipped with contactless point-of-sale terminals. The device comes equipped with a […]

Tech

Ethereum Plans to Cut Its Absurd Energy Consumption by 99 Percent

January 3 2019

in
Blockchain

“Ethereum mining consumes a quarter to half of what Bitcoin mining does, but that still means that for most of 2018 it was using roughly as much electricity as Iceland. Indeed, the typical Ethereum transaction gobbles more power than an average U.S. household uses in a day.”

Tech

Blockchain Beyond the Hype

December 21 2018

in
Blockchain

“With cryptocurrencies having lost more than 80% of their market value from their high in January, it’s a fair question to ask what this means for blockchain, the technology underlying the turbulent crypto market. There’s a difference, of course. Blockchain’s true potential value lies not in making–or losing–the quick buck, but in helping solve some of the […]

Security

Canada urges blockchain on for digital ID dream

January 18 2019

““We should be open to innovative identity verification methods like document review through a live video connection, use of blockchain, biometrics and other methods that have begun to see widespread adoption in other parts of the economy,” Parmenter comments. “These methods have the potential to prove a person’s identity more securely and accurately than showing […]