BRUSSELS AND STOCKHOLM – March 15, 2018 – Last year, B-Hive, a European innovative collaboration platform connecting fintech startups and established financial service organizations, announced the launch of TrustHive. The initiative started with a working group with AG Insurance, Belfius, BNP Paribas Fortis, Euroclear and KBC with the endorsement of other partners of B-Hive (AXA, Baloise, Allianz, ING, SWIFT, Bank of New York Mellon, Isabel Group, MasterCard), for the creation of a blockchain platform to simplify identity management (Know Your Customer – KYC) for corporates.
Three organizations - B-Hive, the Luxembourg House of Financial Technology (LHoFT) and the Dutch Blockchain Coalition - today signed a Memorandum of Understanding (MoU) that will allow them to leverage their significant collaboration potential for mutual benefit around the topic of distributed ledger technology, otherwise known as blockchain, and allows them to recognize each other’s contribution towards this collaboration. The MoU confirms the mutual interest in collaboration and defines the general guidelines of collaboration among the organizations.
ICO’s have recently boomed as an attractive route for start-up funding. The Chinese central bank issued earlier this week a freeze on funding through Initial Coin Offerings (ICO’s) since it has “seriously disrupted the economic and financial order.” This calls for a need for a consistent approach that emerges, globally, soon.
For reasons unknown to me, I was invited to the "Cashless World" blockchain panel. The tagline had a promising and pleasant ring: "Blockchain, separating hype from reality". As I’m always in for some discussion, you could find me there during that rainy evening, on a long table, next to bitcoin-aficionado's and someone from IBM.
Financial digital identity within the realm of financial services , is one of the most important concerns of our time. Financial institutions (FI’s) around the world are required by law to conduct a process known as KYC (know your customer) to establish that a company or a natural person is who they say they are. The problem is that this process can be extremely tedious for FI’s and account holders (both legal entities and natural persons) alike. And as a response, several large companies are attempting to control and own all of the world's most important financial data.
Blockchain based technologies (distributed ledgers, also called DistributedLedger Technologies DLTs) enable transactions between participants in a secure, trusted and immutable way, without relying on a third party. The blockchain is distributed and replicated between all participants, allowing unforgettable and fully traceable transactions.
By Thomas Marckx - The Ledger - Cronos
Hi there, you might have experienced it as well. Some bearded guru-type IT-guy is explaining Blockchain technology and the first thing they start to discuss is Bitcoin. If you’re lucky, he uses small and understandable words; if not, before too long you’re drowning in hash-functions, merkle-roots, game theory-based consensus algorithms and bidirectional channels. I’ve seen too many presentations where the speaker loses his audience at lightning speed. This occurs because the potential of blockchain is not technological, it’s economics … stupid.