IBM TrustChain for Jewelry Supply, Nasdaq Could go Crypto & Another Old-Money Exec Shouts at Bitcoin

Bitcoin fell overnight to around the $8.8k mark, down $400 from the same time yesterday, Ethereum more positive suffering less volatility and rising slightly to $630 – up $10 over the same period.

Once again the headlines are sporting some extremes. On one side, Nasdaq CEO Adena Friedman has gone on the record in an interview with CNBC stating that Nasdaq would certainly consider becoming a crypto exchange in time, straight off the back of news yesterday of their collaboration with the Winklevoss owned Gemini Exchange to provide surveillance tech assistant to the platform.

At the other extreme, former PayPal CEO Bill Harris has declared Bitcoin as “the greatest scam in history” in an all too familiar piece of rhetoric citing the usual misunderstandings of blockchain as the reasons for his opinions. On reading the article it’s not immediately clear what the underlying agenda Harris is aiming for, until the end of the article where one can see that he happens to be the founder of “a digital wealth management firm that provides personal financial software and investment services”. If that’s not “FUD with vested interest” I don’t know what is.

Spanish Bankers BBVA have become the first global bank to negotiate, create and issue a loan using blockchain for the entire process. The negotiation time for the €75 million loan was reportedly reduced from days to just hours with BBVA CEO Carlos Torres Vila describing the event as “a significant advance in the exploitation of distributed ledger technology”. BBVA have been very active in exploring and investing into blockchain projects of late with rumours of much more to come as they progress.

IBM continues its momentum into the blockchain world announcing “TrustChain” for the jewelry supply sector. With a swathe of industry leaders involved from metal refiners and diamond dealers to precious metal suppliers and jewelry manufacturers, the system will significantly reduce the traditional paper-pushing synonymous in the industry, and provide end-to-end tracking with the potential to reach consumers eventually by using QR codes to inform potential buyers of jewelry details on each individual product.

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Created: Thursday, April 26, 2018

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