2018 has not been kind to the digital currency as it is down 50 percent against the dollar and the first quarter is the second worst on record; regulation, a clampdown in Asia hurting volume and the big price run up in late 2017 have all hurt Bitcoin; the prevailing thought about making fast cash has gone away as the price has dropped; the price today stand just below $7,000, down from a high of $20,000. Source.
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A new consortium for blockchain solutions in financial services has been announced called the Enterprise Ethereum Alliance; the consortium includes JPMorgan, Microsoft, Bank of New York Mellon, Intel and Banco Santander S.A.; it will focus on building out an open-source platform started by JPMorgan called Quorum; the platform will seek to develop solutions for realizing cost savings in financial transactions with blockchain technology; the Ethereum Enterprise Alliance plans to launch a working version of its protocol later this year. Source
Deloitte has identified the need for developing auditing standards for blockchain as the technology becomes increasingly tested and utilized across all industries; the firm has checked blockchain protocols and applications against professional auditing standards in a project that audited an internally developed loyalty points blockchain application on a permissioned Ethereum network; the firm is currently seeking to be a market leader in defining how an auditor can provide audited assurance of blockchain applications. Source
The UK Chancellor of the Exchequer Philip Hammond will announce the creation of a task force focused on cryptocurrencies; the task force will include the Treasury, the Bank of England, and Britain's financial watchdog the Financial Conduct Authority; the task force will help manage the risk surrounding cryptocurrencies and better understand how blockchain technology can be implemented. Source.
[Editor’s Note: This is an article by Devin Partida, the Editor-in-Chief of ReHack.com. Devin is a Fintech and crypto writer...
Five Canadian banks are leveraging Secure Technologies’ Verified.Me identity system; this includes Royal Bank of Canada, Toronto-Dominion Bank, Bank of...
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