Cryptocurrencies backed by cash could elude new regs

Cryptocurrencies backed by cash could potentially be covered by the same regulations used to govern securities, according to a global financial oversight group. The finding could help move forward projects such as Facebook’s Libra digital currency, known as a stablecoin. The International Organization of Securities Commissions (IOSCO), made up of …

Mastercard partners on blockchain-based food supply chain

Mastercard is partnering with food track-and-trace software provider Envisible to create a blockchain-based supply chain platform to help supermarkets trace the origin of seafood. Envisible’s new Wholechain traceability system will be powered by Mastercard’s blockchain-based Provenance service; it’s designed to give grocery partners more insight into the ethical sourcing and …

Facebook won’t launch cryptocurrency until U.S. regulators approve

In a prepared statement to a House oversight committee, Facebook CEO Mark Zuckerberg said plans to launch a global payments system will remain on hold until U.S. regulators approve it. The comments end speculation Libra coin could go live in nations where there is no government pushback. The statement, published …

Why Wells Fargo plans to pilot its own cryptocurrency

Wells Fargo & Company this week announced plans to pilot an internal settlement service using a homegrown cryptocurrency backed by fiat money, starting with the U.S. dollar. Wells Fargo Digital Cash, which will run on the bank’s first distributed ledger technology (DLT) platform based on the R3 Corda Enterprise blockchain …

Gartner: Blockchain will be nothing more than an add-on for ERP, CRM software

During the next two to three years, all major ERP and CRM vendors will offer blockchain capabilities as an add-on feature for their software and SaaS products, according to a new report from Gartner. During that same time, fragmented blockchain standards are likely to inhibit adoption of the distributed ledger …

Coming soon: A token taxonomy to define the world of blockchain

The Enterprise Ethereum Alliance (EEA) is working with Microsoft and more than a dozen businesses, research organizations and industry consortiums to create a blockchain-neutral business-focused Token Taxonomy Framework. In essence, the group is working to universally define in non-technical terms what a token is – regardless of the blockchain platform …

What’s a crypto wallet (and how does it manage digital currency)?

A cryptocurrency wallet is a piece of software that keeps track of the secret keys used to digitally sign cryptocurrency transactions for distributed ledgers. Because those keys are the only way to prove ownership of digital assets – and to execute transactions that transfer them or change them in some …

Tax and finance execs show interest in blockchain, but see hurdles to adoption

More than half of tax and finance executives are interested in adopting technology to automate routine tasks, but most are not considering blockchain as a solution because of a lack of resources, funding and technological capabilities, according to KPMG. The company this week released data from a February survey of …

CIOs, you’re doing blockchain wrong

IT leaders who’ve taken the plunge into blockchain are mainly deploying it in proofs-of-concept tests to address the same problems a conventional database could handle, according to research firm Gartner. Relying on a survey of consulting firms whose clients had deployed some form of blockchain, Gartner found that CIOs are …