Time to put the blockchain hype to the test. After a year of promises that the technology would revolutionise Wall Street, anyone can now download an entire blockchain specifically built for financial services. Chain, the San Francisco-based start-up that's working with Visa and has made a presentation on the benefits of blockchain to Federal Reserve chair Janet Yellen, just released to the public the 30,000 lines of open-source code that make up its Core Developer Series. Software developers, engineers, traders and executives can now build and test any type of application they think will help improve efficiency in their business, said Adam Ludwin, Chain's chief executive officer. "Before today, most blockchain projects existed in PowerPoint presentations," Ludwin said in an interview. "We're releasing the culmination of two-and-a-half years of work." Industries from finance to health care to utilities are experimenting with blockchains with the goal of radically changing how payments are tracked, securities and derivatives trades are processed, and health records are stored, to name just a few of the potential uses. On Wall Street, blockchain is being hailed as a way to reduce payment times from days or weeks to real time, freeing up billions of dollars in capital that's now tied up until accounts are verified. Visa applicationThe same blockchain released by Chain is powering the near real-time transaction system being developed by Visa. Known as Visa B2B Connect, it's an attempt to overhaul and vastly speed up how global business payments are processed. The blockchains associated with the digital currencies bitcoin and ether are free and can be used by the public to build upon. Yet those weren't made with financial applications in mind, which sets Chain apart, Ludwin said. Other companies such as Symbiont, Digital Asset Holdings and R3 are also working to develop blockchain. In the case of Ripple, its blockchain is moving money around the world daily. But access to those systems is restricted to partners or customers and isn't free to the public. Chain is designed to be shared among users that are known to each other, such as banks and their customers, what's known as a permissioned blockchain. That's not how it works with bitcoin, whose users are anonymous. And Chain is built to host multiple assets, not just a single digital currency like bitcoin or ether, Ludwin said. "We want to put hundreds or thousands of assets over it," he said. Allowing the public to play around with the software "absolutely accelerates the adoption of this technology", he said. "It's a tipping point from the technology phase to the commercialisation phase." Facing obstaclesStill, the adoption of blockchain technology faces obstacles to success. Fierce competitors will need to collaborate. Regulatory hurdles could kill or significantly slow progress. And although cross-border payment networks based on distributed ledgers could save banks money, it would also drain revenue away from other parts of their business. Another challenge is integrating new technology into existing systems. Emin Gun Sirer, an associate professor of computer science at Cornell University., said: "Chain's technology is definitely not hype. They are one of the most credible blockchain providers out there." Chain's focus on financial services "makes it unique" and the ability of developers to now have an underlying blockchain to write programs on top of is big step, he said. "It looks to me like this is the second wave of blockchain technology," he said - the first being the underlying systems that make bitcoin and ethereum possible. "I expect to see many more of these offerings. This is by no means the last." News by Bloomberg Sharing by Corwin Group
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Dutch bank ING says it intends to cut about 5,800 jobs in Belgium and the Netherlands over the next five years as part of a cost-cutting plan. The bank said the aim was to speed up the adoption of new technology and "continue to lead in digital banking". It said 3,500 jobs would go in Belgium and 2,300 in the Netherlands. It expects to make savings of €900m (£780m; $1bn) a year. ING said it was setting aside €1.1bn to pay for redundancies. The bank currently employs 51,833 people. ING chief executive Ralph Hamers said that all in all, over the coming five years, about 7,000 jobs might be "impacted", including 950 positions employed by external suppliers. New technology" Customers are increasingly digital and bank with us more and more through mobile devices," said Mr Hamers. "Their needs and expectations are the same, all over the world, and they expect us to adopt new technology as fast as companies in other sectors. "In order to continue to lead in digital banking, we need to offer a better customer experience, that's instant, personal, frictionless and relevant." He added: "From 2016 to 2021, we intend to invest €800m in our digital transformation, building a scalable platform to cater for continued commercial growth, an improved customer experience and a quicker delivery of new products."
Last week, Germany's second-biggest lender, Commerzbank, said it was planning to cut 9,600 jobs over the next four years and end dividend payments for the first time. Big banks in general are facing challenges from new competition and the higher cost of new regulations, while at the same time, ultra-low interest rates are hitting profits.
Sea Saran is a new condominium development located in Bang Saray on Thailand's Eastern Seaboard. This beautiful fishing village is renowned for it's stunning beauty, unspoiled beaches, great seafood and rural charm all located a short drive from the regions many attractions. Sea Saran is located just 250m from Bang Saray beach.
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Stylish architecture, with clean modern lines cuts a bold statement amongst the surrounding mountains and tropical landscape. The breathtaking views can be enjoyed from the stunning rooftop area equipped with rooftop infinity pool, sauna, Jacuzzi, fitness center, roof garden, relaxation zone and BBQ. The perfect place to unwind with friends and loved ones whilst soaking up the suns rays and cool breeze coming in from the ocean. The interiors have been carefully designed to maximize space and increase functionality. The same intention has been paid to the styling with some old world charm seamlessly blended with modern chic.
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We are offering the following promotions:
Sea Saran Condo: 10% rental guarantee per years for a duration of 3 years post completion on selected units. Sea Saran have added some more unit into the 10% rental guarantee programme: (The units eligible for the rental guarantee programme will have RG mark next to the unit) Recommended Rental Guarantee Units: - 426/427 - 48sqm 1 Bedroom - 414/415 - 48sqm 1 Bedroom - 734 - 28sqm Studio Sea Zen Condo: 9% rental guarantee per years for a duration of 3 years post completion on all available units Recommended Rental Guarantee Units: - A102 - 32sqm 1 bedroom direct pool access - A311 - 32sqm 1bedroom pool view - A402 - 32sqm 1 bedroom sea view and the mountain as backdrop - A609 -32sqm 1 bedroom direct sea view looking over the swimming pool area - A603 + A604 - 64sqm 2 bedroom combined sea view looking over the swimming pool area The purchaser will be given free stay in the development during the rental guarantee period. (Up to 14 days free stay per annum) The price include full turnkey condo unit (rental ready furniture package plus electronic devices) |
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