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Blockchain Technology

A study finds Facebook’s Libra a major boost to high investor confidence in blochchain

Priya N.V

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Results from a study conducted by the QRC Group in Hong Kong, reveal that the blockchain industry has sprung back to form since last year, with high confidence levels from investors and the industry as a whole.

The study suggests that this is mostly due to Facebook’s announcement of their proposed blockchain-based cryptocurrency, Libra, with North America, South America, and Europe showing the highest levels of confidence.

The report entails how there are fewer institutional investors this year while highlighting the fact that the general stance of investors has moved from one of ‘extreme caution’ to ‘neutral’. It hinted that Libra provided the validation and credibility to blockchain in general.

While the investors in Hong Kong tend to be more cautious despite the fact that they have more investors per capita than any other region, investors in Singapore, North and South America tend to more aggressive.

The study also revealed that blockchain investors from Hong Kong, Singapore and respondents from the Middle East think regulation is helping, while North Americans don’t think it is doing much to combat fraud in the industry.

The conducted survey comprised 30% of CEOs, 17% senior management, 14% mid-level management, 9% specialists or associates, 5% marketing & sales and 4% exclusive investors. Recorded responses came primarily from North America (28%), Europe and Russia (18%), the Middle East (9%), Asia (23%), South America (3%) and Africa (17%). CEOs looking for firms to advise and assist them with regards to STOs tend to look for technical expertise, experience, and connections to capital and investor networks.

 

Priya is a full-time cryptocurrency writer at AMBCrypto concentrating mostly on privacy coins. A graduate in economics, Priya focuses on developments on Ethereum and blockchain technology.

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Blockchain Technology

Singapore’s central bank to develop prototype for cross-border payments

Sahana Kiran

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Source: Unsplash

Monetary Authority of Singapore [MAS] recently revealed that it had collaborated with banking giant J.P. Morgan in order to develop a blockchain-based prototype.

J.P. Morgan has always been bullish toward blockchain tech and cryptocurrencies. The banking giant went on to launch its native digital currency, JPM.  Its latest partnership with MAS would allow payments of multiple currencies on one network. Investment company, Temasek Holdings, is also part of MAS’s latest venture.

Sopnendu Mohanty, Chief FinTech Officer at MAS stated that MAS is looking forward to building their network by connecting with several others. Mohanty further said,

“We hope this development will encourage other central banks to conduct similar trials, and we will make the technical specifications publicly accessible to accelerate these efforts. This will be a big step forward in making cross-border transactions faster, cheaper, and safer.”

In order to discover its capabilities to integrate with commercial banking applications, the prototype is currently undergoing industry testing. The applications that were successfully tested would be revealed at the Singapore FinTech Festival and Singapore Week of Innovation and TeCHnology (SFF x SWITCH) 2019.

Previously, MAS had introduced Project Ubin, which was established to look into Distributed Ledger Technology [DLT] primarily focusing on the authorization and settlement of payments and securities.  The latest prototype would drive the project into its fifth phase which would “determine the commercial viability and value of the blockchain-based payments network.”

The Global Head of Clearing and Interbank Information Network [IIN] at J.P. Morgan, John Hunter expressed his thoughts on the latest partnership and said,

“J.P. Morgan is excited to be an infrastructure partner of MAS and Temasek for Phase 5 of Project Ubin. By leveraging our key learnings from building the Interbank Information Network® (IIN) and the JPM Coin, J.P. Morgan is well-positioned to support the development of a blockchain-based payments network and operate at scale.”

Additionally, MAS revealed that Accenture would be publishing the project report in early 2020 with details pertaining to the several use cases of blockchain technology that would bolster payment networks.

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