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Technology in the Blockchain Market is Expected to Grow

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Technology in the Blockchain Market is Expected to Grow

According to data published by Grand View Research, Inc. the global blockchain technology market is expected to reach USD 7.59 billion by 2024, at a 37.2% CAGR during the forecast period.

The optimistic projections are the result of a growing demand for this technology from a variety of industries, including financial services, consumer or industrial products, media and telecommunications, healthcare, transportation, as well as public sectors. The Wall Street Journal (WSJ) defines blockchain technology as a secure database, or ledger, spread across multiple computers. All users have the same record of all transactions. “Crypto” describes the cryptography that underlies it, which allows agents to securely interact, and transfer assets, for example. Chineseinvestors.com, Inc. (OTC: CIIX), HIVE Blockchain Technologies Ltd. (OTC: HVBTF), Tapinator, Inc. (OTC: TAPM), On Track Innovations Ltd (NASDAQ: OTIV), AppSwarm Inc (OTC: SWRM)

Last year, IBM outlined the potential uses of blockchain technology in the supply chain of cannabis sales. According to the proposal, “Blockchain is rapidly becoming a world leading technology enabling the assured exchange of value in both digital and tangible assets, while protecting privacy and eliminating fraud. Its relevance to regulating cannabis is similar to its many chain of custody applications in areas such as pharmaceutical distribution and food chains. The core to those supply chains is the same, assuring health and safety of consumers, preventing fraud and counterfeiting while creating a foundation of transparency upon which to base regulation.”

Chineseinvestors.com, Inc. (OTCQB: CIIX) just earlier today announced breaking news that, “has entered into a licensing partnership with The Bad Crypto Podcast to re-distribute the podcast’s most popular interviews on http://www.newcoins168.com in Chinese.

Interviews that will be translated into Chinese for re-distribution on http://www.newcoins168.com include: Charlie Lee, founder and developer of Litecoin, Roger Ver, also known as “Bitcoin Jesus,” and Patrick Bryne, Overstock.com CEO and founder of tZERO. In addition to re-distributing these informative interviews in Chinese, the Company’s CEO Warren Wang also appeared once again for an interview on The Bad Crypto Podcast on May 23, 2018. Mr. Wang first appeared on The Bad Crypto Podcast in December 2017 where he offered his perspective and insights on bitcoin and cryptocurrency in China.

“Since it first aired in July 2017, The Bad Crypto Podcast hosted by Joel Comm, Bitcoin Evangelist and Travis Wright, Blockchain Entrepreneur, has become a worldwide phenomenon with over 150 episodes for curious individuals trying to figure out cryptocurrency, blockchain and the future of digital payments,” says ChineseInvestors.com, Inc. CEO Warren Wang. “We are confident that this lighthearted, entertaining programming offered in Chinese will be well received by viewers looking to expand their crypto knowledge whether they are newbies or more experienced crypto investors.”

HIVE Blockchain Technologies Ltd. (OTC: HVBTF) is a growth oriented, TSX.V-listed company building a bridge from the blockchain sector to traditional capital markets. HIVE is strategically partnered with Genesis Mining Ltd. to build the next generation of blockchain infrastructure. HIVE owns state-of-the-art GPU-based digital currency mining facilities in Iceland and Sweden, which produce newly minted digital currencies like Ethereum continuously, and provides shareholders with exposure to the operating margins of digital currency mining as well as a growing portfolio of crypto-coins. HIVE Blockchain Technologies Ltd. (the “Company” or “HIVE”) is pleased to announce on May 22nd, 2018 the closing of its acquisition of Kolos Norway AS (“Kolos”) and its 64-Hectare property in Ballangen, Norway (the “Norway Acquisition”) as previously announced in the Company’s news release dated March 26, 2018. The acquisition of the property supports HIVE’s ongoing strategy of acquiring and developing assets with access to low-cost power in cold climates and supplies the Company with extensive flexibility to expand the business. “I am extremely pleased by the completion of the acquisition of Kolos which provides HIVE the capability to rapidly expand our footprint in the Nordic region and maintains HIVE’s position as a leading blockchain and cryptocurrency infrastructure company,” said Harry Pokrandt, CEO and Director of HIVE.

Tapinator, Inc. (OTCQB: TAPM) develops and publishes mobile games and applications on the iOS, Google Play, Amazon, and Ethereum platforms. Tapinator, Inc., a leading developer and publisher of mobile games and applications on the iOS, Google Play, Amazon, and Ethereum platforms, today May 31st, 2018 announces that it has released the Early Access version of BitPainting, a crypto-collectibles platform for the global art market. Collectors interested in owning a piece of art history may sign up to participate in today’s historic auction via EarlyAccess.BitPainting.com using a Chrome or Firefox web browser. “After significant development efforts by our team, we are very excited to announce the initial launch of BitPainting, a new digital platform for collecting iconic art on the blockchain,” said Ilya Nikolayev, CEO of Tapinator. “BitPainting allows art enthusiasts to collect and interact with rare virtual artwork on the Ethereum network. Art lovers can acquire iconic works, mint editions, sell, gift and explore famous works from world-renowned artists. BitPainting members can assemble unique collections and browse the artwork amassed by our community. Each artwork on BitPainting is a non-fungible (ERC-721) token, which is stored on the Ethereum blockchain. We have built specialized smART™ contracts which guarantee the scarcity, ownership, and provenance of these works. These smART™ contracts allow BitPainting collectors to create limited editions of their artworks, enabling a form of limited, decentralized supply as well as profit opportunities.”

On Track Innovations Ltd (NASDAQ: OTIV) is a global leader in the design, manufacture, and sale of secure cashless payment solutions using contactless NFC technology. On Track Innovations Ltd. (the “Company” or “OTI”), a global provider of near field communication (NFC) and cashless payment solutions, has announced that the Company’s European branch, OTI Europa ASEC (ASEC S.A.), has signed a new agreement to provide intermediation in the sale of train tickets for trains operated by Mazowieckie Railways in Poland. As part of the contract, OTI Europa ASEC will provide service to the Masovian Card and sharing information via the infokiosk using 84 ticket vending machines. The contract has a one-year value of approximately $500,000 USD to OTI. “Our ticketing sales network in Poland continues to gain traction in a meaningful way, which we view as a testament to the value we offer to our customers,” said Agnieszka Swiatly, Managing Director, OTI Europa ASEC. “We look forward to a long and successful relationship with Mazowieckie Railways as we work to expand our footprint and gain additional market share in the year ahead.”

AppSwarm Inc (OTC: SWRM) is a technology company specializing in the accelerated development and publishing of mobile apps and other software platforms for gaming and business applications and seeks to acquire symmetric business opportunities. AppSwarm, Inc. – a technology company specializing in the accelerated development and publishing of mobile apps, is pleased to announce on May 30th, 2018 new features have been added to its ‘Bitchart’ cryptocurrency tracking app. The Company is pleased to announce it has received approval from Apple’s iTunes for the addition of new features to its Bitcoin tracking app ‘BitChart’ 1.1. The updated app has now added quotes and charts for the following coins: Bitcoin, Litcoin, Ethereum, Ripple, ZCash, Dash, Monero, Cardano, Stella and IOTA. BitChart has also added an in-app newsfeed, which will provide market updates such as most active, percentage winners and losers, what’s trending, research analysis, featured interviews, and much more. The app has now added a wallet where users can add their coins, or just build a portfolio to track the value of their coin holdings on their phone.

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Ahli Bank, Oman, is SunTec’s 50th customer for its Indirect Taxation Solution

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Ahli Bank, Oman, is SunTec’s 50th customer for its Indirect Taxation Solution 1

SunTec’s GCC VAT compliance solution to help Ahli Bank automate end-to-end VAT compliance process, manage regulatory changes, and seamlessly integrate it with the existing IT ecosystem

SunTec, the world’s #1 relationship-based pricing and billing company and the provider of #1 GST and VAT compliance solution for Banks and Financial Services in GCC and India, has partnered with Ahli Bank, Oman, to provide its GCC VAT compliance solution.

The win is a landmark one for SunTec as it marks the 50th customer for its indirect taxation solution. SunTec has garnered 24 customers in India and this is the 26th customer in the Middle East to acquire the solution.

VAT is likely to be introduced in Oman in early 2021 and Ahli Bank has taken the proactive step of adopting a VAT compliance solution to ensure operational efficiency, enhance revenue, and augment customer experience.

Amit Dua, President – Client Facing Groups, SunTec, said, “We are delighted to partner with Ahli Bank, Oman in what marks a historic win, in their journey to ensure VAT compliance. We understand that the VAT landscape is evolving within the GCC, and therefore, our solution offers agility to respond to these changing regulatory requirements. With the Xelerate platform and GCC VAT compliance solution, Ahli Bank can digitize the entire VAT compliance process and comply with least number of changes to their existing technology infrastructure.”

He added, “VAT is a crucial step that the GCC countries have taken to implement tax regimes. It is imperative for banks and financial institutions to have a robust and scalable solution to accommodate their specific needs. Ahli Bank joins the list of more than 20 banks who have adopted our GCC VAT Compliance solution.  I’m proud to say that approximately 3 billion transactions per annum are processed through our GCC VAT/ GST compliance solution across our client base.”

Said Abdullah Al Hatmi, CEO at Ahli Bank, added: “It is extremely crucial for us to be ready for VAT compliance. We are very happy to partner with SunTec to deploy GCC VAT compliance solution. With SunTec we will have a single solution in place covering all aspects of VAT compliance and we will be future-proofed given that any future regulatory changes will be handled by the solution with ease.”

SunTec’s GCC VAT compliance solution based on the Xelerate platform will enable the bank to smoothly comply with GCC VAT regulations and manage potential regulatory changes with ease. The single end-to-end solution helps automate the entire VAT compliance process including centralized rule-based tax determination, input tax recovery, tax invoice, reconciliation, corrections, adjustments, statements, and regulatory reporting.

SunTec GCC VAT Compliance solution is architected to meet the unique needs of banks and financial services firms and can easily integrate with existing IT systems. The solution is designed to process all taxable transactions across business lines and applications, reduce cost of compliance, mitigate potential risk of compliance violations, penalties, and reputational risk.

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Securing Digital Transformation in Financial Services

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Securing Digital Transformation in Financial Services 2

By Bindu Sundaresan, Director, AT&T Cybersecurity

In the last year, financial services organizations have been pushed to speed up their digitization strategies faster than they could have ever anticipated. The COVID pandemic has closed the doors of many physical banks, forced them to move many interactions with customers to digital and introduce new measures so employees can carry out their jobs from home.

The uptake of digital banking has been immense with a recent report from World Retail Banking revealing that 57 percent of consumers prefer internet banking in the Covid-19 era. Today, connected consumers expect near-real-time online transactions at their own convenience, 24X7, and they expect banks, credit card providers, and stockbrokers to provide uninterrupted web services wherever they are in the world.

However, while this digitization has enabled banks to fully serve their customers during the pandemic, it has raised the security stakes considerably.

All around the world, while financial services organizations are adapting and taking advantage of digital technology to make consumer banking and payments safer, faster and more convenient, cyber criminals have been looking at ways to exploit these new initiatives.

What are the best ways financial organizations can embrace digital transformation, without compromising on security?

Embracing Digital Transformation Security

Financial institutions have long been a top target for cyber criminals and as these organizations broaden their digital footprint, their risk profiles change, and their attack surface widens.

In fact, a recent report from AT&T Business revealed that many organizations have noted an increase in malicious activity and cyber-related fraud against themselves and their customers, since the coronavirus pandemic struck. The attacks on institutions are typically happening through malware or social engineering campaigns, while customers are especially vulnerable to phishing with cyber criminals sending out fake COVID-related emails disguised as if coming from banks.

To help understand and manage these risks, financial organizations need to be proactive with their cybersecurity. One of the most important steps they can take is embedding security into new services from the very beginning. This will enable business leaders to make informed decisions, allocate resources efficiently, and understand the value of systems and information.

Banks and other financial institutions handle some of the most sensitive information for their customers and business – Personally Identifiable Information (PII), credit card numbers, and account information. However, as access points to reach this information increases, security should be embedded into systems earlier in the development process. To help achieve this, security teams need to work more closely with developer teams at the beginning of development stages when new technology is being introduced, rather than security being bolted on at the end, which is something that has traditionally happened.

Building a security-conscious culture is also essential, particularly as employees today are more frequently working from home. Employees need to be educated about the most current fraud and phishing scams and how to avoid them. They should be instructed to access sensitive data from a secure network, using their company device, and through the prescribed channels—not by clicking a link in a newly received e-mail. Employees should not open unexpected e-mail attachments and should report suspicious e-mails to the company’s IT department.

Bindu Sundaresan

Bindu Sundaresan

Since external IT services are ubiquitous in today’s business environment, it is imperative that as financial services organizations assess technology providers to provide that  these services do not pose an immediate impact, while also strategizing how best to fortify resilience against third-party challenges. Many third-party services are critical to an organization’s success, including technical support, cloud-based financial applications, security monitoring, email and data backup solutions. Vendor management is a complex and time-intensive task which many organizations do not, and in many cases, cannot dedicate the time and resources to managing. For companies with a small number of vendors, this can be manageable, but most organizations will need additional support to create and implement these programs effectively. By dedicating resources to developing a program, organizations can begin to understand and eliminate the threats posed by third parties.

Financial institutions should also consider implementing a Zero-Trust approach within their security strategy. Zero Trust is a cybersecurity model with a tenet that any endpoint connecting to a network should not be trusted by default. With Zero Trust, everything and everyone— including users, devices, endpoints —must be properly verified before access to the network is allowed. The protocols for a Zero Trust network outline specific rules in place to govern the amount of access granted to users, based upon the type of user, their location, and how they are accessing the network. If the security status of any connecting endpoint or user cannot be resolved, the Zero Trust network will deny the connection by default.

Conclusion

Since the beginning of the pandemic, financial organizations have been forced to change the way they operate. Employees are now working more frequently from home and many banking services can now be done online. While these steps have been vital to keep the finance industry moving during the pandemic, they have introduced new security challenges.

As these organizations embrace digital transformation and are shifting to the cloud, simplifying technology infrastructure and outsourcing workloads to third parties, they are also expanding their cyber risk. Cyber has become more prolific across systems, platforms, and people — employees, customers, and partners — and enterprise leadership must correlate all of this to stay ahead of the adversary and help  protect the organization’s most valuable assets.

Financial institutions therefore must be increasingly vigilant, and increasingly well-equipped technologically, to protect themselves from sophisticated attacks. In this way, digital transformation becomes both a critical contributing factor in the problem of growing cyber risks today—and a critical resource for solving it.

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Using technology to optimise your finance  

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Using technology to optimise your finance   3

By Mark Pullen, CEO, Xledger

Covid-19 restrictions and ongoing uncertainty have prompted a fundamental switch in mindset across a multitude of different sectors. Many organisations have begun to recognise that outsourcing their finance can make them more agile and give them the competitive edge they need to compete and scale effectively in today’s market.

Solving the pain points 

Inefficient processes are prone to causing delays and errors which can have a huge impact on the bottom line when viewed at scale. They can also negatively impact the client experience, causing frustration with missed deadlines and mounting uncompleted tasks.

New finance technology is automating many of the daily, monotonous back office functions such as bank reconciliation and invoice entry, meaning that the nature of the work that a finance professional provides will change. This presents a huge opportunity as it gives these employees the opportunity to be involved in higher-level work. Technology can also provide a resource that gives real time insight, allowing for better strategic decision making, which is so key in the current climate.

Optimising your finance function  

Outsourcing high-value services within the finance function can improve workflow by implementing a defined and transparent process which streamlines operations. For a finance department, this can speed up areas that require internal controls such as expense reporting and cash release, but it can also speed up the full lifecycle of a project; from time tracking and resource to accounting and billing.

There is also a cost efficiency benefit when outsourcing, as management bandwidth is effectively increased by eliminating the need to be involved in many of the day to day processes. Instead this time can be focused on other business priorities and planning for future growth.

Outsourcing accounting functions to bespoke and standardised technologies means using data led processes that can be measured, optimised and benchmarked against in-house requirements. These processes can also be undertaken remotely, boosting the resilience of your business in these uncertain times.

Case study box-out: RPC Tyche 

Mark Pullen

Mark Pullen

RPC Tyche is a global insurance software supplier with offices in London, Paris, and the USA. Initially a division of award-winning law firm RPC, but now a stand-alone entity, RPC Tyche’s main software offerings support capital modelling, and pricing commercial insurance and reinsurance.

The challenge 

As part of a restructuring process following the de-coupling with the law firm RPC, RPC Tyche had to separate its back-office processes. They remained under the umbrella of the law firm while the changes were taking place, so initially had some flexibility with the shared finance system, but time was running out to separate the two entities cleanly. As a stand-alone company, RPC Tyche now needed its own financial system; one that could align with its new business processes and that could be implemented quickly to deliver the organisation’s business objectives. Furthermore, they needed a new finance solution that could help them grow exponentially, facilitate a globally diverse group structure, and still maintain efficiency when operating as a small team.

Gavin Dilley, Chief Finance Officer for RPC Tyche commented, “Following an initial discussion with a third-party advisor regarding Xero and Quickbooks, we were recommended Xledger because we required a swift and scalable solution. After contacting Xledger, their tried and tested implementation methodology ultimately assured us that we would achieve the fast-paced implementation needed for our go-live objective. We also really liked that Xledger was a multi-tenanted, true cloud solution with its scalability setting it apart from the competitors.”

Implementation and training 

Following conversations with Xledger, RPC Tyche created a project management team to keep everything on track on their side, an arrangement that Gavin emphasised “worked really well.” He said that “as a small project team, the flexibility to undergo substantial configuration during the training sessions with the Xledger consultants brought focus and enabled us to dedicate sufficient time to the system without distractions.”

Although the implementation was expected to take three months, RPC Tyche experienced hold-ups owing to the separating of back-office processes, so they were pleased when it was mutually agreed to facilitate a one-month delay.

Post-implementation results 

“The implementation process was highly effective, and we’re very happy with the results,” said Gavin. “Since implementing the Xledger solution, we’ve been so pleased we haven’t had to dip back into the old system as the transfer of historic data has been particularly successful.” RPC Tyche had a large volume of historic data and transactions, including timesheets and work in progress reports that were all successfully migrated to Xledger during implementation. “We’re particularly happy with how easy it has been to onboard our new Finance Controller, due to flexible training and the system being so intuitive.”

Gavin added, “Since implementing Xledger, we have far greater reporting flexibility, better distribution of skills within the finance team and are naturally more self-sufficient because we can make amendments to the system without relying on the software provider.

The system is easy to use, and the purchase order functionalities, integrated workflows and automation of processes have enabled us to be highly efficient, even as a small finance team. Not to mention that the Xledger support team are incredibly responsive, so we can continually maintain productivity.”

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