Lawyers struggle to find new staff with Blockchain knowledge

BBFTA News Editor | May 03, 2019 | PERMALINK

As more organisations turn to their lawyers for help and advice, lawyers themselves are struggling to recruit sufficient staff to fill their vacancies.

Many of the global law firms have been adding staff as demand has risen for data privacy and security legal expertise. Mary K. Young, a partner at Zeughauser Group, the law firm consultancy: “don’t focus on the crypto, focus on the blockchain. It will be a game changer.”

In Canada a new law firm is focusing just on CRYPTO believing that companies need help with this new asset class, a focus on the international challenges, without dwelling on national issues.

Lawyers advising on Blockchain technology will be need multi-disciplinary skills, especially those advising organisations in the financial sector. These lawyers...

Many of the global law firms have been adding staff as demand has risen for data privacy and security legal expertise. Mary K. Young, a partner at Zeughauser Group, the law firm consultancy: “don’t focus on the crypto, focus on the blockchain. It will be a game changer.”

In Canada a new law firm is focusing just on CRYPTO believing that companies need help with this new asset class, a focus on the international challenges, without dwelling on national issues.

Lawyers advising on Blockchain technology will be need multi-disciplinary skills, especially those advising organisations in the financial sector. These lawyers will need financial services, data privacy, regulation, and technical knowledge to be able to effectively advise clients.

Given the recent price rises in many Digital Assets (partially fuelled by the rise of BitCoin and Ethereum), a number of firms that issued Initial Coin Offerings (ICOs) are now worth considerably more than they were a few months ago.

As we start to see regulators offering clearer guidance, as the SEC has recently, will plaintiffs engage law firms to start action against those organisations who would appear to have broken the law, when they originally carried out their ICO?

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Blockchain

Law

https://www.law.com/americanlawyer/2019/04/17/a...0403100335

Fintech start-ups are a real challenge to Banks

BBFTA News Editor | May 03, 2019 | PERMALINK

In a recent report from Oracle and Finxtra Research, “Key Drivers, Emerging Trends, and Development in Corporate Banking”, they discussed how Fintech start-ups are increasingly becoming a threat to the status quo that traditional banks have enjoyed for years.

One of its key findings was how Artificial Intelligence (AI) and Blockchain technology are able to securely store, interrogate, capture, and validate data, while removing the need for multiple records so improving the efficiency of data management . As many of the banks’ customers are becoming more global, and as economies are becoming more digital, banks are being asked to provide faster services - whether that be for cash or credit management, while improving the efficiency of money transfers at ever lower transaction costs.

One of the key factors is for a bank to maintain its customers' trust and confidence,...

One of its key findings was how Artificial Intelligence (AI) and Blockchain technology are able to securely store, interrogate, capture, and validate data, while removing the need for multiple records so improving the efficiency of data management . As many of the banks’ customers are becoming more global, and as economies are becoming more digital, banks are being asked to provide faster services - whether that be for cash or credit management, while improving the efficiency of money transfers at ever lower transaction costs.

One of the key factors is for a bank to maintain its customers' trust and confidence, as banks have traditionally been a place to store cash, borrow money and transact. However, in a survey carried out in the USA by Gallop, it has seen since 1979 to 2018, that confidence in banks has fallen from 60% to 30%.

Banks’ public image and trust, since the financial crisis in 2008, has been severely challenged as summarised by a quote from The American Banker magazine, “A lack of widespread trust raises questions about banks’ relevance in the digital age and leaves them open to further political attack.”

In a report back in 2015 from the World Economic Forum, it stated that it believed “Blockchain technology, replaces the need for third-party institutions to provide trust for financial, contract and voting activities”. Traditional banks, with their legacy IT systems, are struggling to adapt. FinTech firms that do not have diverse hard and software systems to maintain and integrate are able to embrace technologies like Blockchain and AI and offer solutions. This has led to traditional banks moving away from building more in-house solutions and turning to nimbler Fintech firms.

If we look at ‘Know Your Client’ (KYC) costs, firm Consult Hyperion states it can cost a bank between £10 to £100 per client to carry out these checks which, depending on the riskiness of the client may need to be done every year. While carrying out these checks, vast quantities of personal data need to be collected and then securely stored which creates its own set of challenges. Alternatively, KYC checks can be carried out by firms like Blockpass, which can offer KYC services for less than £2 per person, and it does not store the personal data, so does not have the onerous burden and complexities around storing of this information.  In the area of fraud detection, Teradata is an AI firm selling fraud detection solutions to banks. It claims it helped Danske Bank to reduce the bank’s false positives by 60 %, and this was expected to reach 80% as machine-learning continued improve the model. At the same Teradata has increased detection of real fraud by 50%.

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Artificial Intelligence

Banking

Fintech

https://www.finextra.com/finextra-downloads/res...pril19.pdf

Are we going to see a wave of token mergers as the world’s first is announced… more Crypto litigation… Crypto prices rises?

BBFTA News Editor | May 03, 2019 | PERMALINK

Coss and ARAX have announced they are going to merge, which is being heralded by some as the first merger of two firms that had issued utility tokens by carrying out Initial Coin Offerings (ICOs).

The combined business will be able to enjoy economies of scale bringing together two management teams and create a much larger utility token for their users.

Coss, which stands for Crypto One Stop Solution, is a Digital Asset exchange based in Singapore, and ARAX is a Digital Asset wallet which supports seven different Blockchains and seventeen Digital Assets and has over 250,000 users.

As the price and the liquidity of Bitcoin and Ethereum (Crypto) have improved, it is now possible for firms that have carried out ICOs to start selling some of their Crypto assets, which could potentially have two...

The combined business will be able to enjoy economies of scale bringing together two management teams and create a much larger utility token for their users.

Coss, which stands for Crypto One Stop Solution, is a Digital Asset exchange based in Singapore, and ARAX is a Digital Asset wallet which supports seven different Blockchains and seventeen Digital Assets and has over 250,000 users.

As the price and the liquidity of Bitcoin and Ethereum (Crypto) have improved, it is now possible for firms that have carried out ICOs to start selling some of their Crypto assets, which could potentially have two consequences. Some of these firms will be sitting on Crypto assets that have become much more valuable in the last few months and are, in effect, “digital Cash shells “, which may well encourage merger and acquisition (M&A) activity.

On the other hand, as these firms now potentially have greater asset value, we could see more litigation. The potential for litigation was laid out recently by US law firm Polsinelli LLP, in their paper entitled “Cryptocurrency Class Action Lawsuits: A New Frontier”

As we start to see Security Token Offerings (STOs), which will potentially be backed by real assets, such as publicly quoted equities and bonds, it will not be too long before we see STOs also being caught up in M&A. Then the lawyers and regulators will need to work out how to equitably combine traditional assets with this new asset class…

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Cryptocurrency

Mergers And Acquisitions

https://www.btcwires.com/c-buzz/arax-and-coss-m...ity-token/

China still considering launching its own Crypto Currency

BBFTA News Editor | May 03, 2019 | PERMALINK

Bloomberg reported last year that The Peoples Bank of China (PBoC) was looking to launch its own Digital currency, which would enable it to have more control and be able to track transactions, be able to reduce the Black market economy and even automatically refuse companies loans who had been blacklisted.

The PBoC has registered 78 patents since 2016, according to Bloomberg. In October 2018, PBoC was looking to recruit staff at its Digital Currency Institute, who have experience in software and encryption law. It would appear that China wishes to create a Digital Currency that is centrally controlled, arguably the opposite originally planned for Bitcoin when it was created in 2008!

China is looking to launch its own Digital CurrencyTo be called “Digital Currency for Electronic Payment”, and the governor Zhou Xiaochuan of the PBoC, was recently quoted saying its focus would be on “convenience, rapidity, and low cost in...

The PBoC has registered 78 patents since 2016, according to Bloomberg. In October 2018, PBoC was looking to recruit staff at its Digital Currency Institute, who have experience in software and encryption law. It would appear that China wishes to create a Digital Currency that is centrally controlled, arguably the opposite originally planned for Bitcoin when it was created in 2008!

China is looking to launch its own Digital CurrencyTo be called “Digital Currency for Electronic Payment”, and the governor Zhou Xiaochuan of the PBoC, was recently quoted saying its focus would be on “convenience, rapidity, and low cost in a retail payment system while taking into account security and protection of privacy.”

Meanwhile, ahead of a G20 meeting in Osaka in Japan in June this year, the Japanese have launched a manual for Cryptocurrency regulation as it looks to try and coordinate the approach that countries currently take. In some jurisdictions, regulation is minimal, while others take a more stringent or draconian approach.

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Banking

Cryptocurrency

Digital Currency

Finance

https://coinnewstelegraph.com/china-is-set-to-a...-populace/

Serena Williams reveals she is an investor in the Cryptocurrency market

BBFTA News Editor | May 03, 2019 | PERMALINK

Serena Williams, who has won 23 tennis Grand Slams, has revealed via her Instagram (which has had over 22,000 likes) that she set up a Venture Capital fund in 2014, which has Coinbase as one of its investments.

Coinbase is a US-based Cryptocurrency exchange which was established in 2012. It has over 13 Million accounts, making it the largest Digital Exchange globally and, following its last $300million fund-raise, was valued at $8 Billion.
However, Serena would appear not to be alone, as there has been an increase in the amount invested in Crypto assets as the chart indicates.

According to Crypto Fund research, there are more than 750 different funds which invest in Crypto assets and have been set up as either Crypto Hedge funds or Crypto Venture capital funds. The value of the assets that these funds managed at...

Coinbase is a US-based Cryptocurrency exchange which was established in 2012. It has over 13 Million accounts, making it the largest Digital Exchange globally and, following its last $300million fund-raise, was valued at $8 Billion.
However, Serena would appear not to be alone, as there has been an increase in the amount invested in Crypto assets as the chart indicates.

According to Crypto Fund research, there are more than 750 different funds which invest in Crypto assets and have been set up as either Crypto Hedge funds or Crypto Venture capital funds. The value of the assets that these funds managed at the beginning of 2019 was $10 Billion which, despite the poor performance during 2018, was $3.5 Billion more than the start of 2018.
For those wishing for more information on 25 of some of the better-known and larger funds which invest in Digital Assets, this link may be helpful.

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Cryptocurrency

Investment

https://next.autonomous.com/cryptofundlist

Art market and protecting artists’ IP using Blockchains

BBFTA News Editor | May 03, 2019 | PERMALINK

It has long been a challenge for artists to protect their intellectual property (IP), and ensure that they are paid fairly for their creations.

As we see more and more IP being created and circulated digitally, this has become a bigger challenge. There is now a massive market online: a billion people use Instagram, to post photos and images for example.

Some of these images “go viral” and are re-used globally by individuals and sometimes by corporations for their own marketing purposes, with no fees paid to the originator. While the likes of Getty images has armies of lawyers to protect their image rights, it is very hard for individuals to take action for themselves against those who use their IP.

However, this is beginning...

As we see more and more IP being created and circulated digitally, this has become a bigger challenge. There is now a massive market online: a billion people use Instagram, to post photos and images for example.

Some of these images “go viral” and are re-used globally by individuals and sometimes by corporations for their own marketing purposes, with no fees paid to the originator. While the likes of Getty images has armies of lawyers to protect their image rights, it is very hard for individuals to take action for themselves against those who use their IP.

However, this is beginning to change. Pinterest’s first employee has just started a new business: Markerplace, to address this problem. Using Blockchain technology one is able to create, in effect, a digital record enabling an image to be sold on a limited-edition basis.

Another company, called File Protected, has a Blockchain solution too. This firm has been set up by Andy Rosen, a world-renowned photographer who was deeply involved with punk music in the 70’s in the UK and then moved to LA, producing videos for the pop music industry in the 80’s and 90’s. Andy has built a Blockchain-powered platform which enables IP rights to be transferred securely and transparently, allowing licensing agreements to be created and fees to be monitored using digitally.

This is a growing market as corporations are increasingly engaging with people on Instagram to help promote their products and services, using their photos and endorsements as part of these firms’ digital marketing strategy. There over 8 Million people using Instagram who have 50,000+ followers and who could potentially monetise their Instagram accounts.

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Blockchain

Intellectual Property

Performing Arts

https://coinnewstelegraph.com/pinterest-employe...echcrunch/

USA looks to increase spending on Blockchain by 1,000%

BBFTA News Editor | May 03, 2019 | PERMALINK

The USA government has announced that it intends to increase the amount it spends on Blockchain technology to $123 Million by 2022, compared to $10.7 Million in 2017, which would be a 1,000% increase!

Meanwhile, US investment into Blockchain technology outside of the government is expected to swell by over $37 Billion by 2025 from $1.8 Billion in 2018, which would be a compound annual growth rate of over 44%.
In Europe, a survey reported that it would spend by 2022 $3.5 Billion on Blockchain technology, and it cited as well as (financial services), manufacturing, resources, and distribution as the key areas in which it believes money will be invested in.
In spite of the naysayers, who have decried Blockchains and Digital Assets, we are starting to see governments, and multinational commercially-minded corporations investing...

Meanwhile, US investment into Blockchain technology outside of the government is expected to swell by over $37 Billion by 2025 from $1.8 Billion in 2018, which would be a compound annual growth rate of over 44%.
In Europe, a survey reported that it would spend by 2022 $3.5 Billion on Blockchain technology, and it cited as well as (financial services), manufacturing, resources, and distribution as the key areas in which it believes money will be invested in.
In spite of the naysayers, who have decried Blockchains and Digital Assets, we are starting to see governments, and multinational commercially-minded corporations investing in this technology and new asset class.

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Blockchain

Investment

https://cointelegraph.com/news/us-govt-blockcha...dium=email

Blockchain $Billion Babies!

BBFTA News Editor | May 03, 2019 | PERMALINK

Blockchain technology is impacting our lives in many ways, and while there were lots of headlines in 2017 and 2018 about the price of Bitcoin and how Ripple had risen in value in a 12 month period by over 37,000%, large corporations have been busy behind the scenes.

Indeed, as the link at the end of this article illustrates, big businesses across the globe have been investing and trialing various projects to ensure that they are not left behind.

Blockchain technology offers a powerful combination of better security, greater efficiency, reducing costs of transactions and in many cases, reducing the number of parties which need to be involved in a transaction - and/or movement of goods and services.

What is interesting is that when you look at the list Forbes has compiled, typically of $ Billion businesses, they are from a wide variety of industries. It is more...

Indeed, as the link at the end of this article illustrates, big businesses across the globe have been investing and trialing various projects to ensure that they are not left behind.

Blockchain technology offers a powerful combination of better security, greater efficiency, reducing costs of transactions and in many cases, reducing the number of parties which need to be involved in a transaction - and/or movement of goods and services.

What is interesting is that when you look at the list Forbes has compiled, typically of $ Billion businesses, they are from a wide variety of industries. It is more of a case of which business sector is not going to be transformed or impacted by Blockchain technology and, as CB Insights reported, listed 50 different industries and how they could change as a result of using Blockchain technology.

One way to look at Blockchain is to use a sporting analogy. In a game of rugby or football (soccer for our US readers), a player kicks the ball, then another player passes the ball and then passes to another team member, and then to another before they hopefully score. All these transactions are recorded in real time and all players and spectators can watch the game. Blockchains, in effect, digitise a series of shipments, transactions, and movements in real time, with much greater transparency between the relevant parties in the same way video records a football match. Once the parties have agreed what has happened (“blocks”) is real, the new blocks is added to the chain - hence Blockchain. Therefore, in effect, it enables the recording of transactions accessible to all parties involved and so no one can disagree or alter the information (who did “the throw-in” and who “scored”).

At any stage of the game and after it, everyone has an accurate, commonly-agreed picture of every move throughout the match.

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Blockchain

Investment

https://www.forbes.com/sites/michaeldelcastillo...0d645757cc

Will Nike beat Facebook launching a massmarket Cryptocurrency?

BBFTA News Editor | May 03, 2019 | PERMALINK

Nike, the world’s largest shoe manufacturer and the most valuable apparel brand in the world, has filed a trademark “CryptoKicks” which could lead to it launching its own Cryptocurrency.

This rather bold claim is on the back of Nike’s trademark application, which states “Financial services, namely, providing a digital currency or digital token for use by members of an online community via a global computer network; facilitation of financial transactions using unconventional currency systems and bartering...”

Interestingly, earlier this year, Nike launched trainers that lace themselves, called HyperAdapt. Therefore, will CryptoKicks support an incentive scheme for people wearing these trainers? After all, Nike apparel, with its distinctive logo, is as a form of advertising medium while being worn. So, the more you wear your trainers, the more CryptoKicks you could...

This rather bold claim is on the back of Nike’s trademark application, which states “Financial services, namely, providing a digital currency or digital token for use by members of an online community via a global computer network; facilitation of financial transactions using unconventional currency systems and bartering...”

Interestingly, earlier this year, Nike launched trainers that lace themselves, called HyperAdapt. Therefore, will CryptoKicks support an incentive scheme for people wearing these trainers? After all, Nike apparel, with its distinctive logo, is as a form of advertising medium while being worn. So, the more you wear your trainers, the more CryptoKicks you could earn!

Facebook is looking to launch Facecoin on WhatsApp in India, but will Nike beat it and have CryptoKicks up and running before Zuckerberg is out of the blocks?

Nike, like Facebook, has a global audience, who are using their goods and services on a daily basis and both firms need to stay relevant, engaged, and keep the attention of their customers while finding ways to encourage them to repeat purchases.

How long before we see other global brands launching their own Cryptocurrencies for engagement, reward, and payment mechanism?

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Cryptocurrency

Finance

Social Media

https://www.ccn.com/nikes-surprise-crypto-play-...ks-thunder

Jonny Fry

7 Years Ago |

How Blockchain can be used to fight plastic pollution 

An interview with Joseph Lubin head of ConsenSys, which is the consulting arm for Ethereum discusses who Blockchain technology is being used to tackle plastic waste. In the US JC Johnson have been working on a project with eight Indonesian communities using Blockchain technology to track the collection and recycling of plastic waste.  People collect waste plastic and then are able to exchange this for digital tokens at a collection centre. Using Blockchain technology, they can then use the tokens to buy needed goods and services – reducing the risk of loss...

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Jonny Fry

7 Years Ago |

England’s Football Premier League Teams offer fans tokens
 
West Ham United, whose home ground was the site of the 2012 Olympics, has just announced that it is launching its own token, so enabling its 40 Million fans to vote on club decisions and have access to exclusive offers. West Ham fans will be able to buy tokens, as well as earning them as a form of loyalty scheme and be able to encash them for “a once in a life time experience”.

The company behind the West Ham token has already signed up Juventus and Paris St. Germain (PSG), to launch PSGs...

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