• A pump jack in a canola field (via Shutterstock)
    Technology

    With Vakt investment, five of the biggest energy companies bet on blockchain

    The oil and gas industry is embracing blockchain technology for everything from tracking products to financing sales

    With the announcement on Jan. 16 that three major oil and gas firms including Chevron, Total, and Reliance Industries have joined Vakt, the energy-industry enterprise blockchain company now has five of the 10 largest oil firms by market capitalization on board.

  • money laundering
    Technology,  United States

    Financial institutions fighting money laundering warm to blockchain technology

    Storing Know Your Customer data on a secure blockchain can simplify an expensive and frustrating legal process

    Enterprise blockchain software firm R3 recently completed a proof of concept test of its Know Your Customer (KYC) application built on its Corda blockchain platform, French financial institution RCI Bank and Services announced on Dec. 3. KYC requirements are part of the due diligence needed to meet Anti-Money Laundering (AML) regulations, an important but time- and money-consuming process used in the financial industry. Twenty-six firms participated in the test of CordaKYC, including insurer Allianz France and banks BNP Paribas and Societe Generale. In June, R3 announced that a group of 39 firms in 19 countries, including Deutsche Bank, ABN AMRO, and the Federal Reserve Bank of Boston completed KYC transactions…

  • newspapers
    Bitcoin,  Cryptocurrencies,  Ethereum,  Media,  Ripple,  Tether,  United States

    Must-reads for September 26, 2018: Bitmain’s IPO filings, Dimon does blockchain, and other fun reads

    Here are the crypto stories you should be watching today

    The World’s Biggest Crypto Company Just Opened the Books for Its IPO (Bloomberg) If the word “Bitmain” isn’t aready synonymous in your head with “Bitcoin,” it’s time that it is. The China-based company makes the bulk of the ASIC mining machines that mine Bitcoin and other cryptocurrencies. And mining groups controlled by Bitmain oftentimes control more than half of all of Bitcoin’s network hashrate. It turns out mining all that crypto is equivalent to mining fiat. Bitmain, which on Wednesday filed to go public in Hong Kong, had a $742.7 million profit on $2.8 billion in revenue in the first half of 2018. Its return on equity is close to…

  • Newspapers
    Asia & Australia,  Bitcoin,  Media,  Politics,  United States

    Must-reads for September 23, 2018: Big Bitcoin bugs, big oil, big hacks, and other big wastes of time

    Here are the crypto stories you should be watching this weekend

    A Major Bug In Bitcoin Software Could Have Crashed the Currency (Motherboard) “On Tuesday, the developers of Bitcoin Core—the software that effectively powers the Bitcoin blockchain—released a new version that patched a vulnerability that allowed a malicious user to crash the network, making everyone’s digital coins effectively useless. The bug has been variously described as ‘very scary,’ ‘major,’ and one of the ‘top three or four’ most serious bugs ever discovered in Bitcoin,” writes Motherboard’s Jordan Pearson. But it’s okay. Everything’s fine now. No need to ever worry about anything ever again. Now where’s our Xanax?   These Oil Traders Are Trying to Overhaul the Industry With a Blockchain Venture…