Deloitte Is Creating Blockchain Trust Layers Within Commerce

Deloitte is working to create a deployment of blockchain technology for its global clients. The company’s first blockchain lab in Ireland is now over two years old.

The billion-dollar professional services company was quick to step into blockchain development services for its enterprise client base.

Many ICOs and blockchain innovators are creating ambitious projects which could take time to develop into real-world applications. Then, they will be faced with engaging consumers and businesses to adopt or utilize these new platforms. And that’s if they have the funding.

As a multi-national company with an extensive client base and now with its own teams of blockchain developers, Deloitte, like IBM and others could have a march on being able to bring blockchain into the real world, faster. These industry giants will still face issues.

New Platform Allows Converting Rewards From Loyalty Programs Into Cryptocurrencies

The Deloitte EMEA Blockchain Lab in Ireland opened in 2016, it now has two more, one in Hong Kong, and one in New York. The Irish lab includes technologists who focus on design and development and also strategists who work with clients on their blockchain adoption and implementation.

The lab is an EMEA center of excellence for Deloitte, which works right from the idea stage, through to testing and creating technical architecture, design, development, and then to deployment.

David Dalton, consulting partner and financial services lead at Deloitte, told Silicon Republic:

We have all of the support you would expect in a lab. We have the R&D, we have the thought leadership, we also speak a lot and build awareness around it. But the core of what we do is work with building clients’ real-world solutions on blockchain technology.

Blockchain — Creating Trust

Antonio Senatore, chief technology officer, explained that organizations are looking to use blockchain to add an extra layer to transactional infrastructures in order to provide trust. This is something developers have been trying to achieve for years, finally finding refuge in blockchain:

You can see blockchain almost as an indexing layer, a trust layer on top of a data exchange facility, and that’s what we’ve been seeing so far.

This notion fits with real-world applications of blockchain outside of Deloitte. In payments and remittances, as well as supply chains, blockchain is first being widely tested for adding a secure way to confirm and share information pertaining to transactions and trades. 

Technology is Not the Only Problem

The challenge with this type of network technology, Deloitte finds, is getting industry stakeholders to work together — to decide governance and to turn ideas into reality. Anthony Day, CEO says:

The technology is really only 20 percent of the problem; the other 80 percent is getting a multidisciplinary group together.

Day says it’s about pioneering the future:

Taking blockchain live is more than just the technology. You are actually creating real transformation; you are creating entirely new ecosystems or processes that didn’t exist before.

These new processes need buy-in along the whole value chain. A challenge that blockchain will face in both consumer and commercial application across all industries if it will become a truly foundational technology.

What challenges do you think blockchain will face before mainstream adoption can be achieved?

Images courtesy of Shutterstock.

Square’s Debut of Payment Terminal Triggers Fresh Bitcoin Acceptance Rumors

Consumer and merchant payment network Square Inc. unveiled a point-of-sale (PoS) terminal October 19 in a move which sparked excitement about possible Bitcoin integration.

Bitcoin PoS Next For Square?

Unveiled on social media and in an interview with tech outlet Nerdist, Square’s device is designed as a standalone solution for merchants wishing to accept card payments. The move comes amid testing times for Square, the company’s share price dropping 25 percent since the start of October following two high-profile resignations.

Shares are currently trading around $0.75 from highs of $1 seen October 1.

In August, Bitcoinist reported on a patent application which would see Square accept cryptocurrency payments via merchant integration. While no official product has yet surfaced, the buzz generated by the application meant Friday’s PoS reveal swiftly resulted in fresh predictions from cryptocurrency commentators.

An Evolving Market

Square has already-partly integrated Bitcoin (BTC) 00 into its product base. This happened late last year, and it began a rollout of buying and selling functionality in its consumer app which it completed this summer.

That initial step drew positive reactions from users, many of who intimated it was an upgrade they had been waiting for some time.

While Square’s narrative on Bitcoin has been more or less straightforward, it has come amid mixed signals from CEO Jack Dorsey. As CEO of Twitter, Dorsey has presided over the social network instigating a full ban on cryptocurrency advertising, a highly unpopular decision which Facebook and Google also implemented but since partially reversed.

A potential PoS cryptocurrency hook-up could meanwhile appeal to merchants already involved in the acceptance of digital assets.

In May, Bitcoinist reported that crypto merchant payment stalwarts BitPay and Coinbase continue to face stiff competition from open source alternatives amid a string of negative publicity.

In the case of BitPay, slow progress implementing SegWit support, combined with poor reliability, led one developer vowing to make the company “obsolete” with his own solution, BTCPay., the travel and accommodation service which began accepting Bitcoin in 2013, has already migrated to the alternative service.

What kind of potential do you think Square’s future holds for Bitcoin merchant payments? Let us know in the comments below!

Images courtesy of Bitcoinist archives, Shutterstock, Twitter/@StopAndDecrypt.

Huobi Unveils New ‘All-in-One’ Stablecoin for Stablecoins (Except Tether)

Cryptocurrency exchange Huobi announced today that it has launched its very own interchangeable stablecoin dubbed HUSD.

“All-In-One Stablecoin”

Huobi, which is currently the third largest cryptocurrency exchange by means of traded volume according to data from CoinMarketCap, announced the launch of its own stablecoin HUSD.

Notes Livio Weng Vice President at Huobi:

It’s our great pleasure to announce the launch of HUSD, an all-in-one stablecoin solution. A market first, HUSD lets you deposit or withdraw with any one of four stablecoins. Deposit PAX, for example, and withdraw USDC with no conversion fees.

According to the official release, the new solution intends to “eliminate the need to choose between multiple stablecoins.”

When a user deposits any kind of stabelcoin in his Huobi account, they will be displayed as HUSD. At the same time, users will be able to withdraw any kind of stablecoin as soon as the amount of the particular stablecoin is sufficient in their balances.

For example, when you deposit 1 PAX, it will show as 1 HUSD in your account, and you can withdraw 1 TUSD (not considering transaction fees on the blockchain). – Reads the announcement.

Supposedly, this will also help users save when they are switching between different stablecoins.

Tether’s Out of the Picture

According to the release, the brand new HUSD solution currently supports only four kinds of stablecoins. Notably, though, Tether (USDT) has been left out. Users will be able to exchange their HUSD for Paxos Standard (PAX), True USD (TUSD), USD Coin (USDC), and Gemini Dollars (GUSD).

Despite not including Tether, Huobi will be working to involve more stablecoins in its HUSD solution:

We look forward to more stablecoins being involved in the HUSD system. Concurrently, we will evaluate the existing stablecoins in the HUSD system on a real time basis, if the stablecoin doesn’t meet the corresponding risk control standard, we will remove it off from the HUSD system.

What do you think of Huobi’s new stablecoin? Don’t hesitate to let us know in the comments below!

Images courtesy of Shutterstock