BNP Paribas is developing a new ledger to maintain mini-bonds issued through the platform as well as all changes of ownership. The technology will be done by year-end, but requires changes to French law on mini-bonds. This will allow private companies to raise funds on crowdfunding platforms.
Symbiont demoed its Assembly blockchain for the insurance industry where the smart contract could automatically disperse funds to those that are affected by a disaster. But the demo brought up an interesting question: are these smart contracts legally binding? Symbiont's head of product, Ron Papanek, said we're moving toward a world where code takes priority.
Gemini, the digital asset exchange launched by Tyler and Cameron Winklevoss, has introduced daily auctions to identify the true price of a bitcoin. At 4pm EST every day, there will be a 10-minute BTC/USD auction. This will allow for maximum liquidity to fulfill the most buy and sell orders as possible. This is necessary for institutional investors to track accounting and calculate returns.
Electric car maker, Wanxiang, announced that it was launching a $30 billion smart city project that integrates blockchain technology into the design. It intends to use the blockchain for IoT management. Specifically, smart appliances, which the company believes can be managed with the technology.
Santander revealed its latest projected that would allow people to convert their money into "Cash ETH," which is tokenized online currency. But at any point, users could convert the Cash ETH back into regular money. It is being built on ethereum and was demoed at Devcon2.
UnionPay, a Chinese payment settlement network, has partnered with IBM to create a system by which individuals can exchange bonus points in different loyalty programs. For example, I could trade my Airline Miles to someone in exchange for points at Bloomingdales. By building this on the blockchain, the exchange of disparate assets becomes easier because it doesn't require each party to manage its own database.
Citigroup, Credit Suisse, and HSBC have tested a new method for sharing trade-reference data by using a blockchain network developed by startup Axoni. According to Capgemini Consulting, faulty reference data is one of the biggest operational risks. This could result in billions saved yearly.