Cross-border collaboration between Nordic central banks and the Bank for International Settlements

There is a pioneering cross-border collaboration between Nordic central banks and the Bank for International Settlements that has been formed in the Nordic region. The collaboration's purpose is to build an Innovation Hub Nordic Centre (IHNC) in Stockholm under the supervision of the BIS. To do this, it intends to focus on creating cutting-edge solutions for financial market infrastructure, such as those for digital currency. The e-krona, Sweden's digital e-currency, is the most advanced of the Nordic central banks, thanks to the efforts of Riksbank in Sweden. It has already created innovation centers in Hong Kong, Switzerland, and Singapore, and formed a partnership with the New York Federal Reserve System.

The link with the BIS will also boost international cooperation in this area, which will help enhance the overall performance of the global financial system. The Riksbank is developing and testing an electronic currency based on blockchain technology called the digital e-krona. Despite the Swedish central bank's advances, no final decision has been taken on whether or not an electronic krona would be issued in the future. For the sake of demonstrating how banks might engage with the e-Krona infrastructure, TietoEVRY has been tasked with constructing simulation models. The e-krona pilot project has invited TietoEVRY to take part.

The company's technology enables mobile payment providers in Sweden, Norway, and Finland to collect payments while on the move. In the words of the Riksbank, "the digital currency pilot program improves Sweden's innovative culture and position on the worldwide financial technology stage".

Comments

White Hat hacker was offered a $500,000 reward from Poly Network

Following a breach that resulted in the loss of $610 million by cryptocurrency exchange Poly Network earlier this week, the company announced a $500,000 "bug reward" to whoever was responsible. With an emphasis on enabling users to move or exchange tokens across various blockchains, Poly Network is a decentralized finance (Defi) platform that enables peer-to-peer transactions intending to facilitate peer-to-peer transactions. He had "helped us improve Poly Network's security," the company said. A "white hat" hacker tries to disclose cyber vulnerabilities. "Mr. White Hat" was also to get a $500,000 reward as part of the digital money repatriation talks. It said that the hacker had replied to the offer, but did not specify whether or not the offer had been accepted. However, it has been reported that the hacker has returned $340 million in money and has transferred the bulk of what is left to a digital wallet owned by them and Poly Network, acc

Why Energy Concerns Around Blockchain May Be a Misconception

Blockchain has made headlines recently for using more energy than airlines or even entire countries. Different types of chains have different impacts on the environment based on how they're designed. The proof-of-stake (POS) model is significantly more energy-friendly than the traditional Proof of Work (POW) model. Blockchains operate differently than traditional IT systems. Different types of chains have different impacts on the environment based on how they're designed. Proof-of-work (POW) is what's behind traditional "mining," where miners compete to solve a mathematical puzzle. The Bitcoin Foundation has switched to a more energy-friendly model of proof-of-stake. Proof-of-stake (POS) requires those working on the chain to have skin in the game. POS also reduces power consumption and accelerates the handling of transactions. The model is being adopted by big names in the industry such as Bitcoin, & Ripple.

Understanding the technology underlying cryptocurrencies

Blockchain technology could prove transformative for industries, including financial services. A primer on technology, sponsored by the Organization for Economic Co-operation and Development, was recently published. It highlights the array of opportunities and challenges that blockchain's popularity could have on the financial industry, among many other fields. A blockchain is a shared ledger of transactions between parties in a network. It can diminish the role of intermediaries in the transfer of data. The Organization for Economic Cooperation and Development (OECD) sees far-reaching potential for blockchain in the global economy. Blockchains can vary in the way they operate. One of the prime strengths of a blockchain is its immutability. Once a transaction is made to the ledger, it can not be undone. The first U.S. bitcoin futures exchange-traded fund became available in October 2021. Forty percent of fund selectors report that clients are increasingly demanding cryptocurrency

USFCX_US Foundry Exchange

Search This Blog