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Teaching banks how to love bitcoin

[Bit]coin flipping: Bitcoin + Blockchain + Vulcan = ❤

Gabriela Motroc

Happy finger art image via Shutterstock

Gartner gave blockchain a huge pat on its back when it included this technology in its Top 10 Strategic Technology Trends for 2017. But what about bitcoin? Who has its back? The answer is Vulcan Digital Asset Services, a joint effort by PwC, Libra, Bloq and Netki.

The fact that blockchain is slowly becoming the darling of FinTech is not something new but bitcoin seems to have disappeared from the headlines (let’s say that the intensity has worn off). Vulcan Digital Asset Services is trying to change that by convincing banks to give this cryptocurrency a chance to prove its usefulness.

According to the official website, “Vulcan Digital Asset Services is a next generation infrastructure, fusing financial and commercial services by using ground-breaking developments in digital currency technology. A single platform that connects your identity, money and assets, enabling users to spend, share, trade or track any physical or digital asset cheaply and quickly, no matter where you are.”

In short, this initiative is trying to bring Bitcoin (and the cryptocurrency ecosystem around it) to the mainstream.

Dissecting Vulcan

Silicon Angle cited John Shipman, head of PwC’s Fintech Asia, as saying that the London-based multinational professional services network’s Vulcan developers believed that the current state of both cryptocurrency technology and blockchain had failed to address enterprise businesses’ needs in an efficient way. Shipman revealed that they were trying to solve Bitcoin’s greatest challenges, including anonymity and regulatory requirements.

Robert Allen, Vulcan lead and PwC Australia blockchain leader, told CoinDesk that the idea sprung from their desire to convince banks that bitcoin can be useful and accessible. This initiative offers rewards in the sense that Vulcan becomes “ideally suited to a next generation rewards platform for launching new programs and issuing, managing and trading loyalty rewards points.” Plus, The Vulcan wallet allows users to have full control over the kind of notifications and offers they want. More importantly, it applies regulatory compliance to digital currency investment and allows the creation of new derivative crypto products.

Vulcan Digital Asset Services is a joint effort by PwC, Libra, Bloq and Netki.

Blockchain trouble: Money pipeline may be closing

One cannot have it all, it appears. Now that bitcoin may finally receive some attention, blockchain may be entering a not-so-glamorous phase. According to a new report by KPMG and CB Insights, “while the market is still giving blockchain companies plenty of room to prove themselves, investors are also becoming more concerned about results.”

Screen Shot 2016-11-16 at 2.54.45 PM

Screenshot: “Pulse of Fintech” Q3 2016 report

However, “the continued positive momentum in other areas such as blockchain and robo advisory, coupled with the ever-increasing consumer demand for alternatives to traditional financial services, should make FinTech the most dynamic sector for venture investing in 2017,” Conor Moore National Co-Lead Partner, KPMG Venture Capital Practice KPMG in the US said.

Author
Gabriela Motroc
Gabriela Motroc is an online editor for JAXenter.com. Before working at S&S Media she studied International Communication Management at The Hague University of Applied Sciences.

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