Banks Don't Implement DLT Due to Legal Issues, - Report

Despite legal issues and extremely high volatility of crupto, banks and other big players continue to experiment with blockchain-based solution
10 June 2019   380

The report of the consulting firm McKinsey & Company states that a huge number of financial institutions are extremely cautious about the blockchain, despite the significant potential of this technology for the financial sector. BTC Manager reports about it.

According to experts, legal uncertainty is a significant obstacle for the implementation of distributed ledger technology in various bank processes. In addition, financial institutions are wary of extremely high volatility of Bitcoin and Altcoins, which are based on the blockchain technology.

Nevertheless, governments, investment banks and infrastructure solution providers continue to experiment with blockchain-based solutions, seeking to reduce various costs, improve process transparency and financial performance.

For instance, investment banks envisage a world where transaction execution, post-trade processing, and settlement are instantaneous, cutting-off numerous middle-and back-office processes. They are also focused on the potential for smart contracts to increase automation.
 

McKinsey's Report

Report says various financial regulators, including the US SEC and the British FCA, have not yet developed acceptable rules for the cryptoindustry. Nevertheless, despite regulatory uncertainty, large companies continue to invest heavily in this area.

Waves to Release Node 1.0

According to the team, Node 1.0 is a culmination of many months of work and now RIDE programming language is supported for the mainnet
26 June 2019   86

Waves blockchain platform this Tuesday announced the release of a major update Node 1.0, which will significantly expand the capabilities of its ecosystem.

The developers call Node 1.0 the culmination of months-long work and pay particular attention to the release of the RIDE programming language for the core network Waves, which is focused on creating stable decentralized applications.

In addition, with Node 1.0 in Waves, it will be possible to release collection items on the blockchain or non-fungible-tokens, similar to those used, for example, in Ethereum-based CryptoKitties.

Also, users of the Waves decentralized exchange will be able to use assets other than WAVES coins to pay commissions. Calculation of commissions in this case will be carried out on the basis of the exchange rate of Waves DEX. The developers claim that their community members have been asking for a long time to implement this feature.

Activation of the update will require the accumulation of 80% of the votes of the participants in the ecosystem. For comparison, in EOS, where a similar consensus mechanism is used, the minimum bar is 15%. Node 1.0 on the Waves core network will be launched one week after reaching the specified number of votes. At the same time, users and developers will have access to all the new features.