The world of cryptocurrencies is quite different than regular finances. Although the all-defining features must all be there for success to be guaranteed. There are similarities and then again – there are differences, and we can’t quite put our finger on which is which.
Always a bit of a challenge, you will definitely want to see this new financial medium thrive because as long as it does, people will keep using it. Let’s check out what happened this week and what were the latest examples of Blockchain and Cryptocurrencies changing the world.
Porsche and Banco Bilbao Vizcaya Argentaria (BBVA) Closes Loan
And so, BBVA has closed quite the loan with carmaker Porsche. The total value of the contract is €150 million. Now, the partners agreed to use blockchain to conclude their dealings and the news quickly spread, reported by Finextra, a financial news media outlet.
BBVA had been looking forward this transaction as it was interested in guaranteeing itself a fair share in the blockchain-driven technologies sector. The successful acquisition of the loan served as a litmus test and the bank may now be moving forward to employing similar transactions in future.
Porsche are also early adopted of blockchain, which makes it quite easy for the company to truly shine when it comes to adopting new payment solutions that guarantee the safety of the transferred money, but equally – the expedience of each transaction.
The loan transaction was concluded on a network that used Hyperledger, a technology that aids companies build their own blockchain ledgers allowing them to carry out complex transactions at half the time and double the level of security.
Porsche has long been championing the adoption of new technologies that would allow companies to really bring their offer to speed by making it possible for companies to truly benefit from the quickness of blockchain-driven solution.
Joining the Union: Union Blockchain Consortium Part of R3’s Global System
CULedger, a credit union service organization (CUSO)-owned blockchain consortium, has decided to tie closer ties with R3, one of the world’s leading blockchain ecosystems. The decision is quite understandable as a matter of fact, as traditional banking services are looking for closer ties with blockchain solutions.
However, for financial services to truly shine in this brave new world of opportunities, networks such as R3 must exist. A lot of people are inclined to say that centralization is not necessary, but to bring finances straight, everyone wants a sort of a controlling central body, and that’s why the company is going to be successful.
So far, R3 has managed to partner with around 200 financial services companies, fintech firms, central banks, regulators, and many, many more.
R3 is de-facto dictating the future of finances. Only this time, this future will include a number of specifically-tailored features which will enable people to pursue safe financial transaction. Safety is needed when financial operations are concerned, and R3 promises to bring around just that and much more.
Bitcoin Ransoms and Bombing
We are not quite in the clear just now. A new Bitcoin ransom is on the rise and it will blow your mind. Or at least the building you are currently in. Apparently, nefarious parties are working hard to threaten people that unless they are being paid in Bitcoin, they will start blowing buildings up.
This sounds serious, but it has also caught the attention of the US Government and things are about to get difficult. Basically, people send individuals scam e-mails asking them to pay $20,000 in Bitcoin or they will be blown up by a hired suicide bomber who’s waiting in their building right now.
The U.S. National Cybersecurity and Communications Integration Center (NCCIC) has decided to roll up its sleeves and get down to work. Everyone who has been targeted in the scam can contact the agency or forward it directly to the Federal Bureau of Investigation (FBI), which will take up the case and try to trace down the culprits.
Naturally, this is unlikely, but the FBI and NCCIC remain confident that if the culprits decide to overplay their hand long enough, they will eventually be caught. The official e-mail reads something similar.
“I can withdraw my mercenary if you pay. You pay me 20.000 $ in Bitcoin and the bomb will not explode, but don’t try to cheat -I warrant you that I will withdraw my mercenary only after 3 confirmations in blockchain network.”
The e-mail is obviously written by a non-English person who has decided to use a rather literary style to express themselves. Despite the threats though, the agencies have reassured that people targeted shouldn’t be worried.