Described internally as the Massive Autonomous Distributed Reconciliation platform, or Madrec for short, the project led by Swiss banking giant UBS, with help from Barclays, Credit Suisse, KBC, SIX and Thomson Reuters, is designed to make it easier for banks to reconcile a wide range of data about their counterparties.
Traditionally, regulated firms use what are called “legal entity identifiers” that are stored in a global data system to execute transactions on behalf of clients, even if those clients themselves don’t have one of the codes. But as part of a sweeping regulatory change called the Markets in Financial Instruments Directive (MiFID) II, scheduled to go live in the EU on Jan. 3, 2018, all eligible legal entities will be required to have and use these codes.
Instead of mandating that each of these institutions perform these checks independently, though, the banks built Madrec to mutualize much of the effort in a potentially industry-wide reconciliation process hosted in the Microsoft Azure cloud.
Many entering the crypto market might look to supposed strategists who offer predictions on which currencies will thrive and how prices in the broader market might trend. Unfortunately, those who claim to know the future constantly contradict one another.
Meanwhile, feelings of greed and the fear of missing out can lead us to blindly jump in based on little more than tips from the water cooler. As an advisor, I encourage everyone to recognize the risks, to better understand the purpose of digital currencies and to discount the advice of so-called experts. To that end, I’ve compiled a list of the top 3 rules for navigating the crypto craze.
Recognize the Risk
Refocus on the Tech
Discount the Experts
So-called experts, especially those of the ‘ old guard of finance’ tell completely contradictory stories, leaving us to interpret an endless stream of inconsistent and very often biased information. For example, Jamie Dimon’s claim that bitcoin is a fraud, is not only biased but also highly ironic in that JPM is spending 10s of millions of dollars to develop their own blockchain, publicly known as Quorum that will enable JPM and their affiliates to take advantage of the benefits that blockchains bring to help solve obstacles inherent to fiat currency trading.
Dimon is aware of this and is, but this situation shows his desire to use a centrally controlled blockchain, not so different from the current systems they use only more secure giving JPM and advantage. this kind of misinformation and misdirection by financial experts is why its better to avoid them when seeking advice on investing in crypto. Even if they are bad mouthing it to some, they are investing in it quietly. Same goes for Goldman and many of the other big players on Wall Street .
Apple has joined the majority who had adopted the blockchain technology by declaring its new patent application based on the public application to US Patent and Trademark Office on Thursday where Blockchain technology was used to certify timestamps as a program combined with Public Key Infrastructure (PKI) tools.
Apple’s new patent application describes three possible methods for establishing timestamps, with one of these scenarios centering on a Blockchain platform. There is a use case in question where data stored involves tying a piece of information to a particular transaction on a Blockchain, establishing the state of that data at a particular point in time.
The program would generate a block containing a timestamp, with every subsequent block being added as miners verify each transaction conducted on the chain. This system is part of what Apple is calling a “multi-check architecture,” meaning that another system would confirm the timestamp after the block is generated but before it is added to the chain.
Like other established institutions, Apple believes in the power of Blockchain technology and its benefits though the new patent application.