posted by Maeryn Obley
on Thu, 2016-07-07 21:38
Image: The blockchain was developed as a means of creating digital property without the need for a central authority keeping track of who owns what. Photograph: Jacob Carter/Rex/Shutterstock
theguardian.com - July 7th 2016 - Alex Hern
Have you heard the good news? The blockchain is here – and it’s going to save everything.
If you aren’t tied to the tech community, you might not have picked up on this salvation rhetoric.
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UBS leads team of banks working on blockchain settlement system
reuters.com - by Jemima Kelly - August 24, 2016
Swiss bank UBS (UBSG.S) is leading a team of four of the world's biggest banks developing a system to enable financial markets to make payments and settle transactions quickly using blockchain technology.
UBS has developed a "Utility Settlement Coin" (USC), which is a digital cash equivalent of each of the major currencies backed by central banks, such as the dollar or euro, rather than a decentralized new digital currency such as bitcoin.
The USC would be convertible at parity with a bank deposit in the corresponding currency, making it fully backed by cash assets at a central bank. Spending a USC would be the same as spending the real currency it is paired with, UBS said.
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