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Editor's Notes

• #13: http://www.slideshare.net/DianaBiggs/introduction-to-bitcoin-blockchain-for-financial-services
• #14: Every transaction in the Bitcoin network is tracked and logged forever in the Bitcoin blockchain, or permanent record, available for all to see. As a result, Bitcoin is considerably easier for law enforcement to trace than cash, gold or diamonds. http://letstalkpayments.com/an-overview-of-blockchain-technology/
• #18: September 24, 2015 Pete Rizzo??
• #20: Dan Morehead of Pantera Capital
• #21: Computing power of bitcoin transaction processors and validators
• #25: Funding Received$21M?in?1 Round?from?12 Investors Most Recent Funding$21M?Seed?on?November 17, 2014 Improved capital efficiency Improved market liquidity Blockstream��s core area of innovation is sidechains, a technology focused on improving on the blockchain, the most powerful public utility for distributed trust systems. Sidechains are blockchains that are interoperable with each other and with Bitcoin, avoiding liquidity shortages, market fluctuations, fragmentation, security breaches and outright fraud associated with alternative crypto-currencies. Launch includes forward-looking exchanges and brokerages from around the globe including partners like Bitfinex, BTCC, Kraken, Unocoin, and Xapo, and discussions are underway with another dozen major institutional traders and licensed exchanges.? https://blockstream.com/2015/10/12/introducing-liquid/ Blockstream suggested Liquid is set to launch in Q1 of 2016: http://www.coindesk.com/blockstream-commercial-sidechain-bitcoin-exchanges/  Today, key players in the Bitcoin market, including exchanges, payment processors, traders, and remitters, experience delays when moving bitcoin between accounts in different locations. We refer to this as Interchange Settlement Lag (ISL) �C a host of liquidity inefficiencies including latency and confirmation times that hinder the overall prospects of the Bitcoin ecosystem. Dealing with these issues requires market participants to maintain multiple balances and accounts across the market to avoid ISL, increasing overall capital requirements and exposure to the possibility of counterparty risk. Liquid is an interoperable sidechain that extends the Bitcoin blockchain while adding an auditable, cryptographically-strong commercial privacy component. Using this arrangement, Liquid leverages the reliability and security of the Bitcoin network without trusting a centralized third party. This new construction establishes a security profile inherently superior to existing methods of rapid transfer and settlement, and is directly applicable to other problems within existing financial institutions.
• #26: ?raised?$14 million in Series A Funding (investors: American Express and Ratan Tata, the Chairman Emeritus of India��s top tier conglomerate Tata Group, Arbor Ventures, RRE Ventures��) Abra, a remittance service built on top of the Blockchain Abra is the world��s first digital cash, peer to peer money transfer network. Abra Tellers represent a global, shared network of consumers helping each other easily deposit and withdraw cash from the Abra app anywhere in the world. Founded in 2014 by Bill Barhydt, serial entrepreneur and global mobile-banking visionary, their team is based in Silicon Valley and committed to forever changing how the world moves money. The company��s app, which will launch soon to the general public, lets users around the?world transfer funds denominated in any currency at a cost-effective rate. Abra achieves this by instantly converting deposited currency to bitcoin, which are stored locally on the user��s device. This means that?unlike services like Venmo, the company never actually touches any funds, meaning it isn��t required to deal with the regulatory issues of transmitting?money. Here��s how Abra works: Users can deposit money into the app either via a linked bank account, or by utilizing Abra��s network of Abra Tellers, which are like human ATM machines. After setting their own?fee, Tellers?meet a user in person to accept a cash deposit and credit the user��s account with funds?(or vice versa, if the user wants to cash out). After a user��s account is credited with funds, the money is instantly converted to bitcoin behind the scenes, but still denominated in a traditional currency.
• #27: Chain partners with leading financial institutions to build blockchain networks. Chain solutions enable institutions to design, deploy, and operate blockchain networks that can power any type of asset in any market. Funding Received$43.7M?in?3 Rounds?from?19 Investors Most Recent Funding$30M?Series B?on?September 9, 2015 Increasing efficiency in capital markets: Process of settling securities in capital markets currently invovlves slow and expensive process that requires several intermediaries. Brokers are required to deposit large margin accounts at centralized depositories, fragmenting the power of their holdings. In contrast, securities issued on blockchain network can be controlled directly by brokers. This allows trades to be settled btwn counterparties without 3rd party intermediaries, dramatically increasing speed while reducing costs. Eliminating fraud in gift cards: In the digital gift card market, card numbers are created at the issuer and then transferred from distributors, to retailers and eventually to consumers. At many points along the way, card numbers can be exposed. In contrast, gift card value issued on a blockchain network does not use gift card numbers at all. Instead, value is transferred directly between parties without divulging any secret information, and thus, card number fraud is eliminated. Unleashing pre-paid mobile airtime: While the majority of the world operates on pre-paid mobile airtime, it is currently impossible to transfer minutes between carriers. Additionally, global carriers often struggle to adequately reconcile roaming charges in a complex ecosystem of clearing houses. In contrast, mobile airtime issued on a blockchain network can be seamlessly transferred between carriers and programmatically exchanged at market rates.
• #29: https://www.svb.com/News/Company-News/Fintech-Companies-Cite-Regulatory-Hurdles-as-Biggest-Impediment-to-Growth-in-2016,-according-to-Silicon-Valley-Bank-Survey/
• #30: 118 verified institutionalsurvey respondents Two primary groups:banks & technology companies Other groups included distinctively law firms, and other (e.g. asset managers, corporate treasurers, regulators, trade bodies, exchanges & consultants)
• #31: http://www.slideshare.net/LisaCheng2/the-blockchain-an-enterprise-play
• #32: https://www.cbinsights.com/blog/financial-services-bitcoin-investors/ https://www.cbinsights.com/blog/financial-services-corporate-blockchain-investments/ nterestingly, a relatively small number of startups have captured the large majority of financial services investments in the bitcoin and blockchain space. For example, four firms �C?Coinbase, Chain, Digital Currency Group, and Ripple �C?count 14 first investments by financial services firms in the space. The table below highlights a few of the startups that have garnered the most first-time strategic financial services investors. Goldman Sachs - Led $50 million funding found for Circle, Inc. in May; Searching for applications of the blockchain tech that could transform trading, which could be used in the stock market Citibank - Developed 3 blockchains and a test currency "Citicoin" to run across them (pre-production); exploring how to do cross-border payments, then trade Barclays - Launched startup accelerator called Barclays Accelerator dedicated for fintech and blockchain related startups; Incubating Safello, Atlas Card, and Blocktraces to explore use-cases of Blockchain ING - Experimenting with Blockchain tech to increase the speed of transactions; building on tech built in the 70's and 80's USAA - ?Interested in the auditability; has own research lab; intereseted in extensive recordkeeping and the security that comes with it; efficiency + auditability + tracability with 100% accuracy Santander - Found over 25 use-cases of the blockchain; co-authored report which stated integration could eliminate up to $20 billion of costs UBS - Opened blockchain research lab in London in April; hosted by fintech accelerator Level39; hopes to develop new technologies that could be useful for the finance industry BBVA - Participated in one of the largest investments in bitcoin: Coinbase's $75 million Series C funding round; wanted to become familiar with the blockchain tech
• #36: http://www.ft.com/cms/s/0/e96701d6-9cd5-11e5-b45d-4812f209f861.html#axzz3tqq26WXE
• #37: 2016 marks a race to production as innovators seek to push beyond the protoype stage. This is particularly important for vendors looking to establish market position. Even within the collaborative approach, we see a certain degree of ��co-opetition�� between the vendors and financial institutions vying for technology leadership.