Category Archives: Bitcoin

Microsoft launches cloud based Blockchain tech for would be bitcoin traders

bitcoin logo2Microsoft has launched a cloud-based ledger system for would-be bitcoin traders. The Azure service provider aims to ease traditional bankers and financial service companies into a new increasingly legitimised market as it gains currency in the world’s finance centres.

The system uses blockchain technology provided by New York based financial technology start up ConsensYs. It will give financial institutions the means to create affordable testing and proof of concept models as they examine the feasibility of bitcoin trading.

Blockchain technology’s ability to secure and validate any exchange of data will help convince compliance constrained finance institutes that this form of trading is no more dangerous than any other high speed automated trading environment, according to Microsoft. In a bitcoin system the ConsenYs blockchain will be used as a large decentralized ledger which keeps track of every bitcoin transaction.

Cloud technology could aggregate sufficient processing power to cater for all fluctuations demand for capacity in online trading. In turn this means that the IT service provider, whether internal or external, can guarantee that every transaction is verified and shared across a global computer network. The omnipresence of the blockchain reporting system makes it impossible for outside interference to go unmonitored.

The Microsoft blockchain service, launched on November 10th, also uses Ethereum’s programmable blockchain technology which will be delivered to existing banks and insurance clients already using Microsoft’s Azure cloud service. According to Microsoft four global financial institutions have already subscribed to the service.

Until now blockchain has been the ‘major pain point’ in bitcoin trading, according to Marley Gray, Microsoft’s director of tech strategy for financial services. Gray told Reuters that the cloud technology had made the technology affordable and easy enough to adopt. According to Gray it now only takes 20 minutes and no previous experience to spin up a private blockchain. Microsoft said it has simplified the system with templates it created, used in combination with its cloud-based flexible computing model.

The new testing systems made possible by ConsensYs create a ‘fail fast, fail cheap’ model that allows finance companies to explore the full range of possibilities of this new type of trading, said Gray.

Bitreserve re-launches as cloud based financial service hub Uphold

Money cloudCloud based financial exchange Uphold, formerly Bitreserve, has redesigned its functions, products and services for a relaunch. It now aims to connect banks, credit and debit cards and bitcoin to clients’ digital wallets for instant financial services and transactions.

The service, which began as a pure Bitcoin trader, now offers consumers, businesses and charities the option to fund their Uphold accounts via bank transfer or by linking a credit or debit card. The new options are now available in 33 European countries. Uphold said it plans to roll out these services to the United States, China and India by November.

In a four phase rollout out, members in 33 European countries will be able to fund Uphold accounts via bank transfer from October 14th. Meanwhile, clients in 30 European countries can now fund accounts with credit or debit cards. By November 2015 clients in the US and China will be added to the service.

Phase Three, which is scheduled for December 2015, will see Uphold introduce both physical and virtual payment cards with Visa, MasterCard and Discover card, allowing clients to pay merchants online or in-store, directly from their Uphold accounts. The same services are scheduled to be extended to the Indian market in January 2016 in Phase Four of the plan roll-out of cloud services.

The service aims to connect the world’s legacy and fragmented financial networks and systems with a cohesive cloud-money platform, said Uphold CEO Anthony Watson. Uphold said it will bring instant, transparent, accountable and free financial services for all consumers. “We’re simplifying and radically reducing costs for all financial transactions and services – from currency conversions to international money transfers and payroll to bill payment and remittance,” said Watson, “our mission is to make it easy and frictionless for anyone.”

To date, Uphold has powered over $400 million in transactions by tens of thousands of members across 163 countries, in 24 supported currencies and four precious metals. Around 22 per cent of the world’s publicly traded bitcoin has been transacted on Uphold.

MaxCDN Now Accepting Bitcoin

NetDNA LLC, a content delivery network (CDN) provider, today announced that MaxCDN is the first CDN to accept payment via Bitcoin.

Bitcoin, a decentralized digital currency, enables instant peer-to-peer transactions, worldwide payments with low or zero processing fees. The community-driven software operates with no central authority – managing transactions and the issuing of bitcoins is carried out collectively by the network.

“Developers are a core part of our customer base and have been requesting this payment model,” said Justin Dorfman of NetDNA. “We’re strong believers in open source and part of that commitment is being responsive to developer requests. Bitcoin as the emerging “coin of the realm” for this community and we’re excited at the opportunity to be accepting Bitcoins.”