Yesterday

Written by Jonny Fry
Writers linkdin: https://www.linkedin.com/in/jonnyfry/

History may well be able to offer us some valuable lessons as to what to expect in the future when it comes to how we pay for goods and services i.e., money. Since 1450, we have seen six reserve currencies Portuguese Real (1450–1530), Spanish Real (1530–1640), Dutch Guilder (1640–1720), French Franc (1720–1815), Pound Sterling (1815–1920), and finally the US Dollar from 1921 to now. 



       The history of world reserve currencies since 1450



             Source: Market Business news

The average currency tenure as a world reserve currency is 94 years with the US$ having been the world’s reserve currency for roughly 100 years. So, what will come next? If we go back to 1862, there were 7,000 different types of US$ in circulation; 5,500 of which were fraudulent. So in 1863, the National Currency Act (which became known as the National Banking Act in 1864) was passed and this determined the US’s dollar, whereby establishing a dual banking system with national and state-chartered bank - the only such...


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On Friday

SSI: self-sovereign identity explained

Written by Ross Power at cheqd, which helps companies leverage SSI to enable new business models for verifiers, holders and issuers.

 

Self-sovereign identity (SSI) has seen a rapid adoption within finance, interestingly both centralised (CeFi) and decentralised (DeFi). In the context of DeFi, it is often referred to as its enabler. Beyond finance, its application has been growing too - spanning travel, e-commerce, supply chains, crypto, and other sectors. What remains a stumbling block for many is understanding what SSI is and what is so magical about it that it can fill in so many cracks across industries?...

On Thursday

Written by Jonny Fry
Writers linkdin: https://www.linkedin.com/in/jonnyfry/

In simplistic terms, Decentralised Finance (DeFi) uses blockchain-powered platforms to, in effect, automate many aspects of the financial industry sector which historically have largely evolved from paper-based analogue processes and procedures. DeFi aims to remove many of the layers of intermediaries using embedded smart contracts and structured digital data to provide greater transparency for all parties, potentially including the regulators. This is leading to an alternative digital way in which to do business when it comes to handling insurance claims, lending, borrowing and making payments. Furthermore, DeFi is finally enabling the financial sector to reach out to the 1.7 billion unbanked by addressing financial inclusion in developing markets. After all, these 1.7 billion unbanked are often digitally savvy -  according to the World Bank, 66% of them have access to a mobile phone. 



The costs of regulation and compliance is a significant burden for the financial services sector and ultimately for its customers and shareholders. One of the key advantages DeFi platforms offer is to be able to monitor risk and traditional compliance functions using technology on a real time basis, as opposed to after the event. This means that compliance staff and anyone involved in managing risks within a business (e.g. treasury departments, financial controllers, board directors etc) are able to focus on managing risks as opposed to simply being engaged in manual paper based monitoring and box ticking exercises.
It is often...


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