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Many current-day accounting department processes can be optimised through blockchain and other modern technologies, such as data analytics or machine learning; this will increase the efficiency and value of the accounting function. These judgemental elements often require context that is not available to the general public, but instead require knowledge of the business, and with blockchain in place, the auditor will have more time to focus on these questions.
One example of a startup working on this isShipChain, which aims to apply blockchain technology to the logistics space. Today’s global supply chains are plagued by a multitude of challenges, both bureaucratic and logistical, blockchain technology used correctly reduces the friction and eliminates many of them. As such, the freight and logistics industry is investing heavily in blockchain technology to deliver a cheaper, more efficient and secure system to manage the enormous growth expected over the next decade.
Demo Day is like a “graduation” day for the start-ups and it marks the end of the programme. Unstructured experimentation of blockchain solutions to date without strategic evaluation of the value at stake or the feasibility of capturing it means that many companies will not see a return on their investments. While the potential benefits of blockchain seem straightforward, the nuances around implementing it, for example integrating it with legacy systems and navigating it through uncertain regulatory waters, can make it a very challenging platform to extract real value.
They also need to be able to act as the bridge, having informed conversations with both technologists and business stakeholders. Accountants’ skills will need to expand to include an understanding of the principle features and functions of blockchain – for example, blockchain already appears on the syllabus for ICAEW’s ACA qualification. The reduction in the need for reconciliation and dispute management, combined with the increased certainty around rights and obligations, will allow greater focus on how to account for and consider the transactions, and enable an expansion in what areas can be accounted for.
Under the terms of the deal IOV Labs have the right to install one director on Coinsilium’s board, notably demonstrating the ever-closer ties between the two companies. In January 2020 IOV made its initial investment into Coinsilium, spending £250,001 for 9,434,000 shares at 2.65p per share. Shop books, stationery, devices and other learning essentials.Click here to access the store. Maybe you’re a start-up navigating the maze of complications to get your business up and running, a scale-up in hyper growth or a mature business needing cost-effective, expert legal and commercial advice.
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Over the programme, the start-ups have had a series of high-profile visitors and workshops, including Brock Pierce, who is credited as a digital currency pioneer and has raised over $5B for crypto and blockchain companies. Pierce is also the Chairman of the Bitcoin Foundation and Co-Founder of EOS Alliance, Block.one, Blockchain Capital, Tether and Mastercoin. 3) Blockchain in Government.Governments’ key record-keeping and verifying functions can be enabled by blockchains to achieve large administrative savings.Public datais often siloed as well as opaque among government agencies and across businesses, citizens, and watchdogs. Blockchain-based records and smart contracts can simplify interactions with citizens while increasing data security. Many public-sector applications, such as blockchain-based identity records, would serve as key enabling solutions and standards for the wider economy. 1) Financial Services-Financial services’ core functions of verifying and transferring financial information and assets align with blockchain’s core transformative impact.
Digitonic Ltd, the owner of ValueTheMarkets.com, has not been paid for the production of this piece by the company or companies mentioned above. Valuethemarkets.com, Digitonic Ltd are not responsible for the content or accuracy of this article. The information included in this article is based solely on information provided by the company or companies mentioned above. JP Morgan reported in Novemberthat ultra-high net worth investors are swapping gold for Bitcoin as a global inflation hedge, while Deutsche Bank confirmed rising interest from institutions in the world’s largest cryptocurrency.
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Its aim is to commercialise RSK solutions by selling to corporations, governments and NGOs. IOV Labs is the parent company to RSK, the first smart contract platform secured by the Bitcoin network. Smart contracts are what underpin the DeFi market, allowing holders to stake their cryptocurrency in exchange for yield.
“It’s an exciting time to be entering the Japanese market with a much-needed, innovative solution to a pervasive industry issue,” Seguin added. But they will need to know how to advise on blockchain adoption and consider the impact of blockchain on their businesses and clients.
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This log is immutable to hackers, as no one has the ability to change or delete crucial information. The company, which is part of BiTA, is building a fully integrated supply chain management system that gives insight into each stage of the logistics process. In addition, the company aims to create a decentralised brokerage system — essentially an open marketplace for shippers and carriers. Leveraging the transparency of information on the blockchain, the marketplace will let shippers optimise cost and time for every shipment. Given the nascent nature of blockchain technology, corporations and consortia around the globe are starting to invest in and partner with startups that are building proofs of concept in order to test solutions prior to commercialization.
Coinsilium, a listed pioneer in blockchain and cryptocurrency finance, has won a £330,000 follow-on investment from IOV Labs, as the two companies expand their joint venture globally. The Gibraltar blockchain fintech firm subscribed for 11,000,000 shares at 3p, a 20% premium to the current stock price. With the crypto space enjoying a global resurgence, the timing of this investment could prove to be extremely lucrative. In the long term, more and more records could move onto blockchains, and auditors and regulators with access would be able to check transactions in real time and with certainty over the provenance of those transactions.
However, disruption is coming to the industry in the form ofBlockchaintechnology, which promises to deliver a cheaper and more efficient system of managing logistics. Innovative startups, as well as major incumbent parties, are investing enormous amounts of time and resources in blockchain development.
So, although blockchain adoption was slow in its early stage, 2020 seems to be the year blockchain comes of age. Service providers, like IPC, can play a critical role here by supporting operationalisation in the systems-oriented context. IPC, for example, enables access to all asset classes with over 2,000 sell-side firms, 4,000 buy-side firm and 75+ exchanges in its vast, diverse ecosystem. Five data-driven innovation ‘hubs’ have been created, housing expertise and facilities to help 10 industrial sectors become more innovative through data. The University of Edinburgh hosts the Bayes Centre, Edinburgh Futures Institute, Easter Bush campus, and Usher Institute for Population Health Sciences and Informatics. The National Robotarium is a collaboration between Heriot-Watt University and the University of Edinburgh. Supporting the work of the hubs, is a new super-computing facility for the secure and trustworthy analysis of datasets, which will be unique within Europe.
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Volumes have already been increasing and a share price rerate could now be around the corner. We are assisting clients with requests for more specific advice relating to the use of crypto in employee incentive schemes and for salary payments, just in the last couple of months. In relation to using bitcoin for salary payments, again the fluctuations in value are the most pressing factor. An employee’s basic salary must still meet the national minimum wage legislation (the rate for employees aged 25 and over is currently £8.72) and given the unpredictability in valuing cryptocurrency and the fluctuation issue, care must be taken.
IPC’s sense of the future of blockchain, particularly in the enterprise space, is just as positive. We are seeing customers truly learning about the practical reasons to deploy, leading to more investment in time and money in blockchain. Telefónica is one of the largest telecommunications companies in the world by market capitalization and number of customers with a comprehensive offering and quality of connectivity that is delivered over world class fixed, mobile and broadband networks. As a growing company, it prides itself on providing a differential experience based both on its corporate values and a public position that defends customer interests.
- Family Law provides a platform for debate for all the important topics, from divorce and care proceedings to transparency and access to justice.
- This comes at a time of incredible innovation and regulatory achievement in the cryptocurrency finance space.
- iLaw’s Blockchain, Cryptocurrency Digital Assets practice encompasses commercial, regulatory and contentious issues.
- The slow adoption in highly regulated, complex markets such as the financial services industry shouldn’t come as a surprise.
- Once a shipment is confirmed and recorded on the blockchain, it is immutable, meaning no party can dispute the validity of the transaction or fraudulently manipulate the records.
The technical strengths brought together in Bayes build on world-leading academic excellence in the mathematical, computational, engineering, and natural sciences in the University’s College of Science and Engineering. Telefónica is a 100% listed company and its shares are traded on the Spanish Stock Market and on those in New York and Lima. The Accelerator is a collaboration between Wayra UK, Telefónica’s open innovation arm and the University’s Data-Driven Innovation Programme . Gary is very well recognized in the UK Blockchain / Distributed Ledger Technology arena, with particular expertise in the commercial insurance and legal sectors. He writes articles for magazines and thought leadership blogs on a number of emerging technologies, with a particular emphasis on the blockchain. Dividend Investing is a tried and tested strategy to building long-term wealth for retirement or future purpose. Last month Argentina and Pakistan were among the major nations to put forward new cryptocurrency legislation frameworks, while UK Chancellor Rishi Sunak announced his intent to legitimise and regulate cryptocurrency stablecoins, a key part of the DeFi process.
Working together to deliver the 10-year programme are the University of Edinburgh and Heriot-Watt University, whose experts will collaborate with industrial partners on data-based projects in the public, private and third sectors. The Programme will increase the contribution of university research and in-demand graduate skills to the region’s economy, launching more spinout companies, attracting start-ups and established businesses, and driving public and private sector investment. Thanks to this hybrid solution developed by Telefónica , companies will be able to benefit simultaneously from the transparency and confidence of public networks, guaranteeing the performance and scalability necessary for business operations.
The move to a financial system with a significant blockchain element offers many opportunities for the accountancy profession. Accountants are seen as experts in record keeping, application of complex rules, business logic and standards setting.
Powered by Wayra, Wayra Edinburgh is an AI and Blockchain accelerator programme for digital start-ups. It was set up by in Autumn 2018 in partnership with Edinburgh University’s School of Informatics and Cisco. Between them they have raised over £3m in investment with a combined valuation of over £12m. According to Daniel Lesnick, a Blockchain expert working in the programme since its launch in 2018, “The Accelerator has a mission to make the UK and Edinburgh the “go-to” place for new AI and Blockchain businesses with high-growth potential. To date, 20 start-ups have been accelerated through the programme, which aims to scale their businesses through investment, mentoring, and business development, by giving them access to the networks of all market-leading partners”.
For instance, it may be advisable to pay at least part of the base salary normally, with other elements of the remuneration package being paid using cryptocurrency, such as a bonus. This arrangement would need to be clearly set out in the employee’s contract of employment, or in a separate agreement signed by the employee. in Robertson v Persons Unknown (unreported – July 2019)the English Court considered the concept of bitcoin as property in an application for an injunction. One of the main ways fraud victims can seek protection is by obtaining freezing orders and other injunctive relief and so it was important for a cryptocurrency to be recognised in this context. The Court granted an asset preservation order to freeze bitcoin which had been spear phished away by a fraudster and a Bankers Trust order requiring the cryptocurrency exchange, Coinbase, to reveal the identity of the fraudster. UPS Global Customs Brokerage processes almost 25 million import clearances each year in the U.S. alone, making it one of the world’s largest customs brokers.
Major current pain points such as cross-border payments and trade finance can be solved by blockchain-based solutions, which reduce the number of necessary intermediaries and are geographically agnostic. Further savings can be realized in capital markets post-trade settlement and in regulatory reporting. These value opportunities are reflected in the fact that approximately 90 percent of major Australian, European, and North American banks are already experimenting or investing in blockchain and this is just the tip of the iceberg.
For those reasons, Linda Weakland, UPS’s Director of Enterprise Architecture and Innovation, is long on blockchain. TheFBI estimatesthat cargo theft causes an annual loss of approximately $30 billion per year, with an average theft value of $190,000. And though most of the problem areas have been well-documented for decades, the distributed nature of ownership has instilled little accountability in any of the industry’s stakeholders. many in the industry though don’t believe the industry is prepared for such growth, as it currently sits on top of a crumbling infrastructure prone to systematic inefficiencies and rampant fraud. Countless intermediaries rake in fees and drive up the price of shipping, and the problem is that the complexity and opaqueness of the process make it difficult to put checks and balances in place. Yojee will be employing its Control Tower technology to maximise delivery visibility, optimise dispatching capabilities and manage SILA’s third-party partners. Yojee is in a strong early-mover position to lead the industry digitisation movement and is already well advanced along its development roadmap.
Yojee is a platform technology company developing powerful logistics and supply chain management capabilities via its blockchain secured software. Add to this a further 7 programmes that have supported 94 start-ups in 6 cities throughout the UK, and it becomes clear why it is said that Wayra UK is Great Britain’s only truly national innovation programme. We bring world-class start-ups not only to Telefónica globally and O2 locally but also to our network of partners, including Cisco, Novartis, Ferrovial, Hyundai, Bosch, Innogy, Network Rail and the British Government via the GCHQ and NCSC. Ocyan, a blockchain start-up from the 2019 cohort, has already expanded its business to Spain, Germany, Italy and the UK via the Accelerator, and is receiving ongoing business support from Scottish Enterprise. They are also doing trials with Telefónica, which is testing Ocyan’s cloud-native blockchain platform for their business. The Company’s CEO, Evangelos Papas, will pitch Ocyan on the 11th December at the Accelerator Demo Day at Mansfield Traquair, Edinburgh.
Accountants’ mix of business and financial nous will position them as key advisers to companies approaching these new technologies looking for opportunity. To become truly an integral part of the financial system, blockchain must be developed, standardised and optimised. This process is likely to take many years – it has already been nine years since bitcoin began operating and there is much work still to be done. There are many blockchain applications and start-ups in this field, but there are very few that are beyond the proof of concept or pilot study stage. Accountants are already participating in the research, but there is more for the profession to do. Crafting regulation and standards to cover blockchain will be no small challenge, and leading accountancy firms and bodies can bring their expertise to that work. Finally, as far as Big Data/AI technology is concerned, they will have access to the LUCA Suite, an inhouse developed platform that allows to automate the data processing in minutes, integrating Machine Learning capabilities in an easy and intuitive way.
Currently, the freight and logistics industry is heavily controlled by freight brokers, which exist to facilitate transactions of loads from shippers to carriers. This not only increases costs for carriers, it also leads to increases in downstream prices that directly affect consumers.
