As soon as September, IBM will unveil a real-world use of blockchain, the online ledger that records peer-to-peer bitcoin transactions. Since IBM will be one of the largest organizations ever to apply bitcoin to actual business transactions, the move also goes far in validating the nascent cryptocurrency. Currently, IBM Global Financing has $100 million in capital tied up, and the move to blockchain is expected to free up some of it. Blockchain, by removing the middleman, is intended to make financial dealings more efficient. Continue reading IBM to Debut Blockchain for Financial Unit Dispute Resolution

J.P. Morgan Chase, Wells Fargo and other banks just introduced real-time person-to-person payments — something PayPal’s Venmo has done for years — to their five year-old joint effort clearXchange. Previously, clearXchange could take up to three days to transfer money. PayPal upped its game, by signing a deal with Visa to let Venmo and PayPal app users instantly access monies they receive. PayPal and the banks collect no fees on these transactions, which they regard as a gateway to other, paid services. Continue reading Banks Make Move to Real-Time Person-to-Person Payments

The Decentralized Autonomous Organization raised $160 million in Ether, a virtual currency that is an alternative to Bitcoin. The experimental project was hailed as the most successful crowdfunding effort ever, until last Friday when a hacker made away with more than $50 million. Although the hack was frozen and the project’s computer scientists plan to rewrite Ether’s code to recover the money, the project most likely will end, leaving in its wake a bigger debate than ever about the viability of virtual currency. Continue reading Blockchain: More Than $50 Million in Virtual Currency Hacked

In a private meeting with no media in attendance, more than 100 executives from some of the world’s largest financial institutions met at NASDAQ’s New York City office. They gathered to delve deeper into the promise of blockchain, the technology behind Bitcoin, which became active in 2009. These financial institutions have been wary of Bitcoin, because users are anonymous and can engage in money-laundering and other banking violations. What they looked at was digital U.S. dollars, a “fiat currency” that avoids those risks. Continue reading Wall Street Firms Gather to Discuss Blockchain, Digital Dollars

Although other alternative currencies have tried to gain traction as Bitcoin struggles with internal divisions, none have succeeded in doing so — until now. A rival virtual currency, Ethereum, has gained the interest of a wide range of finance and technology behemoths, including JPMorgan, Chase, Microsoft and IBM. As a result, its value has shot up 1,000 percent over the last three months. Built on a blockchain in which every transaction is publicly recorded as is Bitcoin, Ethereum promises to do more. Continue reading Bitcoin Rival Ethereum Offers Online Markets, Smart Contracts

The Internet, digital medical devices, blockchain, gene editing, drones and solar energy all found their tipping point in 2015. What will 2016 bring? Some experts predict we’ll see “the inflexion point” in virtual reality and holodecks, the Internet of Things (IoT), artificial intelligence (AI), autonomous cars, robots and space exploration. Alphabet chairman Eric Schmidt has publicly stated that AI will solve the world’s hard problems, including population growth, climate change, human development and education. Continue reading Coming This Year: AI, VR, IoT, Robots and Self-Driving Cars

ETC coverage of the upcoming 2016 CES begins on December 7 with a 3-week series of previews on the top trends and technologies expected to be on display. CES, presented by the newly re-named Consumer Technology Association (formerly CEA), runs from January 4-9 in Las Vegas. At CES, ETC will have a team of dedicated reporters and analysts preparing twice daily email briefs and delivering breaking news as it happens. Following the show, ETC publishes a comprehensive report that distills from the massive trade event the key themes most likely to impact the media and entertainment industry. Continue reading CES 2016: ETC Begins Show Coverage with December Previews