Blockchain
Global first: Nigeria’s Central Bank affiliate, NIBSS, joins Zone’s blockchain network
The partnership between the Nigeria Inter-Bank Settlement System (NIBSS) and Zone represents a significant step forward in integrating blockchain technology into mainstream financial systems. NIBSS is set to utilize Zone’s blockchain network to enhance its Payment Terminal Service Aggregation (PTSA) operations, a key regulatory function in Nigeria that ensures all payments made at Point-of-Sale (PoS) terminals are routed through an aggregator before reaching the cardholder’s bank for authorization. This system is crucial for maintaining oversight and compliance with the Central Bank of Nigeria’s (CBN) payment standards.
By adopting blockchain, NIBSS is decentralizing its PTSA function, which will eliminate the existing single point of failure in transaction routing. This move not only enhances the security and efficiency of the payment process but also preserves and potentially improves the regulatory monitoring and reporting capabilities mandated by the CBN.
Zone’s blockchain network, which includes some of Africa’s largest banks, offers several advantages, including decentralized routing that allows direct exchange of financial messages between banks without intermediaries, real-time settlement for instant transaction finality, and automated reconciliation features that help resolve disputes preemptively in real-time. This partnership is expected to significantly enhance the efficiency of Nigeria’s payment systems, reduce costs, and promote financial inclusion.
NIBSS’s involvement in Zone’s blockchain network is a pioneering move that could inspire similar initiatives globally, showcasing how traditional financial institutions can collaborate with fintech innovations to improve regulatory oversight and operational efficiency. This partnership aligns with broader trends, such as Central Bank Digital Currency (CBDC) pilots and other blockchain initiatives, indicating that blockchain technology is poised to play a central role in the future of global finance.
NIBSS MD/CEO, Premier Oiwoh, emphasized that this partnership represents a milestone in driving innovation and positioning Nigeria at the forefront of the global payment space. Similarly, Obi Emetarom, CEO and Co-founder of Zone, highlighted the transformative potential of blockchain technology in enhancing regulatory oversight and improving service delivery within the financial sector. As digital and decentralized financial systems continue to evolve, such collaborations between traditional financial entities and blockchain technology are likely to shape the future landscape of global finance.
Source: businessinsider.com
The post Global first: Nigeria’s Central Bank affiliate, NIBSS, joins Zone’s blockchain network appeared first on HIPTHER Alerts.
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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