5 things you need to know about fintech – [video]
In this video from #World Economic Forum you can watch what are the 5 things you need to know about #fintech
source: wef
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The Opportunity To Disrupt the Credit Card Rails May Finally Be Opening Up
Image source The transition to Chip and PIN #credit cards in America currently looks like just a big conversion cost – good for vendors and consultants and a big extra cost and time suck for everybody else. However, below the surface something bigger is brewing. Chip on plastic is incrementalRead More
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Insider Threats Management – das müssen Sie wissen!
74% der Unternehmen sind nach eigenen Angaben anfällig für #Insider Attacken. 42% aller Unternehmen geben jedoch an, nicht ausreichend gegen dagegen geschützt zu sein. (*)
Insider Threat Spotlight Report 2016 – Company Vulnerability
75% aller Unternehmen schätzen, dass die Korrektur eines Insider #Threats bis zu 500.000 US-Dollar kosten kann. 25% wiederum denken, die Kosten könnten 500.000 US-Dollar sogar übersteigen und bis in die Millionen gehen.
Insider sind Personen, denen wir wissentlich Zugriff auf unsere Daten geben. Zum einen sprechen wir von Partnerfirmen, die Ihre Systeme administrieren. Obwohl dies meist auch geographisch extern gelegene Partnerfirmen sind, werden sie durch die vergebenen Berechtigungen automatisch zu Insidern. Auf der anderen Seite sind Insider aber vor allen anderen Ihre eigenen Mitarbeiter.
Wie stellen Sie heute fest, was diese mit Ihren Daten machen? Haben Sie den vollen Überblick? Denn: 60% aller Insider Threats eines Unternehmens werden durch privilegierte Anwender begangen. Privilegierte Anwender sind beispielsweise Manager mit Zugriffsberechtigungen auf sensible Informationen.
Insider Threat Spotlight Report 2016 &8211; Risky Users
71% der Fälle von Datenverlust eines Unternehmens passieren unbeabsichtigt, gefolgt von fahrlässigen (68%) und böswilligen (61%) Anwendern.
Ihre Anwender sinnvoll zu schulen und zu trainieren, generiert meist viel Aufwand. Der Markt hat in diesem Segment nicht viel zu bieten.
&8211; Heute weisen Sie via E-Mail auf Policies hin und hoffen, dass diese umgesetzt werden.
&8211; Sie schulen Ihre Mitarbeiter halbjährlich in Konferenzräumen, die das Gesehene zwei Minuten nach Verlassen des Raumes wieder vergessen haben.
&8211; Sie weisen Mitarbeiter an, nervige Multiple-Choice Tests abzuarbeiten
Dieses Webinar zeigt Ihnen, wie Sie die Security-Awareness Ihrer Anwender kosteneffizient steigern, ohne dass diese den Arbeitsplatz verlassen #müssen. Gleichzeitig schützen Sie sich gegen Insider-Attacken.
Zur Teilnahme am Webinar, melden Sie sich hier an!
* Quelle: Insider Threat Spotlight Report 2016
The post Insider Threats Management – das müssen Sie wissen! appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
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Breaking Banks: Breaking Down Blockchain; Smart Assets [AUDIO]
This week, #Breaking #Banks hosts Brett King and Chris Skinner continue their five-part series on the #blockchain, this time discussing the way the #technology is being used in non-#fintech areas such as healthtech, biotech, trade, and energy. King and Skinner were joined by quite a few voices this week, including Bailey Reutzel,Read More
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On Tokens and Crowdsales: How Startups Are Using Blockchain to Raise Capital
A look at the ways #startups are utilising #blockchain-based software #tokens, and the various decentralized business models taking shape around them.
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Why Big Bank Blockchain Leads Are Leaving for Startups
#Bank #blockchain #leads are #leaving to build #startups, a trend signalling that opportunities in the private blockchain space remain abundant.
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FinTech DACH News Rückblick der Woche 33
Fintech.Li präsentiert hier wöchentlich die wichtigsten #News rund um #Fintech in der Schweiz, Liechtenstein, Deutschland und Österreich.
Fintech #DACH Top News
Vontobel lanciert neue Fintech-Lösung in Deutschland im Derivate Bereich
Vontobel stellt mit mein-zertifikat.de eine neue Fintech-Plattform vor, auf der Anleger Zertifikate individuell kreieren können. Mehr erfahren
Cookies funktioniert – das Geschäftsmodell fehlt aber noch
Mit etlichen Monaten Verspätung geht die Payment-App Cookies an den Start. Kaum ein FinTech-Start-up wurde in den vergangenen Monaten mehr gehypt als dieses. Mehr erfahren
Bankathon 2016: Der Hackathon für Banken & FinTechs &8211; dieses Mal kommt das Original nach Hamburg
Bankathon in die dritte Runde – und das in der Hansestadt. Erstmals gibt es diesen besonderen Programmierwettbewerb in Deutschland mit dem thematischen Schwerpunkt der Payment Service Directive 2 (PSD2). Mehr erfahren
German fintech startups raised 80% more than British ones in the second quarter
Germany overtook Britain as the fintech funding capital of Europe in the second quarter of the year, with German startups pulling in $ 186 million (£142 million) compared to $ 103 million for British businesses. Mehr erfahren
Insider Threats Management &8211; das müssen Sie wissen
74% der Unternehmen sind nach eigenen Angaben anfällig für Insider Attacken. 42% aller Unternehmen geben jedoch an, nicht ausreichend gegen dagegen geschützt zu sein. Mehr erfahren
Interview mit Johannes Höhener
„Our local fintech scene is an important source of inspiration and innovation for the Swiss financial industry. We support and promote the development of these creative startups”. Mehr erfahren
Die Digitalisierung bietet Banken und Sparkassen ein Milliardenpotential
Digitale Technologien bieten deutschen Retail-Banken ein Milliardenpotenzial meint die Unternehmensberatung Boston Consulting. Wie dieses realisiert werden kann und wo die Aufgabenschwerpunkte liegen, hat mir Dr. Holger Sachse in einem exklusiven Interview erläutert. Mehr erfahren#BITCOIN / #BLOCKCHAIN News
The Wretched, Endless Cycle of Bitcoin Hacks
It seemed bitcoin exchange Bitfinex was doing all the right things. In the end, that didn’t stop hackers from stealing $ 65 million. Mehr erfahren
Plane Maker Airbus Joins Hyperledger Blockchain Project
French airplane manufacturer Airbus has officially joined the Hyperledger Project, the Linux Foundation-led blockchain initiative. Mehr erfahren
Next Bitcoin Software Update Will Be First to Feature SegWit Code
A forthcoming bitcoin software update will be the first to feature code that could be later activated and included as part of an effort to scale transaction capacity on the bitcoin blockchain. Mehr erfahren
Tether Launches ‘Euro-Coin’ Trading on the Bitcoin Blockchain
Just like its USD counterpart, Tether Euros (EURT) bridge fiat currency with the Bitcoin blockchain along with the ability to use for SEPA transfer, debit card payments as well as trading EURT/USDT pairs over OmniDex. Mehr erfahren
Overstock’s New Blockchain President to Accelerate ‘Fight Against Wall Street&8217;
After 14 years working with Overstock.com, the e-commerce giant&8217;s chairman of the board was asked to leave the room during a board meeting last month.. Mehr erfahren
The Bank of England has created its own version of Bitcoin
As recently as this year The Bank of England announced their initiative to create their own #cryptocurrency. They’ve named it RSCoin. Mehr erfahren
Gartner puts Blockchain at the Peak of Inflated Expectations, while Bitcoin slides into the Trough of Disillusionment
Research powerhouse Gartner Inc. recently announced their “Hype Cycle for Emerging Technologies, 2016,” which shows that “Blockchain” is in the Peak of Inflated Expectations phase. Mehr erfahrenÜBERSICHTEN / INFOGRAFIKEN / STUDIEN
Postbank schafft Gratis-Konto für die meisten Kunden ab
Das bedeutet für Millionen Kunden, dass sie künftig erstmals eine Gebühr für die Kontoführung zahlen müssen. Mehr erfahren
&8216;s offener Brief an Cashcloud-Chef Moritz Hunzinger
“Auch wenn wir uns nie persönlich begegnet sind spüre ich eine freundschaftliche Bande zwischen uns. Gleich mehrere Dinge verbinden uns.&8221; Mehr erfahren
Die Schweiz und London sollten jetzt eng kooperieren
Fintech-Guru Eric van der Kleij über den Startup-Platz Schweiz und die Besonderheit des Kickstart-Accelerators. Mehr erfahrenFintech EVENT Hinweis
Zum Abschluss noch Informationen in eigener Sache von Fintech.LI.
Das Programm zur Fintech Konferenz in Liechtenstein finden Sie auf der Homepage.
Fintechnews Leser erhalten einen exclusiven Discount von 20% mit dem Code &8220;fintechnews20&8221;.
The post FinTech DACH News Rückblick der Woche 33 appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
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Blockchain Or No-Chain: Is Blockchain Really the Future Of Fintech?
Former #bitcoin champion Stefan Thomas caused a small stir in the #blockchain world today when he posted an essay entitled “The Subtle Tyranny of Blockchain,” which, as the title suggests, does not reflect favorably on the #technology. “In any protocol, everyone has to act the same. But in a blockchainRead More
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Smart Contracts, Cryptocurrency and Taxes
In a previous article I wrote about Ethereum and a prenuptial smart contract created in #blockchain, I attempted to draw attention to how blockchain transactions could be analyzed under U.S. contract law.
The prenuptial smart contract I used as a test was somewhat whimsical and didn’t address the more practical issues which could face, for example, a small business seeking to minimize financial transaction costs using this platform.
Therefore, I would like to take the legal analysis a step further and apply it to a hypothetical small retail business with modest income and significant transaction fees paid to #banks, merchant services companies, and credit card companies. Small businesses can be early #technology adopters and present a huge market ripe for change. According to the Small Business Administration, there are 28 million small businesses in the United States and account for 40% of all retail sales.
Under this hypothetical scenario, the merchant decided to use a popular online payment system to reduce costs, but soon discovered that fees intended to be avoided were again imposed once the merchant reached a certain sales threshold. In addition, the dreaded credit card processing fees were not eliminated entirely.
In addition to credit card transaction fees, the merchant was faced with various state, local and federal #taxes. The merchant wanted to pay only those taxes for which the merchant was legally obligated and limit the exposure to greater financial management costs.
This is an area where blockchain may prove to be at a great advantage — reducing transaction costs to small and medium sized businesses.
Preliminarily, however, it may be useful to explain a little about the contracting process being proposed by #smart contracts, the substance of which is reproduced here and derived from my previous post:
Virtual contracts are not new. What smart contracts (potentially) offer are streamlined and transparent transactions at a minimal and known cost. This contracting process runs without human intervention based on a sequence of coded events monitored and executed by a virtual distributed transaction-based and encrypted system. Blockchain is often described as an online decentralized ledger of financial transactions, the nature of which is transparent to others on the blockchain. Ethereum is a blockchain platform over which #cryptocurrency can be exchanged as well as smart contracts formed. Blockchain began as a transparent and public peer-to-peer financial ledger using #bitcoincryptocurrencyand is at the beginning stages of transforming how the federal government, small businesses and financial services do business.
Cryptocurrency evolved from the current fiat monetary system and has beencompared to the gold standard. These monetary forms rely on a belief that the currency (in whatever form) has an agreed upon, or market created, value. Similarly, consideration, a necessary legal contract element, relies upon the parties agreeing that the value exchanged (the consideration — whether money or promises) is sufficient for an enforceable contract. For the small business hypothetical, I will use the Ethereum platform and related smart contract formation.
The Ethereum platform uses “ether” cryptocurrency, a competitor to the more familiar bitcoin. The smart contract manages a series of mini transactions (with the colloquial meaning, not the Ethereum definition), each of which build the agreement whole. Along the way, “fees” are paid for each interaction along the blockchain process. The fees pay the “miners” who process each transaction. This activity goes on separately from the over-arching contract’s performance. Fundamentally, there are two things going on — 1) smart contract transactions and 2) the real world contract performance, each are necessary to analyze as enforceable contractual transactions.
Generally, a contract in the U.S. is enforceable if: 1) the parties can legally enter into the contract; 2) there is an offer and acceptance; 3) there is consideration; and 4) the subject matter/form is legal.
When there is a discussion about the legality of smart contracts, it is generally about two things: 1) whether the smart contract is illegal because of its purpose, e.g., a smart contract to commit fraud is illegal, and therefore unenforceable or 2) the blockchain code itself may render the contract illegal. I suggest that each step be analyzed as a separate contract (because consideration is exchanged at every stage in Ethereum) to determine whether each transaction is legally enforceable, e.g., is there offer and acceptance? consideration? legal parties? proper form/legal? All would have to exist for a legally enforceable contract in the U.S.
Thus, there are two legal landscapes over which a my hypothetical merchant must navigate — the umbrella contract itself as well as the individual transactions over the blockchain.
The contractual disputes my hypothetical blockchain merchant may face are familiar — they differ only in format and understanding. If the merchant business and its customers do not read the contracts into which they enter, are they bound? Generally, yes, unless there was fraud, duress or coercion. Should customers and merchants be expected to read code? I think there is great room for improvement here.
When a smart contract is created, there is frequently a document in human readable, ornatural language, form which is supposed to be the basis for the smart contract code. However, some process-related transactions which are required to operate under the software platform may not be included in the contract — for example, what happens if the transaction fails (no currency or no performance) or what happens when either the merchant or the buyer changes an account address after the parties have agreed to the transaction. This may be handled in the blockchain, but the terms may not be reflected in the natural language contract. These could become routine fixes because the problems are common in regular contracts, i.e., if one party breaches, identify the remedies in the contract (select breach remedy options to include in smart contract code); no changes without the parties’ permission (flag when anyone attempts to modify/change code). The mirror image rule would be useful under these circumstances.
For my hypothetical small business, what problems may it face under U.S. regulation and tax laws?
The Wall Street Journal has been very busy publishing articles on bitcoin. On July 19, 2016, it posted an article about whether nations should issue bitcoin. On June 24, 2016, it published an article about how bitcoin may be taxed. In my opinion, working through the kinks now will help shape policies and regulation later.
The WSJ tax-related article identified issues which may be faced by virtual currency owners and investors. The author referred to a letter sent to the IRS by an accountants’ advocacy group, the American Institute of CPAs. Specifically, the author asked whether virtual currency owners and investors would face capital gains tax penalties each time virtual currency is sold. In 2014, the IRS’s answer was yes, if the virtual currency wasbeing held as an investment asset. If it is used as a substitute for currency, i.e., barter or trade, then anyone using the virtual currency would face the same tax liability as that related to earning regular income, regardless of the form in which the barter appears.
Here is the IRS position copied from Notice 2014–21 under FAQs:
“Q-7: What type of gain or loss does a taxpayer realize on the sale or exchange of virtual currency?
A-7: The character of the gain or loss generally depends on whether the virtual currency is a capital asset in the hands of the taxpayer. A taxpayer generally realizes capital gain or loss on the sale or exchange of virtual currency that is a capital asset in the hands of the taxpayer. For example, stocks, bonds, and other investment property are generally capital assets. A taxpayer generally realizes ordinary gain or loss on the sale or exchange of virtual currency that is not a capital asset in the hands of the taxpayer. Inventory and other property held mainly for sale to customers in a trade or business are examples of property that is not a capital asset. See Publication 544 for more information about capital assets and the character of gain or loss.”
In the U.S., taxpayers who trade services for goods, or goods for goods, are required to report the income value of the services or goods received. The letter referred to in the June 24 WSJ article asked for additional guidance from the IRS with regard to tax reporting in order to assist their members. However, for purposes of the hypothetical small business, it may be sufficient to consider that if cryptocurrency is being traded for goods or services, the tax laws would be applied in the same way as regular income, and not subject to capital gains tax penalties.
So it appears that like most U.S. taxable events, the local/regional/state/country tax laws apply. As a point of reference, these issues have been addressed similarly for online transactions.
Absent startling revelations about smart contracts or cryptocurrency, these tax obligations should be familiar to small business owners. If not, small business owners should familiarize themselves with the relevant tax laws or secure professional tax advice before accepting/trading cryptocurrency.
As for the smart contracts, careful design, planning, and predictable dispute resolution remedies will assist in promoting smart contracts as a viable business tool for small and medium-sized businesses.
[This article was posted previously on Medium on 7/26/16.]
Cynthia M. Gayton is an attorney, educator and speaker. She has advised small and medium sized software development companies as well as arts and entertainment businesses and individuals. She has an undergraduate degree in international affairs with a concentration in science and technology as well as a J.D. Nothing in this article is purported to be legal advice. You can contact the author via email at [email protected].
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10 Disruptive Innovations
Smart Box, Big Data, robotics and contextual commerce are some of the newest concepts that could potentially disrupt the marketplace, according to a new report by Citi.
In a paper titled ‘#Disruptive #Innovations IV,’ Citi&8217;s global research team analyzes ten disruptive innovations that are likely to impact our lives.Big Data disruption: Big Data, software, and analytics are creating “seismic shifts” in the multiple sectors. The transformation will affect the entire value-chain and should make current business models in many sectors become obsolete. Greater automation and optimization through data and advanced analytics on software platforms should raise market efficiency.
Contextual Commerce: Contextual Commerce, the concept of &8220;giving a consumer what they want when they want it without requiring the consumer to take the initiative or expend much effort in any way,&8221; is changing the nature of e-commerce by introducing content and intent to the online experience. The paradigm shift in Contextual Commerce is that the merchant is brought to the consumer by integrating the merchant&8217;s offerings with the consumer&8217;s preferred platform of choice.
Direct-to-consumer marketplace: Direct-to-consumer marketplaces allow consumers to buy directly from manufacturers rather than via a wholesaler or retailer. These platforms use specific #technology, which helps them to link up the available inventory of many manufacturers without the need to directly own or control the product.
Epigenetics: Epigenetics is the study of heritable changes in gene expression. Epigenetic breakthroughs are creating a tool box of powerful drugs to treat cancer and many other potential indications. Importantly, epigenetic drugs, which can switch genes on and off, may materially increase the percentage of patients likely to experience profound increases in survival in response to immunotherapy.
The future look of devices: Consumer devices will be reshaped &8220;as thin and flexible as a piece of paper&8221; by 2021, thanks to augmented reality and &8220;mixed reality.&8221; Future devices will eventually become &8220;invisible&8221; – using regular glasses or contact lenses as projectors to enable augmented reality. With 5G connections, storage and computing power can be stored on a cloud, thus saving components and enabling further power saving.
The smart box: Consumer media devices could be the focal point of the &8220;connected home,&8221; integrating a variety of services and connectivity into one location. Citi estimates that the market opportunity for the connected home in the UK could be as much as £86 billion.
Next-gen ocular delivery: New delivery methods will increase the ease and effectiveness of drug delivery for the growing number of people with ocular disease. The shift to sustained drug delivery in ocular medicine will have a significant impact on traditional therapeutic markets in ophthalmology.
Open source robotics: The surge of robot demand outside the factory, and the much wider variety of uses however has led to another development – the use of open source software to control robots. Open source robotic allows to share development costs and helps accelerate robot penetration by lowering customer adoption costs.
Thermoplastic subsea pipes: Switching from traditional steel pipes to new thermoplastic pipes decreases subsea costs by 30-40% and total deepwater costs by 10%.
Wide bandgap semiconductors: Wide bandgap semiconductors have shown the capability to meet the higher performance demands yet enable design of modules that are smaller, faster, and more reliable than their silicon-based counterparts.
The importance of innovation clusters
Regional innovation clusters such as Silicon Valley, Boston, London and Stockholm, have a key role to play in fostering the &8216;next&8217; economy. Silicon Valley is undeniably the most famous innovation cluster in the world, accounting for 52% of California&8217;s patent registrations in 2013, attracting highly skilled people (47% of residents have a professional degree compared with 29% in the US itself) and creating over 57,000 new jobs between 2013 and 2014.
Some regions around the world are becoming particularly important for innovation in specific sectors.
In the realm of #fintech, California, the UK and New York are the three largest markets for fintech startups.
The UK, in particular London, has produced some of the largest and most successful fintech companies. These include fintech unicorns Transferwise and Funding Circle.
London has become a hub for fintech for a number of reasons: its highly skilled workforce and entrepreneurial talent pool, its strong tech cluster, and its proximity to one of the most competitive financial centers in the world.
The fintech industry is employing over 61,000 people in the UK. The country also has the highest number of incubators and accelerators for the fintech sector.
Featured image: Energy-saving lamp by Photobank gallery, via Shutterstock.
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