The launch of PWC Vulcan digital asset services, allow banks to reposition bitcoin

The launch of PWC Vulcan digital asset services, allow banks to reposition bitcoin

Digital currency has caused people to discuss the blockchain, but with the increase of people interested in distributed books, digital currency heat has been runner block chain, it is an open secret.

Vulcan is a digital asset service by Bloq, Libra, Netki and PWC (PwC) jointly established a platform, aims to enable PwC customers to launch digital assets, these digital assets will have interoperability, and can be associated with bitcoin and many other competition in currency trading.

In the interview, director Vulcan and PwC Australia blockchain leader Robert? Alan (RobertAllen) explained that the project aims to make bitcoin more easily into large institutions.

Allen told Coindesk:

Our starting point is a digital currency, “how do we get bit associated currency and bank?” We will soon see the encrypted currency (bitcoin) in identity, compliance and regulatory reporting in fact has a wide range of applications.”

Allen explained that retailers can use Vulcan to issue their own reward points, these points can be traded with bitcoin or other digital assets.

The PwC platform and will be responsible for supporting infrastructure, enabling customers to create a wallet, payment processing, may soon launch merchant services.

In this regard, Allen PwC said the effort is to allow customers to meet compliance needs while also using the block chain ecosystem of open source, but in a digital currency network only after the participants authorized to run the way.

PwC before the financial supervisor currently serving in the Libra JeremyDrane Vulcan is a huge step block chain and digital currency ecosystem today ‘s division of unity.

He told Coindesk:

“This technology stack eliminates a controversy because of technical limitations and the existing regulatory system leads to bank customers are not allowed to sale and use bitcoin and other types of encryption currency.”

Through the promotion of PwC, Australia’s Allen Vulcan said, not just the “global network” of the company’s feedback type products, may become a subscription service in the future.

Decrypt Vulcan

So what is the digital asset service?

According to Bloq co-founder MattRoszak, this new product is completely different from the so-called “blockchain startups” providing products, because the Vulcan user can create a new block chain, and then connect it with another public chain (bitcoin).

However, Roszak said, Vulcan is the best known as “the implementation of the platform (enablementplatform)”, it provides businesses with “plug and play” way to launch a digital currency (not their own independent block chain). This may not be what surprising, because the Vulcan is created by Bloq, the start-up companies seek help enterprises feel more confident when using bitcoin blockchain.

Allen said, Bloq has created a tool for customers, to launch a “multi asset block chain ‘, so that the user can issue digital assets, including Netki and Libra provided by the identity of the service and compliance services.

Roszak said, Vulcan is currently working with a central bank to discuss the use of this service, the platform has a key advantage is that Vulcan includes many dollars or pounds needed for use in foreign function.

He also said:

“We do not think this currency and encryption principle of relative legislation, but the encryption currency bring a broader user base. We have a professional service, have the ability to make regulatory agencies, enterprises and even more people to understand the digital currency.”

Understand the resistance

According to Allen, Vulcan represents PwC in this field for more than two years of efforts.

But today, although in accordance with industry standards, the results of this unusual, Allen said he believed PwC through the creative use of their services and existing brand awareness has solved the real obstacle.

For example, Allen said, PwC has been made in Australia, he asserted that his companies and regulators for positive dialogue, has successfully eliminated the consumer protection and compliance concerns.

However, the Allen report said, regulators are still widely used to understand the blockchain, before also need more progress in the service.

“There is need a lot of education, some customers in many aspects of encryption currency and resentment, broadly, this will hinder the adoption of digital currency. We use the relationship with these customers to try to understand where there is resistance, then use our hands to overcome the resistance of resources.”

In Allen’s words, he bitcoin is full of words of praise, showing that bitcoin digital currency can bring huge effect “and” for the enterprise to provide a feasible model to launch similar network.

Allen said:

“Digital currency, bitcoin is simply a single large.”

The future development

Despite this progress can bring more enterprises owned chain, but the project is currently in the first stage.

Allen said that the platform is still as a proof of concept to operation, and will be publicly displayed in this week’s Singapore Financial Technology festival.

Allen said:

“We are using this activity as a springboard to tell the world we are doing.”

He looked forward to the publication of the Vulcan can help to improve the attractiveness of more company to this platform, with various projects gradually mature, will be published next year may be more progress.

He finally said:

“We have a strong and powerful organization, see the advantages of the work we are doing, we are looking forward to quickly enter the proof of concept.”

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