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Cryptocurrency Wrapped Bitcoin Up More Than 6% In 24 hours – Benzinga – Benzinga

Over the past 24 hours, Wrapped Bitcoin's WBTC/USD price has risen 6.43% to $23,381.00. This continues its positive trend over the past week where it has experienced a 17.0% gain, moving from $19,861.82 to its current price. As it stands right now, the coin's all-time high is $70,643.00.

The chart below compares the price movement and volatility for Wrapped Bitcoin over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has risen 115.0% over the past week diverging from the circulating supply of the coin, which has decreased 4.71%. This brings the circulating supply to 237.73 thousand, which makes up an estimated 100.0% of its max supply of 237.73 thousand. According to our data, the current market cap ranking for WBTC is #18 at $5.54 billion.

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Why cryptocurrency ether’s price has rallied 50% in 7 days, outperforming Bitcoin | Mint – Mint

Cryptocurrency ether has rallied more than 50% in the last seven days and currently hovering at $1,558 level, as per CoinGecko, outperforming the world's top and most popular token Bitcoin that is up about 20% in a week.

Ether, the second largest cryptocurrency and the coin lined to the ethereum blockchain, is extending a rally that began last week after developers of the Ethereum blockchain gave a target for the long-anticipated software update that is projected to lower the networks energy usage.

Ethereum has soared more than 45% over the past week, outperforming the market. There might be many reasons for the surge, but one of the prominent reasons could be the Merge. The market's overall momentum appears to be bullish as investors' sentiment continues to rise," said Edul Patel, CEO and co-founder of global crypto investing platform Mudrex.

Last week, Ethereum Foundation member Tim Beiko suggested September 19 as the provisional launch date for the Merge. The Merge represents the joining of the existing execution layer of Ethereum (the Mainnet we use today) with its new proof-of-stake consensus layer, the Beacon Chain. It eliminates the need for energy-intensive mining and instead secures the network using staked ETH.

Soon, the current Ethereum Mainnet will merge with the Beacon Chain proof-of-stake system. This will mark the end of proof-of-work for Ethereum, and the full transition to proof-of-stake. This sets the stage for future scaling upgrades including sharding. The Merge will reduce Ethereum's energy consumption by around 99.95%, it claims in its website.

Ethereum is a blockchain-based software platform that can be used for sending and receiving value globally with its native cryptocurrency, ether. First proposed in 2013 by Russian-Canadian computer programmer Vitalik Buterin, Ethereum was designed to expand the utility of cryptocurrencies by allowing developers to create Ethereum-based applications, called decentralized applications, or dapps.

Ether, which is the second largest cryptocurrency, has declined over 58% in 2022 (YTD) so far, and is trading far away from its all-time record high of $4,878 it had hit in November last year.

The rally in cryptocurrency prices continued today, which took Bitcoin out of a one-month-old trading range and ignited big jumps in smaller tokens commonly referred to as altcoins.

(With inputs from agencies)

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Cryptocurrency LEO Token’s Price Increased More Than 3% Within 24 hours – Benzinga – Benzinga

LEO Token's LEO/USD price has increased 3.44% over the past 24 hours to $5.38, which is in the opposite direction of its trend over the past week, where it has experienced a 1.0% loss, moving from $5.42 to its current price. As it stands right now, the coin's all-time high is $8.14.

The chart below compares the price movement and volatility for LEO Token over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has climbed 7.0% over the past week, moving opposite, directionally, with the overall circulating supply of the coin, which has decreased 0.22%. This brings the circulating supply to 934.80 million. According to our data, the current market cap ranking for LEO is #19 at $5.02 billion.

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Cryptocurrency and geopolitics EJINSIGHT – ejinsight.com – EJ Insight

Over the past few months, Ive had the pleasure of giving a few talks and addresses on the intersection of cryptocurrency and geopolitics at Oxford, in Hong Kong (over zoom), and other platforms. As someone working on a start-up that straddles Web 3.0, geopolitics, and civic engagement, I am in equal parts fascinated by, as well as wary of the over-hype surrounding crypto. So heres a piece that, hopefully, will clarify and set out some of the core issues undergirding the sphere today. Cryptocurrency is an intriguing and potent tool that can transform social spaces and lived realities yet it must be harnessed with care, even where regulation is not, in fact, possible.

The most obvious intersection pertains to cryptocurrency as a purported alternative to conventional currencies as units of exchange and stores of value. This has been brought to a particular light and salience given the sanctions and counter-sanctions surrounding Russias invasion of Ukraine. Many a commentator has touted the prospects for crypto to be the substitute for Russia and a means for the country to evade sanctions I am more skeptical. The (in)stability of crypto, paired with the difficulty of setting up clear state, centralised institutions that could engage in the level of intensive farming and transactions that private crypto entrepreneurs and miners can, as well as the innate drive towards anonymisation and evasion of regulation embedded within crypto, are all reasons why we should not anticipate Putin turning anytime soon to Ethereum or Bitcoin as a primary means of circumventing sanctions. Given the availability of CIPS amongst other alternative clearing systems Russia has better options to turn to, even whilst it presses on with its acts of atrocities and bellicose attacks in Ukraine. More broadly speaking, cryptocurrency can potentially serve as a reserve currency for trading but doing so, and rendering it such (under IMF rules, for instance) would likely negate the anonymity feature of it, thereby eliminating the crypto from the cryptocurrency. Note, digital currency issued by central banks of countries cannot be equated with cryptocurrency the former is registered, tracked, and monitored by a unitary central authority; the latter, by definition and stipulation (see Satoshis words on it), is not.

So perhaps an alternative means in which crypto comes in handy, is as a source of revenue. El Salvador went all-in on crypto as a way of boosting its coffers. Unfortunately, the gambit has since gone awry, with the recent rout and crash in the market. In my opinion, the cratering of the market is likely transitory, and has importantly compelled many previously involved in trading the currency to rethink their positioning and stance on the matter. Yet, such cratering has also wrought devastating havoc upon the national economy. On this front, Chinas no-nonsense, no-frills, zero-tolerance approach may well prove to be a stabilising force grounded in empirical foresight. Crypto could make individuals rich, but as with all semi-risky investments at large investors would be better-off not placing all of their eggs in one singular basket. The consequences of doing so would be dire, and dire outcomes should be avoided (it goes without saying youd think but then again, many tend to fall for the Gamblers Fallacy, so its imperative that I say it here again!).

Finally, crypto poses innate security risks as it becomes the preferred unit of trading between criminal elements. Now, I am by no means suggesting that crypto trade is inherently pegged to criminality that would be anachronistic balderdash. What I am suggesting here, however, is the high level of compartmentalisation and segmentation in most cryptos, paired with the innate resistance of exchanges to regulatory pressures, have rendered such currency a helpful conduit for those seeking to engage in stealthy and potentially illegal activities. Regulating crypto without destroying it altogether is a fine and delicate act that behooves careful rethinking on part of prospective regulators. More on this later.

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Introducing The Cryptoverse: The First All in One Cryptocurrency Solutions Company in the UAE – StreetInsider.com

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Dubai, United Arab Emirates--(Newsfile Corp. - July 20, 2022) - The Cryptoverse aims to accelerate cryptocurrency adoption by providing all kinds of cryptocurrency services to individuals, communities, and businesses in the UAE.

With the mission to help accelerate cryptocurrency adoption,The Cryptoverseis the first All-in-One cryptocurrency solutions company in the UAE. The core vision of the company is to offer services to assist individuals, communities, and organisations to accept & adopt crypto in Dubai and the UAE.

Crypto-verse

To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/8814/131249_ae15fb98245e2bb0_001full.jpg.

With an extensive background in the industry and an eye on the future, The Cryptoverse is specialised in many services such as OTC services, Real Estate via Crypto, Marketing, NFTs and more. Prospective clients can choose to get consultations from a range of services allowing them to pick the service that suits their needs. The company consists of a diverse team of cryptocurrency experts that aim to make advancements and support the inevitable adoption of cryptocurrency.

Being one of the companies that buy and sell USDT in Dubai, they have since partnered with trusted cryptocurrency exchanges like Binance to provide P2P exchange services to customers. Interested clients can also visit The Cryptoverse in their office in Dubai for a further personalised service.

Cryptocurrencies have been a topic of significant interest in the business world. The Cryptoverse, through their service, helps businesses accept cryptocurrency as a payment method, as well as train and educate staff on how to operate a fully verified corporate wallet on the blockchain. The dedicated team also helps businesses exchange all cryptocurrency received to fiat.

Besides, the company also provides crypto marketing services in Dubai to new, innovative and authentic cryptocurrency projects. The main advantage of Cryptoverse when it comes to marketing is a collection of the right audience in one place. Serving the Cryptocurrency space for years in the UAE, the company has a large network of clients, investors, and business owners that are always looking forward to new projects, products and services that would improve businesses and the cryptocurrency space.

"Customers looking to buy real estate with cryptocurrency can begin a free consultation with experts in Dubai's Real Estate," said Zaid Al Nasseri, the COO of the company. "The Cryptoverse team will then present properties that suit the customer's requirement. Once the customer has chosen the property of their liking, The Cryptoverse will help take care of all the paperwork and legal documentation. The payment will then be completed through cryptocurrency."

Customers looking to learn more about what The Cryptoverse team can offer can get in touch with them through their website.

Watch the insights of The Cryptoverse here: https://www.youtube.com/watch?v=e5wnVUuer0o

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About The Cryptoverse

The Cryptoverse is on a mission to help accelerate cryptocurrency adoption. The company consists of a diverse team of curious and ambitious individuals that undoubtedly believe that crypto is the future. With years of experience in the crypto space, they pride themselves in being the first All in One cryptocurrency solutions company in the UAE, providing the best services with knowledge and competence.

https://www.google.com/maps/place/The+Cryptoverse/@25.102935,55.176432,16z/data=!4m5!3m4!1s0x0:0x59a7680c8be1af23!8m2!3d25.1029345!4d55.1764319?hl=en.

Social links:

Instagram | LinkedIn | Youtube | TikTok | Twitter

Contact Info:

Name: The CryptoverseEmail: [emailprotected]Organization: The CryptoverseAddress: 208 Al Ameri Tower, Barsha Heights, Dubai, UAEPhone: +971529766077Website: https://www.thecryptoverse.ae/

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/131249

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Cryptocurrency BNB’s Price Increased More Than 5% Within 24 hours – Benzinga – Benzinga

Over the past 24 hours, BNB's BNB/USD price has risen 5.82% to $273.07. This continues its positive trend over the past week where it has experienced a 18.0% gain, moving from $227.31 to its current price. As it stands right now, the coin's all-time high is $686.31.

The chart below compares the price movement and volatility for BNB over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

BNB's trading volume has climbed 65.0% over the past week, moving in tandem, directionally, with the overall circulating supply of the coin, which has increased 0.06%. This brings the circulating supply to 163.28 million, which makes up an estimated 98.89% of its max supply of 165.12 million. According to our data, the current market cap ranking for BNB is #5 at $44.10 billion.

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Cryptocurrency Bitcoin Cash Up More Than 5% In 24 hours – Benzinga – Benzinga

Over the past 24 hours, Bitcoin Cash's BCH/USD price rose 5.28% to $123.87. This continues its positive trend over the past week where it has experienced a 24.0% gain, moving from $100.28 to its current price. As it stands right now, the coin's all-time high is $3,785.82.

The chart below compares the price movement and volatility for Bitcoin Cash over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has risen 37.0% over the past week diverging from the circulating supply of the coin, which has decreased 0.0%. This brings the circulating supply to 19.12 million, which makes up an estimated 91.06% of its max supply of 21.00 million. According to our data, the current market cap ranking for BCH is #32 at $2.36 billion.

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Quantum Computing Use Cases: How Viable Is It, Really? – thenewstack.io

Use cases for quantum computing are still at an experimental stage, but were getting closer to meaningful commercialization of the technology. In a new research report, IonQ and GE Research (General Electrics innovation division) announced encouraging results for the use of quantum computing in risk management which potentially has wide applicability in industries like finance, manufacturing, and supply chain management.

I interviewed Sonika Johri, Lead Quantum Applications Research Scientist at IonQ, and Annarita Giani, Complex System Scientist at GE Research, to learn more about the current use cases for quantum computing.

In a blog post about the research, IonQ stated that we trained quantum circuits with real-world data on historical data indexes in order to predict future performance. This was done using hybrid quantum computing, in which some components of a problem are handled by a quantum computer while others are done by a classical computer. The results indicated that in some cases the hybrid quantum predictions outperformed classical computing workloads.

you need to model probability distributions and model complex correlations. And both of these things are things that quantum computers do really well.

Sonika Johri, IonQ

Johri explained that the analysis was done on stock market indices, on which they set out to model the correlations between them in order to make better predictions.

In order to solve a problem like this, she continued, basically, you need to model probability distributions and model complex correlations. And both of these things are things that quantum computers do really well.

When you measure quantum states, theyre just probability distributions, she said, and quantum entanglement is what allows you to generate or have access to complex correlations.

Giani, from the conglomerate General Electric, added that its not just about the stock market, when it comes to potential applications for these research findings. Its much more than that, she said. Imagine supply chain optimization. Imagine if you build an engine, how many suppliers have to come together. What is the risk of each supplier? Or indeed, measuring the risk of failure for each machine, or machine part, from a supplier.

I asked how the hybrid model worked for the stock market calculations which parts of the software program were quantum and which classical?

How it works is that you set up whats called an optimization loop, Johri replied. You use a quantum computer to calculate the value of some function, which is very hard for a classical computer to calculate [] and then you use the classical computer to run an optimizer that sends parameters to the quantum computer for the function its supposed to calculate, and then the quantum computer sends an answer back to the classical computer. This process is repeated on other values, hence the term optimization loop.

Essentially, the classical computer is outsourcing the hardest part of the calculation to the quantum computer, said Johri.

Both Johri and Giani think that quantum computing will remain a hybrid solution for some time to come.

Quantum computers are not good for doing one plus one, but theyre really good at sampling from probability distributions, is how Johri put it.

IBM and others in the industry have cited 1,000 qubits as the level at which quantum approaches can surpass classical computing (the so-called quantum advantage). So I asked Johri and Giani how long before the type of risk management calculations demonstrated in their research are available to commercial companies, like for instance GE?

We are looking at the industrial advantage [] what is it that could push our processes the way we build things, the way we maintain things.

Annarita Giani, GE Research

From the industrial point of view, said Giani, we are not looking at quantum advantage. We are looking at the industrial advantage, right. So what is it that could push our processes the way we build things, the way we maintain things. So at this point, we are very focused on use cases.

Giani added that doing research like this helps GE prepare for a time when quantum computing software and hardware is ready for commercialization. At that point, she said, GE will be ready to put it into production and scale solutions such as the risk management algorithms tested in this research.

On the hardware side, Johri thinks they will need to get to about 50 high fidelity qubits before the solution is competitive with classical computing approaches. As of February this year, IonQ had achieved 20 algorithmic qubits (#AQ), so she said there is still a lot of work to do.

But wait, IBM already has a 127-qubit quantum processor well above the 50 qubits Johri mentioned. I asked her how IBMs measurement compares to IonQs AQ?

Generally, not all qubits are made equal, and simply counting qubits does not give one the whole story regarding qubit quality or utility, she replied. There are many ways to compare the value of a systems qubits, but the best all start with running real algorithms on the system in question, because thats the thing we actually care about. She referred readers to this article on the IonQ blog for a more technical explanation.

Its also worth noting that IonQ has a different way of generating qubits than IBM. Whereas IBM uses superconducting, IonQ uses ions trapped in electric fields.

I asked Giani what other use cases GE is looking into for quantum computing?

We are interested in optimization as a big use case that touches all of our businesses, she replied. It can go from optimizing how a machine works, to optimizing a schedule inside the machine shop or global maintenance operations. Chemistry is another set of many different applications. New materials, for example energy storage for PV solar panels. And one particular domain, that touches many applications, that Im personally interested in we are pushing it inside GE is the fight [against] climate change.

We are interested in optimization as a big use case that touches all of our businesses.

Annarita Giani, GE Research

As an example of how quantum computing could help fight climate change, Giani mentioned forecasting. If we could forecast the climate, she said, given all the possible parameters, that will be a great advantage to help make a decision. Forecasting the supply of wind, solar and hydro resources will become more important for ensuring a stabilized grid, as more renewable resources are brought online.

Giani later forwarded me two research articles (1, 2) about climate change and quantum computing, and mentioned an upcoming workshop at IEEE Quantum Week in September on the topic (for any readers who would like to investigate further).

So how will companies in the near future access quantum computing? Johri expects it will be done via cloud computing platforms much like many of todays classical computing applications. IonQ will be providing the hardware for some of those platforms; as of today, IonQs machines are accessible via Microsoft Azure Quantum, Google Cloud and Amazon Braket.

In the next couple of years, or five years, well see the emergence of higher level quantum programming abstraction software.

Sonika Johri, IonQ

Finally, I asked the pair how easy it is for software developers to get into quantum computing?

Giani replied that GE Research did have quantum physicists on staff when it first began to explore quantum computing four or five years ago. However, she said that nowadays more software developers are getting involved.

If you are a software engineer with a great level of curiosity [and] an open mind, I think its possible, she said. You dont need to be a quantum physicist.

Johris outlook is a bit more cautious.

Programming quantum computers, its at a level thats even lower than machine code right now, she said. However, she does expect this to improve. In the next couple of years, or five years, well see the emergence of higher-level quantum programming abstraction software.

IonQ itself is focused on the hardware side, but Johri says that any quantum software that has any traction at all is integrated with IonQ systems, and is being used.

So there you have it, use cases like risk management and even climate change forecasting are starting to become viable for quantum computers. However, itll take several more years at least for this to be commercialized by GE and others.

Feature image via Shutterstock.

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Old computer technology points the way to future of quantum computing – Alberta Prime Times

VANCOUVER Researchers have made a breakthrough in quantum technology development that has the potential to leave todays supercomputers in the dust, opening the door to advances in fields including medicine, chemistry, cybersecurity and others that have been out of reach.

In a study published in the journal Nature on Wednesday, researchers from Simon Fraser University in British Columbia said they found a way to create quantum computing processors in silicon chips.

Principal investigator Stephanie Simmons said they illuminated tiny imperfections on the silicon chips with intense beams of light. The defects in the silicon chips act as a carrier of information, she said. While the rest of the chip transmits the light, the tiny defect reflects it back and turns into a messenger, she said.

There are many naturally occurring imperfections in silicon. Some of these imperfections can act as quantum bits, or qubits. Scientists call those kinds of imperfections spin qubits. Past research has shown that silicon can produce some of the most stable and long-lived qubits in the industry.

"These results unlock immediate opportunities to construct silicon-integrated, telecommunications-band quantum information networks," said the study.

Simmons, who is the university's Canada Research Chair in silicon quantum technologies, said the main challenge with quantum computing was being able to send information to and from qubits.

"People have worked with spin qubits, or defects, in silicon before," Simmons said. "And people have worked with photon qubits in silicon before. But nobody's brought them together like this."

Lead author Daniel Higginbottom called the breakthrough "immediately promising" because researchers achieved what was considered impossible by combining two known but parallel fields.

Silicon defects were extensively studied from the 1970s through the '90s while quantum physics has been researched for decades, said Higginbottom, who is a post-doctoral fellow at the university's physics department.

"For the longest time people didn't see any potential for optical technology in silicon defects. But we've really pioneered revisiting these and have found something with applications in quantum technology that's certainly remarkable."

Although in an embryonic stage, Simmons said quantum computing is the rock 'n' roll future of computers that can solve anything from simple algebra problems to complex pharmaceutical equations or formulas that unlock deep mysteries of space.

"We're going to be limited by our imaginations at this stage. What's really going to take off is really far outside our predictive capabilities as humans."

The advantage of using silicon chips is that they are widely available, understood and have a giant manufacturing base, she said.

"We can really get it working and we should be able to move more quickly and hopefully bring that capability mainstream much faster."

Some physicists predict quantum computers will become mainstream in about two decades, although Simmons said she thinks it will be much sooner.

In the 1950s, people thought the technology behind transistors was mainly going to be used for hearing aids, she said. No one then predicted that the physics behind a transistor could be applied to Facebook or Google, she added.

"So, we'll have to see how quantum technology plays out over decades in terms of what applications really do resonate with the public," she said. "But there is going to be a lot because people are creative, and these are fundamentally very powerful tools that we're unlocking."

This report by The Canadian Press was first published July 14, 2022.

Hina Alam, The Canadian Press

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Beyond The Cloud – Global Finance

The Cloud has become a must for traditional financial institutions, who are increasingly viewing it a key tool for innovating and achieving business goals.

While legacy core banking systems once provided the backbone on which the worlds financial infrastructure is built , the processing demands of digitalization and heightened customer expectations require more agility, so banks are turning to cloud-native technologies to provide next-generation customer experience, whilst enjoying lower cost, easy maintenance, flexibility, speed of deployment and security.

At 33%, Amazon Web Services (AWS) has the largest share of the cloud market and is, according to a 2017 report by the World Economic Forum, forming the backbone of the financial services ecosystem. From capital markets and insurance organizations to global investment banks, payments, retail, corporate banks, fintech and startups, AWS helps customers to unlock a wide variety of benefits enabling them to scale business models and transform product offerings.

Rowan Taylor, head of Financial Services Industry Business Development, EMEA, Amazon Web Services says financial services institutions are using AWS to optimize all aspects of their businessfrom customer-service delivery models to risk managementin order to build a foundation for long-term growth, and product differentiation.

AWS does this by helping customers to modernize and transform their organizations through access to technologies like compute, storage, and databases, through to machine learning (ML) and artificial intelligence (AI), application programme interfaces (APIs), microservices, data lakes, Internet of Things (IoT), and fully-managed data management and analytics services like Amazon FinSpacepurpose-built for the financial services industry to facilitate the storage, cataloguing, and preparation of financial industry data at scale, states Taylor. This makes it faster, easier, and more cost effective for customers to move their applications to the cloud, to accelerate innovation, and build nearly anything imaginable to transform their businesses.

Enhancing Cloud Security

Concerns over security, data residency, and privacy left financial institutions behind other sectors in moving to the cloud. A survey of 100 global banks by Accenture in 2021 found that just 8% of workloads run in the cloud. This figure is expected to double within two years, however, as banks weigh speed of execution against security and resiliency.

To assuage such fears, cloud service providers (CSPs) have invested heavily in best-in-class security, privacy, and compliance to meet the very strict levels required by financial institutions. AWS is architected to be the most flexible and secure cloud computing environment available today, Taylor says. Our core infrastructure is built to satisfy the security requirements for the military, global banks, and other high-sensitivity organizations.

To fine tune its financial services offering, AWS has poached talent from banks. Prestigious banking hires include former JPMorgan executive director in trade surveillance John Kain, now leading AWS Worldwide Business & Market Development for Banking and Capital Markets. A bevy of hires from Goldman Sachs include machine-learning wizard Roger Li Zheng, Jeff Savio, softward engineer Ishan Guru; Ranjeet Dayama, a former vice president of data engineering at Marcus [Goldman's digital consumer bank] and principal solutions architect John Butler.

AWS is not alone in viewing banks as fertile recruitment grounds: Microsoft VP of Worldwide Financial Services Bill Borden joined from Bank of America Merrill Lynch, while Howard Boville, senior VP of IBM Hybrid Cloud, was Bank of Americas former CTO.

Advanced Analytics

Last November, AWS and Goldman Sachs announced the launch of the Goldman Sachs Financial Cloud for Data. This new suite of cloud-based data and analytics solutions for financial institutions redefines how customers can discover, organize, and analyze data in the cloud, allowing them to gain rapid insights and drive more informed investment decisions, Taylor says, explaining that the collaboration with Goldman Sachs reduces the need for investment firms to develop and maintain foundational data-integration technology and lowers the barriers to entry for accessing advanced quantitative analytics across global markets. This means Goldman Sachs institutional clients will be able to accelerate time to market for financial applications, optimize their resources to focus on portfolio returns, and innovate faster.

To help financial institutions and other data-heavy clients achieve performance gains and cost savings AWS launched Graviton3 processors in December 2021. These provide up to 25% better compute performance compared to the previous generation and use 60% less power for the same performance than comparable Amazon Elastic Compute Cloud (Amazon EC2) instances, the company says. This means it is more energy and cost efficient to operate cloud services, which can help customers to be more sustainable, explains Taylor.

Looking ahead, Taylor believes open banking has the potential to transform the competitive landscape and consumer experience of the banking industry by providing third-party financial services providers with open access to consumer banking, transaction, and other financial data from banks and non-bank financial institutions using APIs. Open banking is slowly becoming a major source of innovation allowing financial services customers to build unified APIs across multiple microservices that can interact with third parties faster.

Similarly, AWS expects open banking to have an impact on corporate banking because it integrates transactional services into the Enterprise Resource Planning (ERP) systems. Treasurers can make executing transactions out of the ERP system easier, reducing the complexity of linking and exchanging data between siloed systems, Taylor says.

He predicts more financial organizations to leverage their data and use ML and AI to optimize nearly every aspect of the financial value chain, from front-of-house customer service to back-of-house processes like risk and fraud mitigation.

For example, NuData Security, a Mastercard company, leverages billions of anonymous data points and ML to identify and block account takeover attacks. NuData helps customers fight fraud and protect consumers online, and uses the ML services to improve detection of fraudulent attacks, and AWS servers to provide real-time device intelligence.

In March 2022 NatWest Group said it was seeking to leverage machine learning to become a data-driven bank. By working with AWS and applying our ML and data analytics services, NatWest Group will have the ability to derive new insights, Taylor says.

For financial institutions of all sizes, the cloud has gone way beyond commodity IT and cost savings. It now provides transformational tools to modernize quickly and stay abreast of the innovations brought by challenger banks.

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