Latest Cryptocurrency Cybertheft Could Shake Faith in Bitcoin

Hong Kong exchange Bitfinex was hacked and funds were stolen, marking a setback for digital currency Bitcoin. Bitfinex director of community and product development Zane Tackett posted on Reddit that 119,756 Bitcoins had been stolen. “Before the hacking was made public, that number of Bitcoins would have been worth about $72 million,” explains The New York Times. “Now that the currency has slumped, the figure is closer to $65 million.” During its investigation, Bitfinex has stopped all trading, deposits and withdrawals. The security breach is the latest in a series of events that could impact the viability of virtual currency. Continue reading Latest Cryptocurrency Cybertheft Could Shake Faith in Bitcoin

IBM to Debut Blockchain for Financial Unit Dispute Resolution

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

The Wait Is Over: Verizon Will Acquire Yahoo for $4.83 Billion

Verizon announced it would acquire Yahoo’s core operating business in a $4.83 billion cash deal expected to close in the first quarter of next year. Yahoo will join Verizon’s growing stable of digital properties, including AOL, which it purchased last May for $4.4 billion. The deal should help Verizon ramp up its mobile efforts and combine AOL’s ad tech with Yahoo’s online sites and services. AOL chief Tim Armstrong and Verizon exec Marni Walden spearheaded the deal. “This culminates a rigorous, thorough process over many months, and yields a great outcome for the company,” wrote Yahoo CEO Marissa Mayer in a letter to her employees. Continue reading The Wait Is Over: Verizon Will Acquire Yahoo for $4.83 Billion

Consumers Report Financial Data Breaches, Still Trust Banks

According to a new Accenture report, 23 percent of consumers claim their financial data has been breached at least once in the past two years. Interestingly, most remain willing to share their data if it means better service. “About 63 percent of respondents are willing to give their bank direct access to personal information,” reports HousingWire. The National Association of Federal Credit Unions recently called on Congress to combat hacking with legislation that would create stricter standards for retail businesses. Accenture surveyed 4,013 bank customers in North America — 70 percent in the U.S. and 30 percent in Canada. Continue reading Consumers Report Financial Data Breaches, Still Trust Banks

Global Markets React to UK’s Decision to Exit European Union

British voters cast their ballots yesterday regarding the United Kingdom’s Brexit referendum, and surprising to many, the country has opted to exit the European Union. Shortly after the results were announced, British Prime Minister David Cameron announced he would resign his position later this year, while leaders in Northern Ireland and Scotland have indicated they will seek independence referendums in order to reenter the EU. The immediate response has been a dramatic ripple effect in markets worldwide with expectations for future uncertainty and potential crises. The tech industry, which often benefits from the EU’s liberal trade and economic policies, will likely be impacted. Continue reading Global Markets React to UK’s Decision to Exit European Union

Blockchain: More Than $50 Million in Virtual Currency Hacked

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

Global Smartphone Sales Slow, India and China Still Promising

Research firm Gartner states that global smartphone sales will dip into single digits following a continued slowdown. The company expects sales to grow 7 percent this year, reaching 1.5 billion units, down from 14.4 percent growth in 2015. In the mature markets of North America, Western Europe, Japan and parts of Asia/Pacific, smartphone penetration is now at 90 percent. That, along with consumers in these regions not replacing or upgrading phones as quickly as before, are the root causes of the slowdown. Continue reading Global Smartphone Sales Slow, India and China Still Promising

Wall Street Firms Gather to Discuss Blockchain, Digital Dollars

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

Wells Fargo Bets on Biometric Security to Replace Passwords

If Wells Fargo is right, the traditional password will be gone in five years. To prepare, the company has been mentoring startup EyeVerify in an accelerator program since 2014. This July, Wells Fargo will debut EyeVerify’s software to corporate clients. Those executives authorized to use commercial bank accounts will be able to use their iPhone camera to take a selfie, and the Eyeprint ID software built into the bank’s mobile app will read their eyes’ veins and other markers to match with a stored template. Continue reading Wells Fargo Bets on Biometric Security to Replace Passwords

After Months of Setbacks, Foxconn Strikes Deal to Buy Sharp

Foxconn, the Taiwan-based factory operator best known for assembling Apple’s iPhones, is acquiring two-thirds of Japanese electronics manufacturer Sharp, which supplies phone screens to Apple. The $3.5 billion deal, which follows a slew of public negotiations, rumors and setbacks, could provide Foxconn with leverage to make it a more attractive Apple partner. However, some analysts suggest that the acquisition will hand Foxconn an ailing and costly business. Foxconn is facing rising labor costs in China and a global slowdown in smartphones, while Apple diversifies its supply chain. Continue reading After Months of Setbacks, Foxconn Strikes Deal to Buy Sharp

Bitcoin Rival Ethereum Offers Online Markets, Smart Contracts

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

Verizon’s AOL Chief Exec Talks Potential Purchase with Yahoo

In December 2015, Verizon stated it was interested in acquiring all or some of Yahoo, which has been struggling for years with leadership changes and an inability to successfully exploit rising trends such as mobile. Now, Verizon has gone a step farther and given Tim Armstrong, chief executive of its AOL unit, the mandate to lead discussions with Yahoo about the potential for acquisition. Armstrong, a former Google sales executive, has known Yahoo chief executive Marissa Mayer, also a former Google executive, for years. Continue reading Verizon’s AOL Chief Exec Talks Potential Purchase with Yahoo

SoftBank to Launch App Store for its Pepper Robots This Month

SoftBank’s Pepper humanoid robots are already interacting with customers at shops and banks in Japan. Later this month, the robots will be introduced to more advanced functions after SoftBank opens a planned app store offering software that will help track customer’s behavior and improve communication with customers. The Pepper robots, which are designed to feature human-like body language and work in retail, have reportedly been selling out regularly since last year’s launch. Continue reading SoftBank to Launch App Store for its Pepper Robots This Month

Time is Up for Yahoo’s Turnaround, Sale Now On the Table

Since the 2012 hiring of former Google executive Marissa Mayer to improve Yahoo’s fortunes, the company has failed to turn around and is now facing difficult choices. Among many plans devised, the latest occurred last month when executives favored spinning off the company’s main Internet business. That strategy may be abandoned as Yahoo considers a sale of its business, while an activist — and anonymous — investor mounts a proxy fight. Employee morale is said to be low in light of 1,100 layoffs since August 2014. Continue reading Time is Up for Yahoo’s Turnaround, Sale Now On the Table

CES: IBM Pushes Watson Brand with New Product Integration

Move over, Siri. Some new consumer products will include the artificial intelligence platform and “Jeopardy!” winner, Watson. IBM announced at CES 2016 that it has partnered with Under Armour to use Watson in the company’s fitness app to help make suggestions based on health data. Watson will also power a new robot from the Japan-based SoftBank company. The Pepper robot is designed to provide an interactive experience that would replace the kiosks in retail stores, banks and hotels. Continue reading CES: IBM Pushes Watson Brand with New Product Integration