Spotify has acquired blockchain technology… how will the distributed ledger affect your credit union?

first_img 64SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Mark Portz Mark Portz joined OnApproach in 2016 as a Marketing Specialist. He holds a Bachelor of Science in Business in Entrepreneurial Management and Public/Nonprofit Management from the University of Minnesota. … Web: www.onapproach.com Details Last month, Mediachain Labs, a blockchain operator, was acquired by Spotify, a popular audio streaming service. The goal of the acquisition is to utilize the new technology to help track and appropriately pay the correct people when songs are played on Spotify. This is especially challenging with Spotify’s impressive growth in both users and song selection. What is Blockchain?In a fascinating TED Talk, Bettina Warburg defines blockchain as “a de-centralized database that stores a registry of assets and transactions across a peer-to-peer network.” The network is essentially unforgeable as it is cryptographically linked, secured, and replicated on every network computer. This security greatly lowers uncertainty and makes it possible to radically transform our economic systems. In other words, it is a distributed ledger that allows people to interact and trade with low uncertainty through technology, rather than governments and corporations. While often associated with cryptocurrencies such as Bitcoin, blockchain is also being used or considered for a growing number of additional applications including voting, file storage, user authentication, and more. Why Does Spotify Care?Spotify boasts over 100 million active users across 60 countries, 30 million songs, and as of September 2016, paid $5 billion to rightsholders. Managing such an extensive and complex library creates a legal puzzle of how to correctly pay out royalties. Even with the right intentions, companies such as Spotify run into massive problems determining rights ownership. There are a number of stories, like this one, in which Spotify settled to pay $30 Million for unpaid royalties. In response to these lawsuits, Spotify has expressed it plans to pay the rightsholders appropriately, but “unfortunately, especially in the United States, the data necessary to confirm the appropriate rightsholders is often missing, wrong, or incomplete”, and that, “When rightsholders are not immediately clear, we set aside the royalties we owe until we are able to confirm their identities.”With the Mediachain acquisition, Spotify will be able to utilize blockchain technology to effectively allow music creators and rightsholders to prove their identities and ownership to improve the royalties process. As Jesse Walden, Mediachain Cofounder, stated, “A music blockchain would be a single place to publish all information about who made what song, without having to trust a third-party organization.”Takeaways for your Financial InstitutionSimilar to Spotify’s purpose for investing in blockchain, credit unions and other financial institutions have a lot of room to benefit from blockchain’s ability to successfully verify and track transactions in a quick and secure manner. By decentralizing the authority of trust across the network, the need for a middleman, central bank, or other third-party is eliminated. This distributed ledger allows for a peer-to-peer network that is extremely reliable and essentially un-hackable. Major banks and innovators expect blockchain to be the way of the future, and have already been heavily investing in the technology. Credit unions have a lot to gain from the technology, and cooperatively can make the fast, secure, and validated payments a reality for their members.John Best, CEO, Best Innovation Group, will be leading a session titled “CU Ledger – Credit Union Use Cases” at the Analytics and Financial Innovation (AXFI) Conference in Minneapolis, MN, June 11-14, 2017. To learn more about the conference and have an opportunity to see this innovative and informative presentation, register at http://www.axficonference.com/. last_img read more

Carberry taken to hospital

first_imgNina Carberry was taken to hospital for X-rays on her collarbone after a fall going down to the start at Gowran Park. The jockey, who broke her collarbone at Downpatrick in April, was unshipped from Kilaspy before the first leg of the Joe Bollard Memorial Flat Race, a race which was high in drama. The Henry de Bromhead-trained Once And For All suffered an injury and fell, sparking a series of incidents which resulted in six other horses departing the race, most either being brought down, slipping up or unseating. All the jockeys involved reportedly escaped unscathed and the contest was won by Bach To Whitingbay (6-1). Press Associationlast_img read more

Badgers return home, host pair of conference upstarts

first_imgUW Athletic CommunicationsFollowing a road trip to Penn State and Indiana last weekend, the No. 33 Wisconsin women’s tennis team will return home Saturday and Sunday to host No. 54 Iowa and No. 65 Minnesota as their Big Ten season continues. The Badgers split matches last weekend, prevailing 4-3 in a closely contested affair against the Nittany Lions before dropping 5-2 to the Hoosiers in a match marked by several close sets.Despite going 1-1 last weekend, Wisconsin bumped up in the rankings two spots this week. On the personal side, Katie McGaffigan and Caitlin Burke also took personal jumps, graduating to the No. 91 and No. 87 spots, respectively. McGaffigan had represented the Badgers in number-one singles all season, with Burke playing out of the second spot, until this past weekend when they flipped seeds. Though the two collectively went 1-3 on the weekend trip, each fought through a duo of tightly contested matches. Head coach Patti Henderson is yet to announce who will be playing out of which flight this weekend.“In all honesty, if you had told me going into this weekend that we would have been 1-3 at positions 1 and 2 for us, I would have said no way,” Henderson said. You know, we’re going to be 2-2 at a minimum and hopefully 3-1 or 4-0. Erin and I haven’t decided exactly how we’re going to handle that.”Playing out of fourth flight singles, sophomore Kaylan Caiati currently boasts of a team leading eight-game win streak, having not lost a single set since February 25.“Well, Kaylan Caiati is every tennis player’s worst nightmare basically,” Henderson said. “I look at it as, you know, you’re going to play somebody, and you’ve got what’s between their ears, their head, their heart, and their skill level. And Kaylan Caiati’s heart and head are unbelievable — never in doubt, never questioned.”But on the doubles front, Caiati is quick to note that her and Burke — a relatively recently minted pairing — still have room to improve in the second flight. Coming off of a duo of losses last weekend, including a 9-7 fall to Indiana where they enjoyed a match point before dropping behind, Caiati sees room for personal improvement.“I just really would like to improve on my doubles game,” Caiati said. “There’s times when I feel confident about it, and there are other times when I realize that there [are] parts of my game that I need a lot of work on.”In Iowa and Minnesota, the Badgers face a duo of teams with no seniors in their lineups, with the Hawkeye squad being composed entirely of freshmen and sophomores.“I think Iowa is a pretty young team — so is Minnesota. I think Iowa has just a couple of people returning; they have a new coach,” senior Lindsay Martin said. “And that is either really good for us — they are young and inexperienced — or they’re really excited and eager to go out there and play.”The Hawkeyes will also enter Madison under the leadership of a relatively new coach, though Henderson is well acquainted with him.“Iowa has a new coach who’s actually a friend of mine, a fellow Canadian, Daryl Greenan, and he just stepped in at sort of like Thanksgiving time with their program, after they had been coachless for the fall,” Henderson said. “I think he worked at Alabama as an assistant coach there, where Jenny Mines and he had done a great job and got that team ranked into the Top 20, so he knows what he’s doing. He knows what it’s about.”last_img read more