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Blockchain: the answer to life, the universe and everything?

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The blockchain was developed as a means of creating digital property without the need for a central authority keeping track of who owns what. Photograph: Jacob Carter/Rex/Shutterstock Image: The blockchain was developed as a means of creating digital property without the need for a central authority keeping track of who owns what. Photograph: Jacob Carter/Rex/Shutterstock

theguardian.com - July 7th 2016 - Alex Hern

Have you heard the good news? The blockchain is here – and it’s going to save everything.

If you aren’t tied to the tech community, you might not have picked up on this salvation rhetoric.

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reuters.com - by Jemima Kelly - August 24, 2016

Swiss bank UBS (UBSG.S) is leading a team of four of the world's biggest banks developing a system to enable financial markets to make payments and settle transactions quickly using blockchain technology.

UBS has developed a "Utility Settlement Coin" (USC), which is a digital cash equivalent of each of the major currencies backed by central banks, such as the dollar or euro, rather than a decentralized new digital currency such as bitcoin.

The USC would be convertible at parity with a bank deposit in the corresponding currency, making it fully backed by cash assets at a central bank. Spending a USC would be the same as spending the real currency it is paired with, UBS said.

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