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Blockchain Technology in Financial Institutions and Banking

Team Bitcoin Daily



The financial system has evolved from analyzing traditional ledgers to providing digital solutions such as online banking and mobile applications. It is not surprising that commercial banks around the world are entering the race for the latest technology in vogue: Blockchain. Financial institutions are increasingly betting on this technology to revolutionize the financial system once again.

Banks and financial institutions are so interested in blockchain the lies of the banking system’s competitive nature and the growing demand for faster and more efficient service. To keep pace with society, which increasingly seeks to see its needs met instantly, financial institutions seek to adapt to the demand for greater agility, new products, and services. However, the sector’s own needs, such as security, continue to be a priority and a challenge in the face of the threat of cybersecurity and hacking.

What is blockchain?

The blockchain is often described as a decentralized ledger or a replicated database on a peer-to-peer network. In other words, this technology is essentially a new type of storage that allows all of its users to share a database and make modifications safely.

Unlike other more traditional options, the data has been duplicated thousands of times through a decentralized computer network (the peer-to-peer network ) independently in this storage system.

With this public and decentralized network, transactions are protected and carried out under a total privacy blanket. Data protection is achieved through the encryption of information in the transaction link. These transactions are based on digital accounts or wallets that grant participants anonymity through their digital identity.

The system works under the participants’ consensus, conditional on each version of the data corresponding in its entirety with the information shared in the database. This eliminates the need for a central authority and puts the control in the participants’ hands, which means that any inappropriate modifications to the database will be immediately detected by all participants, turning this process into an immutable auditing mechanism.

Blockchain technology, also known as the blockchain, was developed as an underlying technology of bitcoin that aimed to record and verify the cryptocurrency transactions. The blockchain has achieved its own place thanks to its potential as a disruptor of the centralized system and streamlined more complex processes. Although bitcoin’s evolution has been erratic, other cryptocurrencies are also gaining attention thanks to this technology and the advantages it offers. To stay updated with blockchain and cryptocurrency news you can find relevant content here.

Blockchain can achieve this thanks to the nature of its design: a collection of distributed, shared, secure and immutable blocks. Each block of information is distributed to all the participants (nodes) in the network, which guarantees a replica to prevent data’s undue alteration. For a transaction to occur, its validity will have to be verified by each of the network nodes, and the information will be registered and shared transparently within the chain.

This is what makes blockchain attractive to financial institutions. To understand how blockchain will fit the modern world’s needs, it is worth taking a step back and analyzing the relevance of this technology in various sectors of the economy.

Who is using blockchain?

The World Economic Forum estimates that the blockchain stores only about 0.025% of the world’s GDP. However, the expectation is that this figure will increase, with banks, insurance companies, and companies in the technology sector leading the trend.

According to research in PwC’s 2018 Global Blockchain Survey, approximately 84% of the executives surveyed are looking to calculate the impact this technology could have on their businesses. At the same time, global companies such as Amazon, Microsoft, IBM, and Facebook are evaluating possible applications for the blockchain, as well as other financial institutions, such as JP Morgan and HSBC, and other leading multinational companies in consulting and audits, such as Accenture and Deloitte (respectively).

The interest that blockchain technology has generated can be observed in the economy’s various sectors, from finance to health and pharmaceuticals. However, banks are leading the advances in the development and implementation of this technology.

Another example is emerging economies seeking the benefits that blockchain technology offers. Kenya has explored the possibility of providing election results in real-time to build confidence in its electoral process. Meanwhile, Nigeria has adopted Oracle Blockchain Cloud Service in its customs services to support merchandise tracking, automate processes, and increase levels of transparency and trust in the business sector.

Among the advanced economies, Spain seeks to apply the blockchain in the forestry sector for time certification and improve the management of logistics companies’ supply chains. Also, in our country, Valenciaport seeks the application of blockchain technology to get closer to the concept of the smart port.

The use of blockchain in banking

For banking, the blockchain’s use offers potential benefits for the prevention of fraud and even for the elimination of some errors typical of humans. On the technical side, the validation, protection, coding, distribution, and tracking of data and transactions are the main attractions of this technology. The blockchain is already considered a transformative agent for settlement and clearing, international transactions, trade finance, identity verification, and loan management.

Since international regulations do not restrict blockchain technology, its implementation has the potential to transform the banking sector and turn it into a cooperative industry between financial services institutions and Fintech companies and boost digital cooperation and innovation. , the evolution of new business models, and more competitive banking.

Spanish banks and the blockchain

Spain quickly recognized the potential of blockchain, and banks are showing a growing interest in this technology. Below, we present some examples of the advances of Spanish banking based on the blockchain:

In April 2018, Banco Bilbao Vizcaya Argentaria issued the world’s first corporate loan with Indra. The transaction of 75 million euros was carried out with its solution based on blockchain technology. In June, BBVA and Repsol closed the first operation of a credit line for 325 million euros, again through its blockchain network. A month later, the bank issued a 100 million euro corporate bilateral loan for the ACS Group.

Banco Santander and leading company Broadridge Financial Solutions used blockchain technology in March 2018 to vote at a general shareholders meeting. Also, Santander launched via iTunes Pay FX, the world’s first application for international payments (Eurozone and USA) based on this technology. In the same year, the bank created a blockchain research team to explore its potential in securities trading, including derivatives, debt, and other products.

In that sense, according to Carlos Bernal, Indra’s director of financial services in the country, the blockchain should stop being seen as a threat, to be seen as an opportunity.

How has the financial sector changed?

It is facing a profound change in the model as a consequence of the digital transformation. Phenomena such as platformization, open banking, or the growing demand for advanced digital identity solutions mark this evolution.

However, rather than as a threat, digital transformation should be a fantastic opportunity to improve entities’ cost structure and increase their predictive capacity in terms of risk analysis.

What is the relationship that the financial sector has with technology?

This sector is in the post smartphone era, which requires the creation of a new model of digital relationship with customers and, for this, it is necessary to evolve from a branch centric concept to another customer-centric, and this is not only achieved with the closure of offices and reduction of staff.

How is security approached within the new financial environment?

The digital transaction is one of the processes that best characterizes the new model towards which the bank is heading. That is why the so-called digital identity is presented as a fundamental technology to implement new business models that take advantage of the digital field’s potential.

What is Indra’s role in this sector?

Indra is a leader in the development of technologies for the financial sector in Spain and Latin America. Currently, the top 10 Spanish entities are clients of the company, and it’s Latin American clients represent more than 40% of total banking assets in the region.

The company manages more than 2,000 projects per year for 400 banking and insurance groups in Europe, Latin America, and the Asia Pacific. And it is the leading company in means of payment in the Iberian Peninsula and one of the largest global operators in Latin America.

Additionally, it is a leading operator in digital transformation, whose differential offering aims to achieve immediate and tangible results.

They recently announced their ability to launch 100% digital banking.

We have an innovative, disruptive, and differential offer that allows creating a native digital bank from scratch in record time. In practice, our model enables the financial institution to respond quickly to the challenges posed by the new context, characterized by an unprecedented level of interaction with customers through exclusively digital channels.

What do banks gain from this?

The banks, which count on Indra as a technological partner, enjoy the highest functionality and ability to serve their customers, thus offering a differential service with high added value.

Thus, the banking customer benefits from a personalized and homogeneous user experience.

What is your perspective on the ‘blockchain’?

For us, this technology has a great capacity for transformation in complex scenarios and processes. Several actors have to trust and collaborate since it provides two essential elements for change: more trust and less friction while focusing on information privacy and performance.

How could the ‘blockchain’ boost the financial sector?

This technology can represent significant savings in terms of infrastructure and an improvement in the efficiency of the processes in the back office.

Besides, it is a facilitator for the development of new digital businesses, which lead to the implementation of new business models and the design of new products and services. The blockchain system works like a large ledger or database.

Do you already have experience in this type of technological development?

BBVA and Indra have successfully concluded the first operation that facilitates the negotiation and signing of a corporate loan using blockchain worldwide; this, in line with their close collaboration to transfer the advantages of the most advanced technology to business operations.

How does blockchain technology help in the accounting of people and companies?

One way that the blockchain can represent a step beyond accounting lies in the fact that, instead of keeping separate records based on transaction receipts, parties will be able to write their transactions directly to a common record. These entries are protected with encryption so that falsifying or deleting them is practically impossible.

Will digital accounting be more and more a trend?

Indeed, the blockchain allows us to go beyond digital accounting. Although digitized, the accounting processes always required a neutral mediator to verify the acceptance of the terms of both parties, making the operation possible.

What other uses does the ‘blockchain’ have?

Despite the advances of the blockchain, financial transactions continue to transit mainly through networks and infrastructures that were built half a century ago. The operating systems of banks were designed on network protocols that are not current.

Therefore, it is not plausible that replacing banking and interbank infrastructures from off-blockchain to on-blockchain is imminent, but it should be intensified as of 2020.

But if a bank uses blockchain, there are no risks that the copy of the database on my computer can be compromised?

Blockchains can be public or private databases. If we had a public registry like a property registry, maybe we would like to have a public blockchain. If we are a private entity, we can choose to encrypt the database, and the encryption system is protected by the collective power of the connected computers. To this day, the world does not know a safer protection system than BlockChain. In a public BlockChain, such as Bitcoin, you can see the history of the transactions, but the two parties’ entity is secret.

In addition to security, Bitcoin offers other benefits. Since each piece of information has a unique identifier, a user’s ability to “double pay” is eliminated. In other words, if I have a digital photo and I send it to my friend, in the world of Bitcoin, the photo cannot be copied, and it is transferred from me to my friend. Bitcoin also offers to speed up transactions and lower costs by eliminating the burdensome part of verifying transactions. Electronic money, financial products, even physical property, can be registered in a BlockChain, eliminating the need for many red tape and lawsuits to determine who is the “real” owner of something.

As a new technology, BlockChain is still being tested and explored to determine its best uses. As JPMorgan Chase and Goldman Sachs, along with bags as NASDAQ, banks are investigated the potential of BlockChain (a technology whose source code is free and available for anyone to download person). In short, BlockChain could represent the next wave of innovation in the financial sector. Is your bank considering how to use it? What other uses could we give to BlockChain? Leave your ideas in the comments section.

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CUMSTAR Token, an 18+ DeFi Token Powered by Blockchain Technology




Cumstar Token is a top trending crypto token that was recently added to CoinMarketCap, and today we’ll take a look inside this Adult Cryptocurrency Project that claims to change the Adult Entertainment Industry.

Today, we’ll look at one of the top adult altcoins introduced to CoinMarketCap, and are generating the most significant attention from investors. 

Cumstar has recently become the center of attention in the cryptocurrency industry by having one of the most substantial market capitalizations.

Cumstar Token by Hush Network

Cumstar Token is a top trending crypto token that was recently added to CoinMarketCap, and today we'll take a look inside this Adult Project that claims to change the Adult Entertainment Industry.

The CumStar Token is a project exclusively with adult content, and a sharing platform powered by Blockchain technology and allows token users to purchase adult content on Hush Network platforms on an ongoing basis. 

The Cumstar token is the only currency used to purchase content and services on all the platforms, with anonymity and privacy at its heart. It is a decentralized deflationary token designed with complete anonymity in mind for its users. 

Which are the Cumstar platforms?

  • Hush Network was built to be the ideal adult industry solution and is fully powered by CumStar token, using blockchain technology. When users transact on the various platforms, they have a quick, low-cost, and utterly anonymous experience.
  • Cumstar’s streaming platform, Hush Live, like Only Fans, will enable producers to stream a wide range of material, provide an income stream based on blockchain technology, and accept donations from viewers using the platform. It has been prepared for launch and will be available shortly. 
  • Marketplace will give a venue for people looking to sell their creative works. After that, the NFTs will be available for purchase, and buyers will have the option of acquiring and displaying their NFTs through an open account or keeping their collections private.
  • HushSwap is another blockchain-powered solution that attempts to remove many of the adult entertainment industry’s fundamental difficulties. In addition to 100% tips flowing to CUMSTAR content providers, most issues are managed by eliminating chargebacks and ensuring user privacy and anonymity using blockchain technology. This platform has a slew of features that highlight CUMSTAR technology. Interactive games for their users are among these features.
  • Payment Gateway is the $CumStar payment processor that not only provides top-tier adult platforms but also introduces revolutionary technology and is currently available. The web3-powered smart contract can link to ANY Adult website and include $CumStar in minutes. It suggests that the token may be used to purchase ANY items or services on ANY non-crypto website… That is the power of $CumStar!

Cumstar holders are responsible for their wallets, seed phrases, and other personal information, which relieves the Project of much, if any, blame because none of this information is shared with anybody until deliberately submitted, as usual in the cryptocurrency world.

CumStar Token Tokenomics

Cumstar Token is a top trending crypto token that was recently added to CoinMarketCap, and today we'll take a look inside this Adult Project that claims to change the Adult Entertainment Industry.
CUMSTAR Tokenomics, by HushNetwork // Source: HushNetwork

The native token of the HushNetwork which is built on the Binance Smart Chain network, is $CUMSTAR. Users can connect with our platform, make purchases on the NFT marketplace, and give to their favorite content producers thanks to the CUMSTAR tokenomic system’s architecture. All of this was done anonymously, with the blockchain as a safeguard.

The Cumstar smart contract includes an 11 percent total transaction tax, which is divided down as follows:

  • 3% in marketing (in BNB)
  • 3% to the liquidity pool
  • 2% to reflection
  • 2% to burn
  • 1% to tipping wallet

CUMSTAR Roadmap until Q4 2021

Cumstar Token is a top trending crypto token that was recently added to CoinMarketCap, and today we'll take a look inside this Adult Project that claims to change the Adult Entertainment Industry.
CUMSTAR Q2 2021 Roadmap (Complete)
Cumstar Token is a top trending crypto token that was recently added to CoinMarketCap, and today we'll take a look inside this Adult Project that claims to change the Adult Entertainment Industry.
CUMSTAR Q3 2021 Roadmap (Complete)
Cumstar Token is a top trending crypto token that was recently added to CoinMarketCap, and today we'll take a look inside this Adult Project that claims to change the Adult Entertainment Industry.
CUMSTAR Q4 2021 Roadmap (Ongoing)

Should I get CUMSTAR right now?

CumStar is now selling for $0.00000002675. With many contract audits, including the acclaimed Certik Audit, it shows potential as a BSC token. 

Its security, according to its inventors, is among the best in the adult cryptocurrency sector. Before making a financial commitment, it’s wise to wait and observe how things progress.

CUMSTAR price forecast:

CumStar’s price might reach a high of $0.00000006 in 2023, according to Its price is predicted to reach a maximum of $0.00000009 in 2024.

The Cumstar token has increased by more than 150 percent in the previous 24 hours, with CUMSTAR’s trading volume reaching 1 544 072 USD.

CoinMarketCap of CUMSTAR

Cumstar Token is a top trending crypto token that was recently added to CoinMarketCap, and today we'll take a look inside this Adult Project that claims to change the Adult Entertainment Industry.
CUMSTAR CoinMarketCap in 1 month average.

The current Coin Market Cap ranking is #999, with a live Market Cap of USD 15,794,739 

It has a circulating supply of 590,413.77B CUMSTAR coins and a Max. supply of 1,000,000,000,000,000 CUMSTAR Tokens.

Where to to buy CUMSTAR

CUMSTAR has yet to be listed on major markets because it is such a new asset. However, you may still buy CUMSTAR on a DEX (decentralized exchange), though it will take a few more steps.

Follow these steps to purchase CUMSTAR right now:

Buy Binance Coin on a licensed exchange or broker, such as Binance

Binance is one of the world’s premier multi-asset trading platforms, as well as an exchange and wallet all in one, with some of the industry’s lowest costs.

It’s also user-friendly for beginners, and it offers more payment options than any other service.

To buy in Binance, you need to:
– Create an account HERE
– Buy BNB directly with VISA
– Transfer your BNB to a Trust Wallet (BEP 20) or Metamask, or others. Do not forget that you first need to create and have your wallet address for effect.
– Swap in any DEX (Sushi Platform, PancakeSwap, Etc.) your BNB to CUMSTAR

You’ll be able to exchange for hundreds of currencies, including CUMSTAR, now that you’re linked.

Exchange your BNB directly from HushSwap to CUMSTAR

Cumstar Token is a top trending crypto token that was recently added to CoinMarketCap, and today we'll take a look inside this Adult Project that claims to change the Adult Entertainment Industry.
HushSwap UI // Source: Hushswap

CUMSTAR Ambassadors

Cumstar Token is a top trending crypto token that was recently added to CoinMarketCap, and today we'll take a look inside this Adult Project that claims to change the Adult Entertainment Industry.
Some of the Ambassadors of Cumstar/Hushnetwork./// Source: HushNetwork platform

Cumstar is proud to have such talented ambassadors promoting and interacting within the Adult Network.
Some of these Ambassadors, a.k.a. content creators partnered with Cumstars, are:

  • Kukki Doll
  • Kali Roses
  • Indianara
  • Kim Swallows
  • Sabrina Night
  • And many others

Cumstar Partnerships

Cumstars is thriving for new partnerships. One example is it’s latest one, the Income Island, a Metaverse Mining Game, which will enable to use of $CUMSTARS within the game.

Finally, Cumstar has made an enormous step ahead in capturing the $803 million adult content market to assist adult content creators/performers in anonymously buying and selling their material. 

Cumstar has also overcome many difficulties that content developers and performers in the adult entertainment business confront.

The Project has established market and payment solutions that directly benefit adult content consumers, and providers as the need for tailored adult content grows and attracts more people.

Social Links for CUMSTAR:

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Countdown to Bitcoin Taproot upgrade: Will the node need to be updated?




The Bitcoin Taproot upgrade is in the countdown, and, as expected, it could be activated on November 13. The nodes represent the users on Bitcoin Network and protocol.

*Update: We have created a new article with information about the Taproot implementation, which you can see here: “The Bitcoin Taproot update is now live and it will bring significant changes

It just takes roughly 800 blocks so Taproot can be added to the chain, which must happen in fewer than six days for Taproot to be active in Bitcoin.

The most crucial Bitcoin network and software upgrade of the previous five years is arriving in a relatively short time. Yet, the fraction of participating nodes still hasn’t been updated to accept it.

According to the website given by the developer Luke Dash Jr. concerning the node count, in which only 50 percent of them already support the new version, The client Bitcoin Core 0.22 is the first to offer support to Taproot. Currently.

The Bitcoin Taproot upgrade is in the countdown, and, as expected, it could be activated on November 13. The nodes represent the users on Bitcoin Network and protocol.
30,393 nodes accept Taproot in Bitcoin and 30,377 nodes that do not accept it.

The dangers of a fork and split of the Bitcoin network are unlikely because of the Bitcoin Taproot Upgrade

According to Taproot, the activation date, which might be between November 13 and November 14 according to, disturbs several developers and other members of the Bitcoin community. 

The main reason is whether the difference between the nodes that activate Taproot and no could cause or encourage a happening division chain ( chain split ). The quick answer is “No,” albeit there are a few flats.

As bitcoiner Nicolas Bourbonni explained that for a chain split to occur, the nodes must amass enough processing power to construct a blockchain that is longer than the existing one. The miners’ evidence of labor accomplishes this.

Given their support for Taproot earlier this year, Bourbonni does not believe miners would wish to run alternative software and reject blocks that contain Taproot-type transactions.

On the other hand, Taproot is incorporated in Bitcoin as a soft fork, implying that this upgrade is compatible with prior versions of the Bitcoin software and the blockchain’s history.

Therefore, an outdated node does not have the power to reject a version of the chain that includes blocks with transactions of the Taproot format, without this leaving it outside the Bitcoin consensus.

Bourbonni noted that nodes that are not updated would not receive transactions from Taproot, such as those that a user could send from their wallet. 

Still, these nodes can accept and relay the blocks that include these transactions and are added to the chain by the miners.

For his part, Luke Dash Jr. explained that chain divisions should not be confused with a strong fork since this is the particular version of different software and is incompatible with the predominant version in the most significant number of nodes.

An old node is a forced fork concerning each soft fork [the other nodes].

So if we have a lot of old nodes, the rules are not applied consistently, and pressure is created from the [Bitcoin] economic sector to support a hard fork [different version of the software] to remove Taproot, said Luke Dash Jr., a Bitcoin developer.

Dash also noted that the emergence and acceptance of an alternative software or hard fork are unlikely. Still, if a Bitcoin economic sector decides not to upgrade to Taproot, it could incentivize the creation of two different chains ( chain split ).

CryptoDeFinance recently reported that some nodes have been having problems with Taproot transactions in tests carried out by developers.

Therefore, Bitcoin users have been suggested to take certain precautions regarding this upcoming update.

Learn a bit more about the Taproot Upgrade

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Rover Finance Raises $350K in Less Than 5 Minutes on PlutoPad

Team Bitcoin Daily



Rover Finance, a revolutionary payment management protocol, designed to cater to the unique needs of crypto native businesses, raises $350K in less than 5 minutes for its pre-seed round on the 1st of September. The pre-seed for the project was conducted on PlutoPad, the seamless and user-friendly launchpad built on the NORDEK blockchain. PlutoPad offers fast, efficient, and active support to launch web3 projects.

Rover Finance provides a vast array of services including automating payroll processing to streamlining invoicing, bookkeeping, and accounting. The platform empowers web3 businesses with financial operations. For example, corporate employees can withdraw in part fiat, part crypto / full crypto / full fiat, or any other configuration of crypto and fiat that they wish, which eliminates the complex tracking using Excel sheets and negotiations to convince employees to accept full crypto.

The web3 payments solution doesn’t just have these innovative solutions to offer but also has a highly user-friendly interface aimed at making financial management easy. Security is the primary consideration in all things finance – and Rover ensures the utmost standards of security. 100% KYC compliant, Rover Finance is multi-chain, and global, with access in over 140 countries. 

PlutoPad chose Rover Finance to be their debut project and support them in the journey from development to deployment to delivery. Here is what the launchpad’s project had to say.

“PlutoPad – the first ever launchpad built on the NORDEK blockchain, has been instrumental in helping us realize our vision of redefining financial management for crypto-native businesses. Their expertise, support, and commitment have been invaluable on this journey”, said Rover Fiance’s team.

About PlutoPad

With marketing pushes, a robust funding ecosystem, integrations and collaborations, user acquisition outreach strategies, exclusive access to expert advisory, active support in developing a comprehensive infrastructure for token sales, informed research reports, and legal compliance assistance – PlutoPad assists chosen innovative projects, from development to deployment to delivery and serves as a platform for introducing trailblazing projects to the world.

PlutoPad and Rover Finance are powered by NORDEK, a revolutionary platform that provides a developer-and-consumer-friendly blockchain environment. With its pioneering ecosystem, focus on innovative solutions, and rapid growth – Rover Finance could not have chosen a better blockchain to build on. The whopping success of the pre-seed round is a testament to the power of the thriving community that drives the NORDEK ecosystem. 

With the $350K that Rover Finance has raised, they aim to expand resources and invest in speedy success. This milestone is a result of the trust and support of the crypto community and early investors.

Rover Finance is Raising For its Seed Round

Rover Finance’s seed round is scheduled for 10 September. For the seed round Rover is targeting a $650,000 raise where investing currency would be USDT. A total of 10 Million $ROVE tokens will be allocated for the seed round. The minimum investment amount is $5,000. Invest in a project that has potential here:

Rover Finance:



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