Posts in category

Blockchain Technology


The banking arm of Chinese retail giant Suning is testing a consortium blockchain that would allow participating banks to record and update a shared ledger of users with bad credit scores. According to a local news source Sina Finance on Thursday, Suning Bank developed the blockchain system in order to move its blacklist of suspect …

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The global financial services industry spent a combined $1.7 billion on blockchain development in 2017, with institutions having increased their individual budgets for the technology by 67 percent in the same year. According to research published by U.S.-based market intelligence firm Greenwich Associates on Tuesday, amid the general increase, 10 percent of the surveyed banking …

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JD Finance, a subsidiary of Chinese e-commerce giant JD.com, announced on Wednesday that it is planning to issue asset-backed securities (ABSs) on a blockchain. According to a report from the Securities Times, an outlet of the China Securities Regulatory Commission, JD Finance established the project in partnership with Huatai Securities, a brokerage firm that will underwrite the …

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GroundX, the blockchain subsidiary of the South Korean messaging giant Kakao, has announced it will work with a government-backed agency to develop blockchain projects focusing on social and public services. According to a report from CoinDesk Korea on Monday, Lee Jong-Gun – who joined GroundX from a UN big data initiative last month – announced …

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A national banking group in South Korea is to roll out a blockchain-based ID verification system for domestic commercial banks in just weeks. According to a notice revealed on Monday by the Korea Federation of Banks (KFB), the new system – dubbed BankSign – is scheduled to be launched in July following a testing phase …

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An organization established by the European Commission to focus on blockchain research and development is soliciting questions from the general public about the nascent technology. The EU Blockchain Observatory and Forum announced through a Tweet on Monday that it is hosting a 90-minute AMA (Ask me anything) session on June 18, to address any concern …

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Payments giant Mastercard is exploring the use of public blockchains in securely verifying payment cards at the point of sale, public documents show. According to a patent application filed with the U.S. Patent and Trademark Office (USPTO) and released on Thursday, Mastercard has come up with a conveyance and retrieval processes to verify users’ payment credentials …

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Blockchain technology isn’t a beneficial addition to the payment system in the Netherlands – at least not yet, according to the country’s central bank. In a blog post published Thursday, De Nederlandsche Bank (DNB) came to the conclusion that distributed ledger technology (DLT) is not suitable for its existing financial payment infrastructure due to its insufficient …

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Multinational enterprise software giant SAP has launched a cloud platform that is dedicated to helping corporates develop blockchain-based applications. Announced during an SAP event on Wednesday, the cloud-based solution aims to provide enterprises with a framework to build business applications on top of blockchain systems such as Hyperledger Fabric, the blockchain platform launched by the …

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China’s most popular messaging application, WeChat, has frozen a third-party blockchain application designed to introduce the nascent technology to a wide user base. The mini-program, called Xiao Xieyi (or Mini Protocol in a literal translation), was launched on Wednesday and touted as a service that would allow users on WeChat to initiate contractual agreements, according …

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China’s Ministry of Public Security has developed a blockchain system aimed to more securely store evidence collected during police investigations. According to data released by China’s Intellectual Property Office on Tuesday, the ministry’s research arm filed a patent application in November 2017 for a blockchain-based system that timestamps and stores data submitted to the cloud …

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Social media giant Facebook is launching a team dedicated to exploring blockchain technology. The initiative will be spearheaded David Marcus, who has served as the company’s vice president for its Messenger app division. Marcus is a former president of PayPal. “After nearly four unbelievably rewarding years leading Messenger, I have decided it was time for …

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Nearly half of the 26 publicly listed banks in China said they have deployed blockchain applications in 2017, according to a report. Chinese banking industry news source CEBNet said Friday that, among the 26 Chinese banks, 12 of them disclosed in their annual filings that blockchain applications were adopted for various use cases over last year. The …

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The Industrial and Commercial Bank of China (ICBC), one of the country’s four largest state-owned commercial banks, is exploring a way to authenticate digital certificates and store data in a sharable blockchain. According a patent application filed with China’s State Intellectual Property Office (SIPO), the bank aims to use a blockchain system to improve the …

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Singapore’s Intellectual Property Office announced an initiative to expedite the patent-granting process for fintech-related applications such as blockchain-based payments. According to a statement from the Office, the FinTech Fast Track initiative seeks to shorten that process from about two years to as little as six months. The program was announced during the 2018 World Intellectual Property …

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One of the “Big Three” credit rating agencies thinks blockchain is a “game-changing technology.” Fitch Ratings touted the potential uses for blockchain within the insurance industry in a report published Wednesday, saying “insurance is fertile ground for blockchain’s capabilities.” In particular, the company sees blockchain as a tool for streamlining the transactions companies conduct while …

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Inspired by the “#metoo” movement, students in China are coding messages onto the temper-proof ethereum blockchain to escape Chinese internet censorship. As Quartz reported on Tuesday, an anonymous address on the ethereum blockchain sent itself a transaction on April 23 holding code that contains the content of a censored open letter in order to permanently store …

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China’s government auditor thinks blockchain can “open up a window” to a more streamlined data storage. In an article published Tuesday on its website, the National Audit Office of the People’s Republic of China discussed using blockchain to alleviate the bottleneck caused by its current data storage infrastructure. At present, the office is responsible for a …

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South Korea’s SK Telecom is reportedly launching a blockchain-based platform for authenticating customers’ identities within the year. According to a ZDNet report on Tuesday, the telecoms giant – a subsidiary of the SK Group, one of the largest family-owned conglomerates in South Korea – is developing the new system in order to streamline user subscriptions and payment …

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