British Travel Company Partnered with Revolut

Thomas Cook travel company will launch Revolut's Pay-per-Day emergency medical insurance service
17 January 2018   432

Thomas Cook, a British global travel company, has partnered with fintech firm Revolut to launch a “pay-per-day” travel insurance service which automatically provides users with medical cover by tracking their location through their mobile phones. This is reported by The New York Times.

Revolut, the digital bank start-up, said it could pinpoint customers' location through its app technology and automatically turn on the coverage when required, starting at less than $1.38 a day.

We wanted to create a type of insurance that uses technology to help our customers and only cover you on the days you actually needed to be covered.

 

Nikolay Storonsky

CEO, Revolut

Revolut, founded in July 2015, allows customers to exchange currencies at rates used by banks and pay by card in different countries without international fees. In December 2017, it launched cryptocurrency trading.

Thomas Cook Money, the new financial arm of Thomas Cook, wil also partner Revolut to underwrite the insurance policies.

Bank of China Filed a Patent to Scale Blockchain Systems

Bank of China has filed a patent application for a process able to scale blockchain systems  
23 February 2018   102

According to a document released by China's State Intellectual Property Office (SIPO) on February 23, the application was invented by Zhao Shuxiang and first submitted on September 28 last year.

The application states that instead of letting a new block store transactions from its previous one, a data compressing system could be used to pack transactions from multiple blocks into what the patent calls a "data block."

For example, when the system receives a request to compress transactions from block 1 to 1,000, it causes a new data block to be formed and temporarily hosted on a different storage system. Then, the system will run the packed data through a hash function with a hash value. After that, the compression system will attach labels in order to identify blocks on the blockchain.

With the use of the described method, the patent claims a reduction in the amount of the data stored in new blocks as transactions mount in a blockchain while ensuring that data from all previous transactions will still be tamper-proof and traceable.

At the moment, the patent in the review process.