China develops a blockchain intellectual property

Major Chinese universities are seeking means to patent the blockchain solutions
28 February 2018   2471

China State Intellectual Property Office published data that clearly indicates the will of Chinese government-funded academic institutions to solidify its grip on blockchain technology. The list includes Zhejiang University, Shenzhen University and Chinese Academy of Sciences. Recently, the government of China is doing its best to establish a market for fintech companies, as the number of ordinary companies also trying to patent their patent-related inventions.

To be more specific. Zhejiang University designed a system for cross-border payment operations and it proposes using a blockchain ledger on cloud servers for handling and confirming the transactions instead of traditional third party acting as a trustee. Chinese Academy of Sciences is building a blockchain solution that aims to unite private, public and consortium types of blockchain into one package. As for Shenzhen University, its project is more specific: a system for tagging and tracing artists' works, and on top of that a tamper-proof artwork trading system upon successful launch.

Last week Bank of China reported to have submitted a patent application on using a data compression in the process of block creation in a ledger thus addressing the issue of scaling the latter.

Binance to Join Forces With IdentityMind

IdentityMind provides exchanges with ability to comply with KYC\AML worldwide
26 March 2019   86

Binance announced an agreement with IdentityMind, which will help it ensure compliance with regulatory requirements and improve data security.

IdentityMind provides cryptocurrency exchanges with access to the platform, thanks to which they can monitor compliance with customer identification and anti-money laundering requirements in real time. This includes connecting new customers, managing their profiles and monitoring transactions.

The partnership between Binance and IdentityMind further strengthens our compliance capabilities and our commitment to re-invest in the blockchain ecosystem and grow it. We continue to evolve and enhance security systems while adhering to regulatory mandates in the countries we operate in. The goal is to foster greater trust among financial institutions worldwide.

Samuel Lim

Chief Compliance Officer, Binance

Last year, Bloomberg wrote about the Binance user identification system as the least strict in the entire industry, and linked the “level of anonymity” provided by the exchange with the risks of money laundering and market manipulation.

In October, Binance entered into an agreement with a supplier of transaction analysis software on the blockchains Chainalysis, and in November with Refinitiv, which developed an automated solution for client verification.

Whether the ordinary users of the platform will feel the impact of the integration of IdentityMind tools on themselves, the exchange does not specify.