China to Use Blockchain to Replace Paper Checks

The project was created to prevent fraudulent transactions with checks in the Chinese market
06 June 2018   2174

The Central Bank of China has developed a blockchain platform that digitizes payment checks from local companies. This is reported by Coindesk.

The project, which took about a year to develop, was created to prevent fraudulent transactions with checks in the Chinese market.

As the deputy head of the People's Bank of China laboratory for studying digital currencies Di Gang said, the new blockchain-platform uses the algorithm of the "practical Byzantine paradigm of fault tolerance" (PBFT) and is able to tokenize checks, while all transactions are controlled by smart contracts.

Once the smart contract rules are set in the blockchain, any participant cannot alter the system easily. Even for code updates, regulators will have full access to the record, which increases regulatory efficiency and reduces the cost by removing a manual cross-checking process for transactions.
 

Di Gang

Deputy head of the digital currency research lab, People's Bank of China

According to him, the main advantage of the technology lies in the fact that the Central Bank will have full access to all records on the check.

Bitmain to Launch Mining Centre in Texas

According to the company's plans, the farms capacity can reach 300 MW, which will make it the largest in the world
21 October 2019   30

Bitmain has completed the construction of a 50 MW mining center in Rockdale, Texas.

In the future, the farm's capacity can reach 300 MW, which will make it the largest in the world, according to Bitmain.

The company will create new jobs in the region. Together with local authorities, the company also organizes training for specialists in the field of blockchain technology and the maintenance of data centers.