Chinese ABC Bank to Test Blockchain Loans Backed by Land

In the future, according to the representatives of the bank, they will start issuing other types of loans with the help of a blockchain
31 July 2018   1001

The Agricultural Bank of China (ABC), the world's fourth-largest bank by assets, issued the first loan with the help of a blockchain, Cointelegraph reports.

ABC, owned by the state and ranking itself among the "big foursome" of the largest banks in China, said that it issued a loan of $ 300,000 provided by a piece of agricultural land in Guizhou Province.

ABC will "generate blocks together with local residents, land and resource departments, and agriculture and livestock management departments with the help of the blockchain", and adds that the loan is aimed at "supporting the local tea industry".

In the blockchain-project, third parties (including the local branch of the People's Bank of China) are involved, serving as nodes that verify the correctness of credit data.

In the future, according to the representatives of the bank, they will start issuing other types of loans with the help of a blockchain. The distributed registry technology allows ABC to solve the problem with customers who take loans in different banks for the same piece of land.

Switcheo to Launch Cross-Chain ETH-NEO Atomic Swaps

Developers says that the technology of atomic swaps has been known for few years, but is not popular, since its implementation in practice is quite complicated
25 April 2019   54

Switcheo announced the official launch of the atomic swaps feature for the Ethereum and NEO blockchains.

From now on, Switcheo users have access to the inter-block exchange of their own token exchange, SWTH and ETH, which allows for the transfer of assets between two markets represented on the trading platform and makes Switcheo the first decentralized exchange that implements this functionality.

A challenge with existing trustless exchanges is that trades are confined to individual blockchains, limiting the market combinations that can be offered to users” says . With the launch of the new feature, users can now trade conveniently between ETH and NEO markets, while retaining full custody of their funds.
 

Ivan Poon

CEO, Switcheo

According to the developers, the technology of atomic swaps has been known for several years, but is not widely used, since its implementation in practice is quite problematic. Switcheo lead developer John Wong explained that his team spent a lot of time adapting the process to the user's needs and achieved the desired result.