Chinese Banks to Create Credit Blacklist on Blockchain

Suning Bank will place a list of suspicious borrowers in a distributed ledger to establish cooperation with other financial institutions
14 June 2018   514

The banking unit of Chinese retail giant Suning is testing a blockchain-based application that will allow banks to create a common list of customers with a bad credit history. This is reported by the CoinDesk.

According to the local edition of Sina Finance, Suning Bank will place a list of suspicious borrowers in a distributed ledger to establish cooperation with other financial institutions andd prevent fraud. Each participating institution becomes a node of the blockchain in the consortium and will have access to the original "black list" and will supplement it with their own data.

Suning Bank was founded in 2017. In September last year, together with the banks CITIC and Minsheng, it joined a consortium that uses a blockchain system to record transactions of domestic letters of credit.

In May 2018, the British fintech-company Billon announced the development of a solution for the Credit Information Bureau, which will store and delete client data using distributed registry technology.

Binance to Spread Crypto Fiat Wings

The list of upcoming jurisdictions was found by the Block
18 January 2019   63

The Block has gained access to the list of jurisdictions in which the largest cryptocurrency exchange Binance intends to launch fiat trading platforms. The latter use technology Binance, but will be separate legal entities.

Alleged Binance New Operation Jurisdictions
Alleged Binance New Operation Jurisdictions

In 2019, the exchange allegedly intends to launch full-scale activities in Malta and in Singapore. At the same time, South Korea, Liechtenstein, Russia, Turkey and Argentina are in the plans.

Note that in October last year, such a platform appeared in Uganda, and just a few days ago - on the island of Jersey.