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   640

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.

PwC to Represent Crypto Analysis Tool

Halo aims to provide warranty services to cryptocurrency transactions, in particular, the solution helps to create independent evidence for private-public key pairs
20 June 2019   80

One of the world's largest consulting firms, PricewaterhouseCoopers (PwC), announced the launch of an updated audit solution that supports cryptocurrency assets. This is stated in the press release of the company.

A tool called Halo aims to provide warranty services to cryptocurrency transactions. In particular, the solution helps to create independent evidence for private-public key pairs, which is one of the elements necessary for establishing cryptocurrency ownership rights.

In addition, Halo can collect information about transactions and balances on the blockchain.

As noted in the statement, the decision can be used by companies for which PwC is not an auditor. The initiative should help them try new opportunities and solve problems related to the blockchain and cryptocurrencies.

Currently, PwC can use the updated tool to provide warranty services to customers operating Bitcoin, Bitcoin Cash, Bitcoin Gold, Bitcoin Diamond, LiteCoin, Ethereum, Ripple (XRP), as well as the ERC-20 OAX token.

PwC has been showing quite a strong interest in the cryptocurrency industry for several years now. So, in 2017, the company began accepting payments in Bitcoins, and last year began to develop new standards for the ecosystem of digital assets and stablecoats.