Four big banks joined forces with UBS

UBS is developing Batavia - blockchain based platform for trade financing
05 October 2017   451

Four large banks joined the project to develop a blockchain based platform for trade finance, which was presented last year by Swiss financial company UBS and technology corporation IBM. This is reported by ZDnet.

The new participants of the project are Bank of Montreal (BMO), CaixaBank, Commerzbank and Erste Group. The idea of ​​the project is to create a system for conducting international trade transactions, where paper letters of credit are replaced by smart contracts.

The platform is called Batavia. It was firstly presented at a banking conference in Geneva in October 2016. It is based on the Hyperledger Fabric technology. The pilot testing of the new platform is scheduled for early next year.

In working with hundreds of clients to implement blockchain solutions, financing global trade has emerged as one of the use cases most in need of innovating. Targeting the creation of large, global, multi-modal networks that bring transparency and trust to each step of the trade process is what makes Batavia a platform with so much potential to transform the way companies around the world do business with one another.
 

Fabio Keller
Project Lead, IBM

 

Bank of China Filed a Patent to Scale Blockchain Systems

Bank of China has filed a patent application for a process able to scale blockchain systems  
23 February 2018   102

According to a document released by China's State Intellectual Property Office (SIPO) on February 23, the application was invented by Zhao Shuxiang and first submitted on September 28 last year.

The application states that instead of letting a new block store transactions from its previous one, a data compressing system could be used to pack transactions from multiple blocks into what the patent calls a "data block."

For example, when the system receives a request to compress transactions from block 1 to 1,000, it causes a new data block to be formed and temporarily hosted on a different storage system. Then, the system will run the packed data through a hash function with a hash value. After that, the compression system will attach labels in order to identify blocks on the blockchain.

With the use of the described method, the patent claims a reduction in the amount of the data stored in new blocks as transactions mount in a blockchain while ensuring that data from all previous transactions will still be tamper-proof and traceable.

At the moment, the patent in the review process.