Four big banks joined forces with UBS

UBS is developing Batavia - blockchain based platform for trade financing
05 October 2017   703

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


Crypto Investor to File Lawsuit Against AT&T

Michael Terpin believes that AT&T helped scammers to still his $24M worth crypto
16 August 2018   120

In the Los Angeles District Court, a 69-page lawsuit was filed by BitAngels founder Michael Terpin against the American telecom giant AT&T. Terpin claims that the operator assisted fraudsters in "stealing digital personal data" from the account on his smartphone, which is why he lost $ 24 million in cryptocurrency, according to an official release.

According to Terpin, for seven months, there were two hacks. Initially, an attacker got access to his phone number without providing a password or correct identification data. Later, the phone number was used to steal crypto.

AT&T’s studied indifference to protecting its customers’ privacy and financial assets is a metastasizing cancer, threatening hundreds of millions of unsuspecting AT&T’s customers. Our client had no idea when he initially signed up, nor when later he was promised the highest level of security for his account, that low-level retail employees with access to AT&T records, or people posing as them, can be bribed by criminals to override every system that AT&T advertises as unassailable.

Pierce O’Donnell
Lead counsel for Terpin in this complaint

Michael Terpin requires AT & T to pay him $ 224 million - $ 200 million for moral damages and $ 24 million for actual theft.