Hong Kong Government to Educate the Public on Cryptocurrency

Hong Kong’s Financial Services and Treasury Bureau and Investor Education Center have launched a public campaign to educate the public
01 February 2018   151

Hong Kong’s Financial Services and Treasury Bureau and Investor Education Center have launched a public campaign to educate the public

Due to the aroused public interest and hype around cryptocurrencies Hong Kong’s Financial Services and Treasury Bureau (FSTB), and Investor Education Center (IEC) have launched the educational campaign in order to provide a comprehensive understanding of the potential risks of cryptocurrency transactions.

The campaign includes educational videos which will be posted on social media, television and radio advertisements, advertisements throughout Hong Kong’s public transport.

Under Secretary for the FSTB, Joseph Chan believes that the aim of the program is to provide a correct and comprehensive understanding of ICOs and cryptocurrencies. The campaign will help people have a better idea of digital currency and investing in it.

This campaign is not the first attempt of developed countries to launch an educational program on cryptocurrencies. A few months ago Russian government suggested educating the public on their financial literacy.

The main reason for launching such educational programs supported by governments is the dangerous volatility of the cryptocurrency markets which many traditional investors are not prepared for.

Unlike the hostilities faced in China, Hong Kong is focused on protecting and informing traders and investors.

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   55

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.