Large Philippines` Bank to adopt Ethereum with ConsenSys

UnionBank placed in the Philippines is cooperating with US-based company  ConsenSys to assist local establishments in implementing Ethereum and blockchain
27 May 2018   463

The Philippines has a unique financial infrastructure, and the banks are aware that only the upper class and high net-worth individuals can afford banking services. The main reason behind the difficulty of acquiring bank accounts and services in the Philippines is the base balance required by financial institutions. UnionBank, for instance, requires users to store more than $2,000 as default balance, and the failure to maintain a balance of over $2,000 could result in penalties. In a heavily Remittance-concentrated country like the Philippines, any technology that could provide transparency, security, robustness, and efficiency in processing transactions is crucial. 

ConsenSys and UnionBank concider that the blockchain could be the way that may cardinally improve the present financial infrastructure and ecosystem of the Philippines. Justo Ortiz, the chairman of UnionBank, affirm that the blockchain can  “crack the hole of financial inclusivity,” if accepted and commercialized suitably.

In the upcoming months, ConsenSys and UnionBank will cooperate to utilize Kaleido, an enterprise blockchain solution ran on top of the Ethereum blockchain protocol, to manage information and transactions more safely and transparently.

Our appetite for experimentation is warming the country up for significant transformational change for the next generations to come.
Alai Garcia
ConsenSys Solutions Lead, Asia Pacific

Ethereum founder Vitalik Buterin declared that the cost of processing information on the blockchain is essentially higher than centralized systems like Amazon Web Servers.

Blockchains by themselves are a far less efficient computer and database than technology that has existed for 40 years. If you want to talk about what blockchains are for, the answer is not simple raw efficiency. If you look at Amazon EC2 pricing, the cost of this is about $0.04 per hour. How much does it cost to make the Ethereum world computer to do stuff for you? Every Ethereum block, which comes every 14 seconds, on average takes about 200 milliseconds for my laptop seconds to process. A block has a million gas and let’s assume the average gas price of 4 GWEI. The cost of filling up an Ethereum block is $13.4 per 200 milliseconds. 
Vitalik Buterin
Founder, Ethereum

Hence, UnionBank and other banks in the Philippines that are utilizing the blockchain to act transactions have to take into consideration that blockchain technology isn’t necessarily the most rational technology to manage information. A proper solution  would have to be chosen to justify the overhead and possible cost of using the blockchain via centralized systems.

Prime Trust to Launch Custody Service for Crypto

CEO claimed his company will be the first to offer custody for any ERC-20 tokens
15 August 2018   158

Prime Trust announced the launch of the cryptocurrency custody service. This is reported by the Coindesk.

It became known that as early as the middle of July, the bitcoin storage service became available to customers, and next week support for Ethereum and ERC-20 tokens will be added.

In cryptographic storages, the access key to the wallet is stored either on a secure device not connected to the network or on paper in a safe.

Recently, information has appeared that several financial market mastodons, including Goldman Sachs, Northern Trust and Intercontinental Exchange, plan to provide custodian services for cryptocurrencies. However, according to Prime Trust head Scott Purcell, they were able to get ahead of the above-mentioned organizations.

They are trillion-dollar Fortune 100 entities, and they are just not going to move that fast. "We had had an engineering breakthrough which now enables us to easily cold-storage any ERC-20 token (along with BTC and ETH, of course).

Scott Purcell

CEO, Price Trust

Also, Scott notes that Prime Trust will be the first company to offer any ERC-20 tokens storage services.