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   1506

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.

BitPay to Add Ethereum Support

The company will implement Ethereum support on BitPay Visa prepaid debit cards and allow merchants to accept coin as a mean of payment
17 September 2019   202

BitPay cryptocurrency processing will add support for Ethereum in the coming weeks. Merchants will be able to accept a coin as payment, and users can store it in their wallet.

BitPay is consistently at the forefront of using cryptocurrency to solve real-world problems and offer our global customers the best options to accept and pay with multiple blockchain assets. As one of the largest crypto currencies by market cap and one used by thousands of companies, Ethereum is the next logical choice.

Stephen Pair

CEO of BitPay

The company will also implement Ethereum support on BitPay Visa prepaid debit cards.

It is exciting to see BitPay leading the way in integrating Ethereum into global payment systems. This truly opens up a new world of possibilities for the Ethereum ecosystem, and together we can continue to be a leading innovator for real world use cases for cryptocurrencies.

Vitalik Buterin
Founder and creator, Ethereum

At the moment, the service supports Bitcoin and Bitcoin Cash, and also offers merchants settlements in stablecodes USDC, GUSD and PAX and 12 world currencies.