UK Bank HSBC to Test Blockchain Payments

International banking giant HSBC is close to testing live trade finance blockchain transactions with clients  
01 March 2018   418

According to reports, the bank is going to launch several pilot programs based on existing proof-of-concept (PoC) projects in order to begin transitioning to live blockchain transactions. It was announced during a private media call earlier this week.

Joshua Kroeker, HSBC senior innovation manager stated that the launch would mark the fruition of trials conducted over the course of two years. It will include one of the announced in August 2016 that tests the use of a blockchain in replicating letters of credit.

Currently, the main goal is to develop trust between two or more entities by creating a system to authenticate data.

Going from that PoC in 2016, we're at the tipping point of getting our customers involved in live transactions in the coming weeks and months. The technology has come a long way, we're much more comfortable with its security and scalability.

Joshua Kroeker

HSBC Senior Innovation Manager

PoC is one of the first the bank is going to pilot. At the moment, the bank is involving its customers in the programs.

The bank’s plan is to launch a live network in early 2019.

7 Accounts blocked by EOS BP without Going an Arbitration

EOS is facing another issue just days after its mainnet activation, as the newly elected block producers have frozen 7 EOS accounts on suspicion of being stolen
19 June 2018   49

The backlash began as the block producers did go over arbitration, an integral part of the EOS’s governance system. The critics are certainly questioning the credibility of the project. Jackson Palmer, the creator of Dogecoin and a well-known person in the blockchain industry, questioned the very governance process constructed by EOS and the role of EOS Core Arbitration Forum (ECAF).

The structure of EOS’s governance has been parted into 3 distinct groups - block producers, arbiters, and token holders. This separation resembles the executive, constituency, and judicial, of any governed system respectively. 

On 17 June 2018, the top 21 Block Producers unanimously agreed to protect property that may have been compromised through phishing attacks or other scams where member’s private keys were compromised. The EOS911 initiative was created by EOS42 as a way to prevent victims of private key theft from having their tokens lost once the 72-hour unstacking period ended following the EOS Mainnet Launch. Once that period ended, the thieves would be free to transfer the tokens wherever they’d like, rendering futile any recourse available to the community at this time.
EOS New York, in their recent post

So, in this case, the block producers did not go with the arbitration, rather they only conferred with them. Then the post added:

Foreseeing the process that would be required to act, EOS New York, on a call with BPs and BPCs, requested an expedited review of the merits of the case from ECAF (EOS Core Arbitration Forum) who was also on the call. The idea was that if ECAF found merit in the evidence provided, a formal ruling from ECAF would ask the BPs to “freeze” the accounts in question until such time that a thorough and formal review of the claims could be completed.
EOS New York, in their recent post

This is not the first problem EOS is facing amid its mainnet activation, as within 48 hours of that, the network suspended because of some bug. Though the error only led to a 5-hour network blackout, that is surely not something the team would have expected.