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   513

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.

Japan to Tighten Regulation Due to Zaif Hack

$ 62 000 000 worth cryptocurrency was stolen from the Zaif exchange few weeks ago
25 September 2018   83

Hacking of Zaif exchange is the reason for toughening control over the market by the financial regulator of Japan, Reuters reports.

The first measure taken was administrative sanctions against the exchange and its operator Tech Bureau Corp. The Financial Services Agency (FSA) has expanded the list of requirements for the latter, pointing out the need to identify preventive measures and search for the organizers of the theft.

Shortly before that, researchers of the Japanese financial company Tech Bureau Corp could not provide details of the theft of $ 62 million from the Zaif crypto exchange at the request of the FSA. The Osaka-based operator had to investigate the causes, consequences of the theft and options for compensating the victims. According to the Agency, the financial company could not cope with the task.

According to the Tech Bureau, the exchange was hacked on September 14 within a few hours. The problem with the server was discovered by the site staff on 17 September. Official confirmation of the incident and notification of the authorities was made only a day later.

Recall, the theft of $ 60 million from the Japanese stock exchange Zaif caused a surge of volatility of bitcoin. For a short time the price was able to overcome the distance of $ 400.