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   201

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.

Monetha is about to release first version of its wallet app

Monetha's MVP to be released on March 21 exclusively for MTH holders in order to make a significant step towards fully working decentralized trust and reputation system
23 March 2018   72

Starting from March 31 all of MTH token holders will gain exclusive access to Monetha wallet app - the MVP of the project. The release is considered to be Beta release, and approximately 10,500 of the users of the platform will become the first to test out the product. The app will be available on both iOS and Android.

The wallet itself is based on smart contracts and features

  • making/solving claims;
  • rating merchants;
  • writing reviews;
  • review of purchase history;
  • see clients' and merchants' trust ratings

The integration with Monetha through the app will allow merchants to accept Ethereum based tokens as a payment and then easily convert cryptocurrency into fiat currency. Monetha's mission is 'to develop and deploy the best transaction system that would be based on enforceable contracts without third party between consumer and merchants and a strong decentralised reputation management system'. Its solution is going to be universal, transparent, self-executing and transferable.

To the moment of the publication, Monetha's market parameters are as follows:

Average price: $0.102597

Market cap: $22,274,083

Volume (24): $435,208