Western Union bans cryptocurrency transactions

WU decided to block transactions with digital currency exchanges
05 December 2017   309

International money transfer services provider has started a campaign against wire transfer transactions with digital currency exchanges. This decision to block cryptocurrency services and transactions is covered by its internal regulations. Also they reported about it in a Reddit post about the cryptocurrency exchange Kraken. In that time they said they not processing a transaction with digital currencies because it is against WU internal rules.

This decision could have a negative effect for the operation of virtual currency exchanges and the consumers using cryptocurrencies. Also the WU company could leave much of business in the long term, because the cryptocurrencies popularity grows up.

The Western Union company was established in 1851. The firm offers some range of services -  remittance, wire transfers and business payments. Also earlier the company has been cross-border transactions through Blockchain.

Bank of China Filed a Patent to Scale Blockchain Systems

Bank of China has filed a patent application for a process able to scale blockchain systems  
23 February 2018   102

According to a document released by China's State Intellectual Property Office (SIPO) on February 23, the application was invented by Zhao Shuxiang and first submitted on September 28 last year.

The application states that instead of letting a new block store transactions from its previous one, a data compressing system could be used to pack transactions from multiple blocks into what the patent calls a "data block."

For example, when the system receives a request to compress transactions from block 1 to 1,000, it causes a new data block to be formed and temporarily hosted on a different storage system. Then, the system will run the packed data through a hash function with a hash value. After that, the compression system will attach labels in order to identify blocks on the blockchain.

With the use of the described method, the patent claims a reduction in the amount of the data stored in new blocks as transactions mount in a blockchain while ensuring that data from all previous transactions will still be tamper-proof and traceable.

At the moment, the patent in the review process.