News

Philippines Rural Banks Testing Cryptocurrency System for Payments And Services

Five rural banks from the Philippines have signed a deal with the Union Bank of the Philippines to test a new payment reconciliation system that would help these banks to offer a subset of services that they would not be able to offer otherwise. The pilot run will test the interoperability of the rural bank’s blockchain network with UnionBank, in its first phase, according to an announcement of the Philippine News Agency.
Union Bank is the seventh greatest bank in the Philippines, ranked according to its asset value. It is a universal bank; this means that it can emit cheques and jas the ability to issue credit and debit card that can interoperate with ATMs. The purpose of the initiative called Project i2i, that was also featured during the Coindesk Consensus 2018 Conference, one of the most important 2018 blockchain meetups, is to act as a bridge and extend the rural bank capabilities to help the people on rural areas enjoy the same services that clients from urban areas can. The piloted rural banks are Cantilan Bank, Inc. of Surigao del Sur, PR Savings Bank, City Savings Bank, FairBank, and Progressive Bank.
The project has the chance of lowering transfer fees significantly, and lower payment reconciliation times. A normal operation can last more than one day to be conciliated and confirmed, in a manual process; now, with this new system, the whole process could be automated, with operations being made in less than five minutes,
The project will start testing soon because Union Bank has partnered with Consensys, an Ethereum based blockchain company, to use their Kaleido blockchain manager that lets developers put the focus on the application, and not in the architecture. This will let them save time in testing and designing the platform. Consensys has also recently made headlines, being included by Amazon Web Services, a cloud computing platform, to be offered as a service to their customers.

Related posts
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTETFNewsxbtusd

Bitcoin May Never Go Below $50k Once An ETF Is Approved, Declares On-Chain Analyst

Bitcoin may never drop below $50k asserts on-chain analyst Ki-Young Ju. But as usual, there are conditions that follow this possibility. In a tweet, Ju analyzed that Bitcoin could follow the same path that gold took in 2004 when the first…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTNewsxbtusd

Quarterback Star Tom Brady Breaks Internet After Showing Interest In Bitcoin

Tom Brady, the American athlete who is widely regarded as the “greatest” quarterback in NFL history is the latest celebrity to show interest in the world’s most valued cryptocurrency Bitcoin. Brady who has a massive Twitter following of 1.9 million…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTNewsxbtusd

Almost $200 Billion Worth Of Bitcoin Is Currently At Risk – Report Warns

A recently published 2021 crypto report by Opimas LLC, a finance-based management consultancy firm, has revealed that approximately 3,480,000 out of the world’s mined 18.5 million Bitcoin, stands vulnerable to attacks as a result of improper safekeeping. The 36-page report…