• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Blockchain

One of the Largest Banks in the Philippines is Implementing Ethereum With ConsenSys

Joseph Young by Joseph Young
3 years ago
in Blockchain
Reading Time: 3min read
One of the Largest Banks in the Philippines is Implementing Ethereum With ConsenSys
Advertisement

UnionBank, one of the biggest banks in the Philippines, is working with US-based blockchain software technology company ConsenSys founded by Ethereum co-founder Joseph Lubin to assist local financial institutions in integrating Ethereum and blockchain-based platforms.

Remittance-Focused Industry

The Philippines has a unique financial infrastructure, and the banks are aware that only the upper class and high net-worth individuals can afford banking services. The vast majority of individuals and even businesses rely on local remittance networks and outlets such as M Lhuillier, Cebuana Lhuillier, Palawan, and LBO to send and receive payments both domestically and internationally.

Remittance outlets are often more readily accessible in rural areas and provinces, especially in areas that are not profitable for banks to establish offices and run all-inclusive operations. In major cities like Cebu, remittance outlets are seen in every corner of every street, sometimes 10 meters apart from each other.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The main reason behind the difficulty of acquiring bank accounts and services in the Philippines is the base balance required by financial institutions. UnionBank, for instance, requires users to store more than $2,000 as default balance, and the failure to maintain a balance of over $2,000 could result in penalties.

In a heavily Remittance-focused country like the Philippines, any technology that could provide transparency, security, robustness, and efficiency in processing transactions is crucial. ConsenSys and UnionBank believe that the blockchain could be the technology that might be able to drastically improve the current financial infrastructure and ecosystem of the Philippines.

Justo Ortiz, the chairman of UnionBank, stated that the blockchain could “crack the hole of financial inclusivity,” if implemented and commercialized appropriately.

In the upcoming months, ConsenSys and UnionBank will closely collaborate to utilize Kaleido, an enterprise blockchain solution launched on top of the Ethereum blockchain protocol, to process information and transactions more securely and transparently.

Alai Garcia, ConsenSys Solutions Lead in Asia Pacific, said that UnionBank is their first bank client in the Philippines and that the country could be one of the few regions in the world that could maximize the benefits of using the blockchain as both public and private sectors are keen on applying blockchain technology to existing systems.

“Our appetite for experimentation is warming the country up for significant transformational change for the next generations to come,” said Garcia.

Vitalik Buterin’s Blockchain Vs. Centralized System Cost Comparison

At the Deconomy 2018 blockchain conference held in Seoul, Ethereum founder Vitalik Buterin, who has continued to work on innovative scaling solutions like Sharding and Plasma throughout the past year to improve the scalability of the Ethereum network, stated that the cost of processing information on the blockchain is substantially higher than centralized systems like Amazon Web Servers.

“Blockchains by themselves are a far less efficient computer and database than technology that has existed for 40 years. If you want to talk about what blockchains are for, the answer is not simple raw efficiency. If you look at Amazon EC2 pricing, the cost of this is about $0.04 per hour.

How much does it cost to make the Ethereum world computer to do stuff for you? Every Ethereum block, which comes every 14 seconds, on average takes about 200 milliseconds for my laptop seconds to process. A block has a million gas and let’s assume the average gas price of 4 GWEI. The cost of filling up an Ethereum block is $13.4 per 200 milliseconds,” said Buterin, emphasizing that using the Ethereum supercomputer leads the overhead to increase by a factor of 1 million.

Buterin also noted that the overhead of using Ethereum over Amazon is larger by a factor of 1 million.

Hence, UnionBank and other five rural banks in the Philippines that are utilizing the blockchain to process transactions have to take into consideration that blockchain technology isn’t necessarily the most efficient technology to process information. A proper use case and application would have to be selected to justify the overhead and opportunity cost of using the blockchain over centralized systems.

Tags: blockchainblockchain technologyConsensysethereumJoseph LubinUnionbankVitalik Buterin
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Joseph Young

Joseph Young

Joseph is a web developer and designer, writer and a passionate musician who loves to travel often. He's worked as a researcher for a number of venture capital firms and as a freelancer designer for resorts and corporations in Korea and the Philippines.

Related Posts

ethereum gas fees uniswap uni

Uniswap UNI Token FOMO Brings Ethereum Fees To Nearly $1M An Hour

5 months ago
bitcoin btcusd

How BTC Held On Exchanges Matches Bitcoin’s Deadliest Drop Yet

5 months ago
bitcoin whale

“Intense” Bitcoin Whale Exchange Flow Could Be Behind Weekend Crash

5 months ago
ethereum defi crypto altcoin ethusd

DeFi Effect: Ethereum Network Grows 25% In 2020, Most Addresses Profitable

6 months ago
Blockchain Battle With China Ensues With New US Congress Bill Proposal

Blockchain Battle With China Ensues With New US Congress Bill Proposal

6 months ago
bitcoin justice crime irs us goverment

Justice Department AG Claims US Gov, IRS Has Tools To Track Bitcoin Users

7 months ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Oxygen Protocol to List OXY Tokens on BitMax

February 24, 2021

HOPR Hosts Global Token Launch Event on February 24th after First-Of-Its-Kind DAO Experiment

February 24, 2021

Egoras- a Decentralized Finance Ecosystem for Growing Markets!

February 23, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.