HSBC, the U.K. bank, is backing a U.S. startup in the blockchain field called Axoni, Cryptovest reported. The firm plans to put the funds to use by growing its AxCore system, which is based on distributed ledger technology (DLT), as well its smart contracting language called AxLang. (It also plans to enhance its technology for data synchronization.) With the latest investment, the company’s fresh money has risen to $36 million.
HSBC Global Banking and Markets, Americas COO Matthew J. Flanigan said in a press release, “distributed ledger technology will clearly be important in modernizing the shared infrastructure of capital markets. Axoni has demonstrated that they are the leader in this space and HSBC is delighted to work with them on increasing efficiency and lowering costs for the industry.”
And McAfee researchers have come across WebCobra, a new nefarious crypto malware that steals computing power to mine digital currency, TheNextWeb reported. To put the software on different computers, the hackers are using a Microsoft installer package that puts different miners on x64 and x86 systems, respectively. The report claims that the U.S, Brazil and South Africa have seen the worst impacts of the software and that the malware originated from Russia.
In other news, a consortium called VAKT Global is seeking to create a blockchain platform for the energy industry, Coindesk reported. The idea is to have smart contracts supplant paper documents, which could cut down on errors and costs while increasing the efficiency of processes after trades. VAKT Global Vice President of Product Development Lyon Hardgrave said, according to reports, “we expect to go live at the end of November in the North Sea oil market. In 2019 we will look at ARA barges, waterborne markets, and U.S. crude pipelines.”
And a commercial bank and federal agency in Australia have concluded an experiment with a “smart” money blockchain app, Coindesk reported. The idea behind the app for “programmable money” was to help enhance budgeting and insurance payouts and involved National Disability Insurance Scheme (NDIS) members. Commonwealth Bank of Australia (CommBank) ran the trial along with the Data 61 division of The Commonwealth Scientific and Industrial Research Organization’s (CSIRO).
CommBank’s head of government and ADIs Julie Hunter said in a press release, “The results also show potential to reduce administration costs for disability service providers and the risk of fraud and accidental misspending. The trial has also highlighted that the technology could have wide application across the government, business, and not-for-profit sectors.”