Asia Blockchain Updates 2019.12.12 WeBank by Tencent will lead National Blockchain Network, More Usage of Blockchain in China, What about others?

Sentinel Protocol Tracks down Upbit Hacker, a total of 16,033 times through about 7216 wallets in several days,
China State-Owned Oil Comp, Sinochem uses Blockchain for Oil Trading,
WeBank by Tencent will lead Blockchain technology in National Blockchain Project of China

Asia Blockchain Updates 2019 by Amy Kang

Uppsala Security by Sentinel Protocol: “Upbit Hacker Funds Transactions are Captured in 9 different Exchanges.”

Upbit Hacker Funds’ Activity Tracker by Sentinel Protocol

It was confirmed that stolen ETH from Upbit was transacted a total of 16,033 times through about 7216 wallets. There are 9 cryptocurrency exchanges where hackers are trying to enter and sell their funds.

According to Uppsala Security’s Tracking Real-Time Bulletin, which generally offers cryptocurrency money laundering solutions, the stolen ETH funds from Upbit has flowed into 12 different Binance wallets, 3 Huobi wallets and 8 wallets of LATOKEN. Also, Uppsala has captured the transactions in several different wallets such as Switchain, 60cek, Bit-Z, Bittrex, Biloxy and ZB Exchange.

Donovan Tan, a cybersecurity researcher at Uppsala Security, said: “The stolen funds quickly have spread to many wallets, through this hacker’s behavior, we can find out that Upbit hacker distracts our investigation.”

Uppsala Security uses Crypto Analysis Transaction Visualization (CATV) tool, a cryptocurrency tracking security solution, to analyze and track Upbit’s stolen funds in real-time.

Chinese State-Owned Oil Company Integrates Blockchain to Oil Trading

Sinochem is willing to integrate Blockchain into Oil trading system.

China’s state-owned oil company, Sinochem (China Chemical Group) has decided to introduce blockchain technology into its oil trading.

Sinochem applied blockchain technology to trade petrochemical products from Quanzhou, China to Singapore in 2018. According to Sinochem, This reduces the time when it takes to confirm a transaction.

Recently, Sinochem has built a blockchain platform with leading multinationals to increase oil trading efficiency and transparency, and mitigate the risk of fraud.

One of Korean media agency, IT Chosun has conducted a phone interview with Forrester Yang, Shino-Chem blockchain development manager to take his opinions about the development status of the blockchain in Sinochem. Mr.Yang, who is currently in Beijing, leads the blockchain team at Sinochem through multinational accounting consulting firm

PwC and the largest US agricultural machinery company John Deere.

Yang said, “We will try to solve various problems in the existing petrochemical business with blockchain. The most representative problem that we need to solve immediately is inefficiency.”

He cites the paper trade as an example. Although most industries have been digitized, the petrochemical industry still uses paper documents for Oil trading. This is why Sinochem and Mr.Yang both aim to change the petrochemical industry by introducing blockchain technology to increase transaction transparency and reduce costs by 20–30%.

Yang added, “You can replace the existing paper-based paperwork with a smart contract on the blockchain.”

In particular, Sinochem is not just utilizing blockchain technology. It covers the whole 4th industrial revolution technologies such as AI and big data. This is to convert current petroleum trading, which is conducted between business to business (B2B) or business to consumer (B2C), into consumer business (C2B).

WeBank Backed by Tencent Provides Tech Support to Chinese National Blockchain Consortium project

Digital Bank, WeBank will lead Chinese Blockchain Consortium project

WeBank was selected as the main technology provider that will be the basis of the blockchain consortium project in China, which is being led by the Chinese government. Shenzhen’s Digital Bank Webank has several well-known shareholders, Tencent has a stake of about 30%. WeBank provides loan service primarily for small businesses and individuals in China

The China Financial media, reported on Dec 11th that Webank will offer its own open consortium chain, FISCO BCOS, to the first national blockchain alliance, Blockchain Service Network (BSN) of China.

FISCO BCOS that WeBank has obtained patents is not just a blockchain, but a collection of various blockchains that can be used for the convenience of the general public.

At the BSN Consortium, which was held with its founding member last week, now has a total of 14 companies participating as members, and each member develops and operates blockchain applications with its own technology and professionality that can be integrated into the network.

A total of 14 founding members included WeBank, Huobi China, and the National Information Center (SIC), China Union Pay, China Mobile, and China Telecom.

Established in December 2014, WeBank has been the first digital bank to be authorized by the China Securities Regulatory Commission. WeBank has consistently expanded its business to blockchain. In addition to the largest shareholder Tencent, WeBank is receiving investment and support from large companies, including the Liye(立业) Group and Baiyeyuan(百业源) as promoters.

BSN is a blockchain network that the Chinese government is developing to integrate public services provided under state control, such as telecommunications and energy management.

BSN has already completed pilot operations in 25 Chinese cities, Hong Kong and Singapore. The state media reported that more than 200 cities will participate in the pilot by next year.

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