During the Blockchain Applications and Economics Forum (Blockchain Asia Forum) 2018, Union Bank had a large booth at the exhibition hall that showcases its commitment to spreading blockchain awareness in the country – a working mining rig.
The mining rig consists of 6 Nvidia consumer grade hardware that the public can buy on local computer stores. The rig uses Nice Hash. Nice Hash determines which algorithm is the fastest and the most profitable. Even though it can mine different coins, its payout is always in bitcoin.
When asked about the bank’s plan with these mining rigs, Mr. Louis Concepcion, senior programmer, and Mr. Marco Romero, business process automation engineer at Union Bank, said this hardware is for experimentation purposes and to gather information about how they work.
The blockchain is being experimented and utilized extensively over at Union Bank. The i2i project is one such initiative to use the blockchain to connect rural banks, and therefore, the unbanked, into the country’s main financial network.
Mr. Concepcion also shared that the bank is currently looking at putting into the blockchain all its general policies documents. This will allow the bank to keep track of any improvements to the policy records and also track its views. For example, the blockchain can pinpoint exactly when a policy is created or improved upon. If the Central Bank inquires about a certain policy, the bank has an immutable record on when exactly the policy has taken effect.
Union Bank also showcased the same mining rig during a previous business conference.