EGX ends week mostly higher on Oct. 16    Egypt, Qatar sign MoU to boost cooperation in healthcare, food safety    Egypt, UK, Palestine explore financing options for Gaza reconstruction ahead of Cairo conference    Egyptian Amateur Open golf tournament relaunches after 15-year hiatus    Egypt's Kouchouk: IMF's combined reviews will give clearer picture of fiscal performance    Egypt will never relinquish historical Nile water rights, PM says    Oil prices rise on Thursday    Fragile Gaza ceasefire tested as humanitarian crisis deepens    Egypt explores cooperation with Chinese firms to advance robotic surgery    CBE, China's National Financial Regulatory sign MoU to strengthen joint cooperation    Avrio Gold to launch new jewellery, bullion factory in early 2026    AUC makes history as 1st global host of IMMAA 2025    Al Ismaelia launches award-winning 'TamaraHaus' in Downtown Cairo revival    Al-Sisi, Burhan discuss efforts to end Sudan war, address Nile Dam dispute in Cairo talks    Egypt's Sisi, Sudan's Al-Burhan renew opposition to Ethiopia's unilateral Blue Nile moves    Egypt's Cabinet hails Sharm El-Sheikh peace summit as turning point for Middle East peace    Gaza's fragile ceasefire tested as aid, reconstruction struggle to gain ground    Egypt's human rights committee reviews national strategy, UNHRC membership bid    Al-Sisi, world leaders meet in Sharm El-Sheikh to coordinate Gaza ceasefire implementation    Egypt's Sisi warns against unilateral Nile actions, calls for global water cooperation    Egypt unearths one of largest New Kingdom Fortresses in North Sinai    Egypt unearths New Kingdom military fortress on Horus's Way in Sinai    Egypt Writes Calm Anew: How Cairo Engineered the Ceasefire in Gaza    Egypt's acting environment minister heads to Abu Dhabi for IUCN Global Nature Summit    Egyptian Open Amateur Golf Championship 2025 to see record participation    Cairo's Al-Fustat Hills Park nears completion as Middle East's largest green hub – PM    El-Sisi boosts teachers' pay, pushes for AI, digital learning overhaul in Egypt's schools    Egypt's Sisi congratulates Khaled El-Enany on landslide UNESCO director-general election win    Syria releases preliminary results of first post-Assad parliament vote    Karnak's hidden origins: Study reveals Egypt's great temple rose from ancient Nile island    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Egypt reviews Nile water inflows as minister warns of impact of encroachments on Rosetta Branch    Egypt aims to reclaim global golf standing with new major tournaments: Omar Hisham    Egypt to host men's, juniors' and ladies' open golf championships in October    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







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IBM in blockchain project with China UnionPay
Published in Amwal Al Ghad on 24 - 09 - 2016

IBM said on Friday it completed a pilot project with Chinese credit card company China UnionPay that will facilitate the sharing of loyalty bonus points among banks using block chain technology.
Bonus points earned through purchases on bank cards have long been an effective tool to attract and encourage customers to use specific cards. But since bonus points cannot be freely exchanged among different banks, offering various rewards, many go unused.
IBM's collaboration with China UnionPay will enable consumers worldwide to exchange bonus points from their various banks in less than a minute to select rewards they want.
Block chain, the underlying technology in digital currencies such as bitcoin, has become one of the hottest innovations in the financial services world. Technology companies and banks have been exploring the use of block chain in all facets of both the financial and non-financial industries.
Dr. Shen Xiaowei, director of IBM Research-China and chief technology officer of IBM Great China Group said the company also is partnering with the Hyperledger Project to build a block chain platform and help clients develop more uses for industry.
Hyperledger is a cross-industry collaboration started in December by the Linux Foundation to support block chain-based applications designed to support global business transactions, including major technological, financial, and supply chain companies.


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