17 January 2019

Blockchain and cryptocurrency: here are the banks that focus on hi-tech finance

19 March 2018  |  40829 views  |  1 Tas Group

From Ubs to Credit Suisse, from Santander to Unicredit, blockchain-based initiatives are multiplying: finance operations become more transparent and effective, costs are reduced.

 Not only bitcoin: blockchain, the technology behind the well-known (and sometimes disputed) cryptocurrency, isn’t useful just to create virtual coins and shouldn’t be associated to negative experiences, such as fluctuation in value, speculations or illegal uses. On the contrary, blockchain is a technology for “strengthening” computer operations and data processing exchanged between a variety of subjects by introducing a higher form of automation and guaranteeing higher integrity.

Blockchain technologies have the potential to transform both digital services and business models for multiple industries, and in the case of banking and financial transactions, registering information blocks in a distributed way allows for greater efficiency and speed with higher levels of traceability and security.

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Comments: (1)

Anne-Claire Gorge
Anne-Claire Gorge - SOCIETE GENERALE - Paris 20 March, 2018, 10:05

the article mentions "Applying blockchain to track and manage transactions and payments is also a focus of the R3 consortium, in which banking giants such as Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Société Générale and Unicredit are participating." There is a confusion there : indeed most of the above mentioned banks are also members of R3 but this precise list refers to the we.trade consortium, joined a few months ago by Santander and Nordea. The purpose is to offer a brand new fully digital solutions to corporate companies to secure and finance their trade transactions, leveraging blockchain technology. The consortium should be the first one to put a solution of this kind in production. More to follow !

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