Global Multinational Banks are all working to adopt or embrace Blockchain technology in different ways. Banks have understood the value that Blockchain brings to the table Security, Transfer of assets.
Broadly banks are adopting Blockchain technology considering following advantages that banks can harness:
- Transforming Cross-border payments
- Cost reduction
- Security
- Risk
- Transparency
Here I have compiled a list of banks that are most actively working on Blockchain technology, the approach they are following to adopt this technology and their focus areas.
I am not going to cover the various consortiums that banks are joining or leaving, but only of individual bank efforts in matters related to Blockchain.
(I am not very good with formatting on steemit editor, so I am uploading the presentation that I had made)
What are banks looking for when adopting Blockchain technology?
US banks are aggressively partnering with startups and patenting Blockchain technology
European Banks are testing Blockchain for Trade Finance and International Payments, and are looking to cut infrastructure cost
UBS and BNP Paribas have setup labs to test and deploy Blockchain technology with clients
Bank of America, which has 15 Blockchain payments in its kitty and has filed 20 other patents is testing Blockchain technology to transform International Payments, Interbank payments, and documentation. Here is what Catherine Bessant, the chief operations and technology office at BoA has to say,
"Blockchain's very intriguing and for us it's a balance between not wanting to be Neanderthal but not wanting to put something out in a commercial application… And we have tried to stay on the forefront, I think we have somewhere around 15 patents, most people would be surprised at Bank of America with patents in the blockchain or cryptocurrency space. (It's) very important in the intellectual property world to reserve our spot even before we know what the commercial application might be."
In summary, Global Banks are not considering Blockchain technology as threat, but a way to revolutionize Payments (from T+2 to instant), documentation, Clearing and Settlement.
It may take some time that banks rollout full scale services based on Blockchain, but in preparation to that banks are working with Industry leaders like Ethereum, Ripple in forms of partnerships or consortiums to test this technology.
As mentioned by Goldman Sachs,
"Blockchain could be the new operating system for the Planet"
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