Union Bank to launch Blockchain-based platform for rural bank inclusion in the Philippines

In an effort to improve the conditions of social inclusion in the financial and economic sphere, rural banks in the Philippines revealed their intention to adopt the Blockchain technology to make a change in the lifestyle of the residents.

According to the report of the banking authorities, the project, entitled i2i, will be coordinated by the 'Union Bank', which is one of the largest institutions in the country; also, it will deal with the system known as Kaleido Blockchain, which runs in the hands of the Blockchain startup 'ConsenSys'.

For its part, the project was revealed by the head of operations of Union Bank, Justo Ortiz, who announced that the objective of the initiative is to integrate rural banking entities with the largest financial networks through a platform based on technology. of distributed accounting.

According to one of the spokesmen of the i2i initiative:

The Blockchain technology provides an incorruptible medium of shared economic transactions through a computer network. The technology provides a transparent and secure means to track assets. [...] With the Union Bank, rural banks now have access to the main banking network, which allows them to perform important banking functions that universal banks can also do.

Similarly, he added that:

Rural banks are essential because they are integrated into remote communities. Now, with technological advances, we can help these banks expand as they would eventually boost rural development. And with the blockchain we can have deciphered the code for inclusive progress at the finance level.

Undoubtedly, distributed accounting technology has achieved the unthinkable by old business models. The applications and solutions created in recent months will certainly reshape the way we trade and open the way for a more automated and less expensive future.