Global Banks Embracing Blockchain Technology to revolutionise payments and documentation
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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I see the bank patents as something that can threaten Bitcoin and Steemit and block chains and maybe even Linux and different open source projects and people and groups globally. Some people do try to stop the smaller people from being able to do things. Rothschild and the NWO and the world banks like Morgan are out there and have always dominated for centuries now and they will continue to try to be monopolies and they will continue to minimize and also deactivate or destroy competitions and competitors and profits and freedoms and rights and everything as much as you can.
But thats the approach that BoA always follow - they patent everything that they do... But its the time for promoting "Open Innovation Culture" patents may restrict your approach towards innovation
Yes. I see and that concerns me. Also, bills in the USA are trying to compare Bitcoin with tax evasion and they are trying to make these laws to attack us all and we must share that info more each day and vote out those people and we should do our best to stop bad laws like that and then there are those patents too and many things are coming at us to take from us and to stop us. But we must not lose hope and we must continue to fight with passion.
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