Banks adopting blockchain ‘dramatically faster’ than expected: IBM

  • Banks adopting blockchain ‘dramatically faster’ than expected: IBM
  • “2017 looks to be the year banking on blockchains shifts from zero to sixty.”
  • LONDON (Reuters) – Banks and other financial institutions are adopting blockchain technology “dramatically faster” than initially expected, with 15 percent of top global banks intending to roll out full-scale, commercial blockchain products in 2017, IBM said on Wednesday.
  • “The industry is hurtling toward blockchain adoption far faster than many expected,” IBM said in its report.
  • “First movers are setting business standards and creating new models that will be used by future adopters of blockchain technology,” said IBM Banking and Financial Markets general manager Likhit Wagle.

By Jemima Kelly LONDON (Reuters) – Banks and other financial institutions are adopting blockchain technology “dramatically faster” than initially expected, with 15 percent of top global banks intending to roll out full-scale, commercial blockchain products in 2017, IBM said on Wednesday.
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Banks adopting blockchain ‘dramatically faster’ than expected

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‘Banks adopting blockchain ‘dramatically faster’ than expected – IBM’ on Yahoo Finance UK. Banks and other financial institutions are adopting blockchain technology “dramatically faster” than initially expected, with 15 percent of top global banks intending to roll out full-scale, commercial blockchain products in 2017, IBM said on Wednesday. The technology company said 65 percent of banks expected to have blockchain projects in production in three years’ time, with larger banks – those with more than 100,000 employees – leading the charge. Blockchain, which originates from digital currency bitcoin, works as an electronic transaction-processing and record-keeping system that allows all parties to track information through a secure network, with no need for third-party verification.
Continue reading “Banks adopting blockchain ‘dramatically faster’ than expected”

Microsoft and BAML team up on blockchain-based trade finance project

  • “The underlying nature of trade finance in its current form is highly manual, it’s highly time-consuming and it’s paper-based, so we thought this would be a good opportunity to streamline the way trade transactions are processed,” BAML’s head of global trade and supply chain finance, Percy Batliwalla, told Reuters.
  • LONDON (Reuters) – Microsoft and Bank of America Merrill Lynch have joined forces on a project to use blockchain technology to make trade finance transactions faster, cheaper, safer and more transparent, the companies said on Tuesday.
  • Trade transactions using the existing process typically take between seven and 10 days to complete and involve a complicated paper trail that is vulnerable to document fraud.
  • Microsoft’s cloud-based Azure platform will be used for the project.
  • Barclays and an Israel-based start-up said this month that they had carried out the first real-word trade deal using the technology.

Microsoft and Bank of America Merrill Lynch have joined forces on a project to use blockchain technology to make trade finance transactions faster, cheaper, safer and more transparent, the companies said on Tuesday. The two multinationals said at the Sibos financial services conference in Geneva that
Continue reading “Microsoft and BAML team up on blockchain-based trade finance project”

Microsoft and BAML team up on blockchain-based trade finance project

Microsoft and BAML team up on #blockchain-based trade finance project #tech #news

  • Trade transactions using the existing process typically take between seven and 10 days to complete and involve a complicated paper trail that is vulnerable to document fraud.
  • LONDON (Reuters) – Microsoft and Bank of America Merrill Lynch have joined forces on a project to use blockchain technology to make trade finance transactions faster, cheaper, safer and more transparent, the companies said on Tuesday.
  • Barclays and an Israel-based start-up said this month that they had carried out the first real-word trade deal using the technology.
  • “The underlying nature of trade finance in its current form is highly manual, it’s highly time-consuming and it’s paper-based, so we thought this would be a good opportunity to streamline the way trade transactions are processed,” BAML’s head of global trade and supply chain finance, Percy Batliwalla, told Reuters.
  • Proponents of the technology, which originates from digital currency bitcoin, say that it will make all kinds of transactions faster, more reliable and easier to audit because it does not require manual processing, nor authentication through intermediaries.

Microsoft and Bank of America Merrill Lynch have joined forces on a project to use blockchain technology to make trade finance transactions faster, cheaper, safer and more transparent, the companies said on Tuesday. The two multinationals said at the Sibos financial services conference in Geneva that
Continue reading “Microsoft and BAML team up on blockchain-based trade finance project”

Blockchain could be ‘revolutionary’ to this $2 trillion problem: HSBC

  • According to Ramachandran, blockchain technology could serve as a trustworthy intermediary to share information between buyers and sellers.
  • Companies are making a big bet on blockchain technology.
  • Blockchain has potential to streamline international trade: Expert Tuesday, 16 Aug 2016 | 4:01 AM ET | 04:20
  • But several organizations have looked into alternative applications for the blockchain, away from the digital currency.
  • Blockchain could be “revolutionary” to international trade and commerce, HSBC has told CNBC, after the bank unveiled a partnership with Bank of America Merrill Lynch to trial the technology.

Blockchain could be “revolutionary” for trade, HSBC has told CNBC, after the bank unveiled a partnership with BOAML to trial the technology.
Continue reading “Blockchain could be ‘revolutionary’ to this $2 trillion problem: HSBC”

Blockchain could be ‘revolutionary’ to this $2 trillion problem: HSBC

  • According to Ramachandran, blockchain technology could serve as a trustworthy intermediary to share information between buyers and sellers.
  • Companies are making a big bet on blockchain technology.
  • Blockchain has potential to streamline international trade: Expert Tuesday, 16 Aug 2016 | 4:01 AM ET|04:20
  • But several organizations have looked into alternative applications for the blockchain, away from the digital currency.
  • Blockchain could be “revolutionary” to international trade and commerce, HSBC has told CNBC, after the bank unveiled a partnership with Bank of America Merrill Lynch to trial the technology.

Read the full article, click here.


@InsurtechLondon: “RT @FGraillot: How #blockchain could revolutionize international trade & commerce. #FinTech #InsurTech via @HSBC”


Blockchain could be “revolutionary” for trade, HSBC has told CNBC, after the bank unveiled a partnership with BOAML to trial the technology.


Blockchain could be ‘revolutionary’ to this $2 trillion problem: HSBC

Banks and tech firms apply blockchain to trade finance

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@BerkleyBearNews: “Banks and tech firms apply blockchain to trade finance”


LONDON/HONG KONG (Reuters) – An HSBC and Bank of America Merrill Lynch venture and financial technology firm R3 said separately on Wednesday that they had created ways of using blockchain technology to simplify trade finance processes. The two banks said they had joined with the Infocomm Development


Banks and tech firms apply blockchain to trade finance