UBS CEO ‘not necessarily’ a believer in cryptocurrencies, but he likes blockchain

UBS CEO ‘not necessarily’ a believer in cryptocurrencies, but he likes blockchain

  • Sergio Ermotti told CNBC that while the bank has seen success in its trade finance blockchain platform, he was “not necessarily” a believer in cryptocurrencies.
  • When asked whether he liked virtual currencies, he said: “Not necessarily cryptocurrencies, I think that needs to be defined, but I believe there is a future for blockchain technology, and technology will play a big role in changing and reshaping our industry.”
  • UBS has been involved in a blockchain project — called Batavia — with IBM and other banks, including Commerzbank and Bank of Montreal.
  • We try to initiate and get as many other financial institutions and clients into teams like trade finance with other banks and IBM was a successful venture,” Ermotti said.
  • Ermotti added that the technology would form an ecosystem that enables financial institutions to “operate and transact at a cheaper, more efficient level.”

Sergio Ermotti told CNBC that while UBS has seen success in its trade finance blockchain platform, he was “not necessarily” a believer in cryptocurrencies.
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Commerzbank, Other Banks Join UBS and IBM Trade Finance Blockchain

  • NEW YORK — Commerzbank AG, Bank of Montreal, Erste Group Bank AG and CaixaBank SA have joined an initiative launched by UBS Group AG and IBM Corp aimed at building blockchain-based technology to support trade finance transactions.
  • The platform called Batavia would help banks and their clients automate the trade finance process, which remains highly manual and paper-based, the participating companies said on Wednesday.
  • In trade finance, banks provide funding and other services to importers and exporters to facilitate commerce.
  • Among other things Batavia will allow parties to track a transaction from when a shipment leaves a port to when it reaches its destination.
  • Over the past few years, banks have been investing millions of dollars in adapting the technology to run some of their data heavy and complex processes.

Commerzbank AG, Bank of Montreal, Erste Group Bank AG and CaixaBank SA have joined an initiative launched by UBS Group AG and IBM Corp aimed at building blockchain-based technology to support trade finance transactions.
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ING and Societe Generale do oil trades on a blockchain

  • ING and Societe Generale Corporate & Investment Banking have presented the results of the “Easy Trading Connect” blockchain prototype, coinciding with IP Week in London.
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    All the big names in enterprise blockchain are taking a shot that the trade finance use case.

  • By applying blockchain technology, we expect that we can eliminate a lot of these, making the overall process faster and more cost effective and the tests we have been able to carry out have proved this.
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    Federico Turegano, global head of natural resources and infrastructure, Societe Generale Corporate & Investment Banking added: “The Easy Trading Connect platform allowed real-time access to information for all parties, eliminating the need for an acknowledgment process.

  • The blockchain technology allows for access to real-time data and key details of the transaction all in one ecosystem, creating an improved and more flexible user experience.”

ING and Societe Generale Corporate & Investment Banking have presented the results of the “Easy Trading Connect” blockchain prototype, coinciding with IP Week in London. The world of trade finance is ripe for a protocol upgrade and blockchain is the preferred method to remove paper, risk and
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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.
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Irish firm becomes first in world to use blockchain technology to close deal

Irish firm becomes first in world to use blockchain technology to close deal.

  • An Irish company has become the first in the world to close a deal using new blockchain technology.
  • Irish firm becomes first in world to use blockchain technology to close deal
  • Irelandâ s biggest dairy exporter has become one of the first companies in the world to close a global trade transaction using so called blockchain technology.
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An Irish company has become the first in the world to close a deal using new blockchain technology.
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