Build Blockchain-Based Trade Finance System for banks
50 major banks clamoring to lecture to the technology known as blockchain – the underpinnings of bitcoin – but none of them wants to be the first.
Blockchain technology single-handedly works effectively if there is an industry broad comfortable and all the banks are using it. For the first bank to tackle this digital system and overhaul existing infrastructure, it could seek a dangerous and costly investment, and that bank would later have to aspiration others follow war.
But because banks are reluctant to make the initial investments in blockchain, it may be taking place to technology companies to guide the conflict, said Grainne McNamara, co-leader of PwC’s blockchain for financial facilities practice.
Microsoft and IBM have both taken benefit roles in the blockchain freshen on zenith of the last few years and both presented blockchain solutions at Sibos 2016, an annual financial services industry conference, in Geneva this week. They’on along along in the midst of the technology companies creating shared protocols and standards for its adoption.