Standard Chartered, in partnership with Siemens will release a Blockchain-based platform for the banking sector


British multinational banking and financial services company Standard Chartered (SC) has announced that it is working on a blockchain-project for Bank guarantees with the use of technology R3 Corda blockchain. This is stated in a press release on August 30.

In partnership with the financial division Siemens Financial Services (SFS) and platform trade Finance TradeIX the project started in March and should be completed by the end of 2018.

If successful, the project will “digitize trade and use data in real time to improve efficiency and transform the way Finance and trade”, commented global head of trade products SC Samuel Matthew.

“The future of trade will be associated with the data,” he added.

Bank guarantees are traditionally very “paper-intensive” area, the parties state in their release, with the industry’s first solution based on the blockchain, intended to greatly simplify current practice by “full conversion” process, beginning with initiation of the Bank guarantee prior to processing claims.”

“We believe that global trade is on the verge of a multilevel digital transformation that revolutionairy entire business model and operating model,” continued CEO TradeIX Rob Barnes.

This news marks a further implementation of the platform Corda R3, following the Bank of Thailand last week that he uses this technology to create a digital currency by the Central Bank.

The interest of the SC to maintain its operational processes with the use of the Blockchain is not so surprising. Publisher Cointelegraph reports about how the firm has lost $ 200 million due to fraud in 2014 alone.

Author: Olga Novikova, analyst Freedman Club Crypto News
Image from Fotolia

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