Home / Blockchain / Blockchain Use In Banks Is At An All-Time High, Here’s What We Know

Blockchain Use In Banks Is At An All-Time High, Here’s What We Know

Despite being initially created as the driving force behind cryptocurrencies, specifically Bitcoin, Blockchain technology has certainly come on leaps and bounds over the past decade. Not only is it the scaffolding through which thousands upon thousands of cryptocurrencies are now being created, but it has become the technology of choice for leading banks searching for new investments in financial technologies.

Despite traditional bricks-and-mortar
institutions having seemingly been afraid
of FinTech
 just a few years ago, the pressure of a changing society
is making it harder to ignore up and coming technologies. As a result, more and
more banks are starting to actively seek out improvements for their processes,
and many of these revolve around Blockchain. In just the first month of this
year, we’ve seen a number of reports of investments, launches and partnerships
and here, we’ve put together an overview.

HSBC Processes $250 Billion
On Their Forex Blockchain Platform

The end of a year brings
countless reviews of the previous 12 months, but the one that’s truly caught
the attention of the FinTech world is HSBC’s recent press release. Posted to
The Financial Times, HSBC announced that in 2018, they processed an incredible
$250 Billion in Forex through their blockchain platform. Sitting up with some
of the best forex
brokers
, HSBC handled over 3 million transactions since launching ‘FX
Everywhere’ in February 2018, earning it a worthy spot as a contender within
the blockchain-based Forex markets.

HSBC Become Sponsors Of
London-Based Blockchain and AI Festival

A successful year for a
blockchain platform isn’t all that HSBC have going for them – they’ve also been
active in supporting other blockchain-related activity in the UK. The London
festival CogX is
the starting event for this year’s London Tech Week, and they have just secured
HSBC as a lead sponsor for the event. With over 500 speakers, 300 start-up
companies and 15,000 participants, the banking giant’s move to support this
event is a sure sign of FinTech acceptance in the industry.

Both Blockchain and Artificial
Intelligence have the potential to completely change the world of banking and
how we manage our finances. HSBC’s step to support this is certainly a
promising sign, and one we’ll be keeping an eye on in the coming months.

ING Are Signing A 5-Year Deal
With R3 For Platform Access

The Dutch international
bank, ING, has recently been in the news for securing a deal with R3 that
provides them with access to their Blockchain platform. This five-year deal
will not only provide ING with access to R3’s blockchain-based platform Corda
but will allow them to implement their decentralised applications (CorDapps),
in order to enhance their trade finance and other markets.

This move is the first step
for both companies towards not only working together but for ING to help
promote the Corda platform on a wider scale to their customers and other
interested parties.

Lloyds Banking Group Set
Their Sights On Start-Up Banking Platform

Cloud-based data hosting is
nothing new, but Lloyds Banking Group has recently announced plans to migrate
some customers towards a new blockchain cloud platform by the name of Thought
Machine. Thought Machine is a start-up company who have developed the Vault OS
core banking platform. Over the years, leading banks like Atom Bank, IBM and, of
course, Lloyds, have
all invested millions
 but it’s only the latter that has taken this one step
further.

Lloyds’ plans to move
customers to this platform comes at a time when the banking group is aiming to
modernise their service. If this move is successful, they plan to increase the
500,000 members being moved in increments, until the banking process becomes
cloud-based.

The China Banking
Association (CBA) Launches New Blockchain-Based Platform

China has sat at the
forefront of technological advancement for some time now, but recent moves by
the China Banking Association (CBA) are bringing Chinese banks to pay attention
to the potential that blockchain technology can truly hold. They are doing this
by starting up their very own blockchain platform, designed to host trade
finance transactions.

Leading banks, including
Bank of China, China Merchants Bank, Ping An Bank, China Postal Savings Bank
and, once again, HSBC, have already signed up to the new program, which is
supported by the FinTech firm PeerSafe.
This creation is designed to make transactions between banks much simpler,
safer and far more streamlined, thus enhancing the banking process in China.

Bermuda Launch The First
Crypto-Friendly Bank

It was announced in recent
days that a FinTech-friendly bank will be set up on the island of Bermuda,
adding another reason as to why it’s becoming a leading offshore financial
destination. David Burt, Premier for the country, announced the island’s new
addition in an interview with the BBC from his position heading the Bermuda
delegation at
the World Economic Forum
.

This addition is a big move for Bermuda, bringing a rising technology to the Island’s shores.  Previously, they’ve shied away from adding any kind of FinTech start-up to their business line-up, claiming that quality was an important part of the decision-making process. For this reason, this new bank is a huge sign that blockchain technologies could be working their way into daily life on a wider scale than initially thought.

As banks expand their
services to include blockchain, and countries open their arms to new business
opportunities surrounding this innovative technology, the world is slowly
becoming more and more okay with blockchain. The next 12 months will be
interesting to watch, and we can’t wait to see what happens next.


 

Join Our Telegram Channel

or Follow @CaptainAltcoin

 



CaptainAltcoin’s writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner.
The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com


Source link

Check Also

Women In Blockchain Part 2 – Featuring Crystal Rose! – Irish Tech News

‘Women in Blockchain’ will be presented by our co-host Jess Houlgrave featuring the brightest women …