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Consortium of banks start partnership on block chain technology
Nine large banks, including Barclays, Royal Bank of Scotland and Goldman Sachs, have formed an alliance to work with the financial technology firm R3 in New York ‘building block framework that enables chain technology can be put into the market, “a.
The new project is the result of over a year of talks between R3, several banks and other members from the financial sector, writes Reuters. The project will be led by the CEO of R3 David Rutter.
Rutter has told Reuters that several “round tables” were held with several interested parties. Some important issues were, according to Rutter what the ‘possible implications of the block chain and what that could do for saving money and time to create a better paradigm for the world of Wall Street and finance in general. ”
The focus will be primarily on deciding what is desired for underlying architecture and that it is not yet clear whether that builds on the existing block chain of bitcoin or that it will be another, as rigged by Ethereum, a Another open source project block chain. The latter offers more features than the original bitcoin block chain technology.
Once it is decided what to use for technology, the first function is likely to capture the value of paper are in the block chain. The latter is already widely used by various startups, such as capturing purchase contracts and digitally signing also digital artworks.
Rutter sees the block chain technology are not easily applied in trade, but the procedures after the purchase or sale, just by capturing contracts in the block chain to prevent fraudulent acts or easier to find and easier to maintain. The other six banks and institutions that participate are: JP Morgan, State Street, UBS, Credit Suisse, BBVA and the Commonwealth Bank of Australia.Viewing:-148
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