Banks adapt blockchain faster than could be expected


    Banks and other financial organizations integrate blockchain into their processes much faster than experts predicted. It is now known that 15% of the largest banks in the world are going to introduce new commercial products based on blockchain next year.

    65% of banks plan to start working with blockchain in the next three years. We are talking about banks with more than 100,000 employees. Our analysts interviewed representatives of the 200 largest banks. According to the results of the survey, it turned out that banks use blockchain in the settlement system, making bulk payments, working with company shares and other processes.

    “The first organizations to start using the blockchain and define standards and a model for working with this technology,” said Likhit Wagle, CEO of Banking and Financial Markets at IBM. “The industry is accepting the blockchain faster than many could have expected. In 2017, the number of large banks that will present their blockchain products will increase from zero to 60. "

    Our company also conducted a survey of representatives of 200 major non-bank financial institutions. 14%, according to respondents, are going to use blockchain technology by the end of 2017. Nevertheless, according to some experts, the universal adoption of blockchain technology will take place no earlier than in 5-10 years.

    Recently, Microsoft and Bank of America announced the beginning of joint work on the integration of blockchain in financial processes in order to develop a platform that could be offered to other organizations. Recently, the blockchain has become the basis for many new projects, many of which were presented at the Sibos financial conference held in Geneva.

    Our company has been developing blockchain solutions for several years. Months agofor organizations that need the flexibility to run the blockchain environment on different cloud servers or devices, a signed and certified IBM code distribution for the Hyperledger project on the Docker Hub is now available. Current updates will provide new features, such as dashboards, analytic services, online chat support, and exclusive network services.

    “Blockchain is an incredibly innovative and promising technology. However, there are still many challenges that enterprises need to solve, ”said Agee Yuki, NTTDATA Director and Executive Vice President. - The new IBM cloud blockchain service is just trying to solve such issues. We believe that it will help accelerate the development of blockchain technology. ”

    The company's services have a modular architecture. It allows users to work with a variety of software modules, including a cryptographic identification management tool, smart contracts written in the Java and Goland languages, tools for managing personal information and other data types. All this allows users of the system to determine various parameters for viewing and changing smart contracts. Our services are characterized by increased confidentiality and the function of conducting an audit of user activity.

    In order to help developers quickly understand the corporate uses of this technology, IBM transferred about 44,000 lines of code to the LinuxFoundation consortium open source project . In addition, the source code is also available onGitHub .

    The largest banks in Russia are introducing blockchain. The development of the platform was carried out with the participation of companies such as Alfa Bank, Otkritie Bank, Tinkoff Bank and Qiwi. It will be possible to make payments thanks to this technology in real time. Payment clearing will take place online. The prototype of such a system is a method of interaction between banks that allows you to receive timely information about payments and verify the relevance of customer data.

    Also popular now: