National Bank of Canada Integrating Blockchain Systems
October 23 2018 - 12:42PM
InvestorsHub NewsWire
Bitcoin Global News (BGN)
October 23, 2018 -- ADVFN Crypto NewsWire -- Canada has been at the
forefront of cryptocurrency development and regulation. This may
largely be due in part to the prevalence of Ethereum network use in
the country. Ethereum’s co-founder Vitalik Buterin was born in
Russia, but was raised for most of his life in Canada. In August of
this year, the Canadian government even released their own block
explorer for tracking all transactions across the Ethereum
network.
The government has also been actively working with electricity
providers, citizens, and individuals or companies that want to mine
cryptocurrencies to create a beneficial ecosystem for all parties
involved. The country is attractive to miners because of their low
energy rates, low temperatures and high percentage of renewable
energy sources available. All of this has pushed blockchain further
into the public awareness. Now one of the largest banks in Canada
will be using the blockchain platform Skuchain to pilot a program
for streamlining the process of standby letters of
credit.
Continued Blockchain Development
The newest platform from National Bank of Canada brings more of a
niche benefit. They have already been at work testing out more
broad range use blockchain networks. In April, the bank was one of
the first to use JPMorgan’s Quorum blockchain platform. In this
instance, blockchain can be used to increase efficiency and
transparency of the antiquated credit process. Currently they are
negotiated with emails, which are prone to mistakes. Using smart
contracts will reduce paperwork, errors and shed light on an
otherwise closed-door process.
Trade360
The platform, Trade360, uses Skuchain's Contract Builder. The
integration allows National Bank of Canada to provide trade finance
services to customers conducting business on a blockchain B2B
solution in an entirely digital format with the structure of smart
contracts. Customers will be able to initiate, conduct and conclude
negotiations of standby letters of credit and guarantees with these
contracts to intelligently design agreements and securely
communicate changes. Further, as ideal formats are created, they
will be able to use templates pre-approved by banks and
negotiations on a distributed ledger for a wider customer
base.
"This pilot project is a great opportunity to leverage blockchain
technology to simplify the process for negotiating standby letters
of credit and guarantees while making it more transparent and
secure. This will enable us to offer a simple, fast and efficient
experience to our commercial clients which facilitates managing
their business" Patrice Roy, Vice President, Payments, Cash
Management and International Solutions at National Bank of
Canada.
By: BGN Editorial Staff
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