EBA Chairman: Banks Must Understand Blockchain Tech
Banks need to understand blockchain technology and explore its long-term benefits, according to the head of group payments and operations at the Bank of Ireland and chairman of the European Banking Association (EBA) working group. Speaking at EBA 2015, a networking and research event which gathers European payment professionals, Vincent Brennan told Finextra: "We see [the blockchain] as a technology that while relatively novel and new is one that if you look into two years, five years or 10 years, would be very important for banks and now is the time to start understanding it and looking....
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It seems the corporate and government related adoption of blockchain technology is picking up pace. Over the last couple of days we’ve seen China announce its intentions to introduce a block chain based digital currency for mainstream adoption and Australian banks initiate blockchain tech hubs in Hong Kong with plans to do the same in London next quarter. We’ve also seen German banks predict that cash will be redundant as soon as ten years from now. It seems as if – after a long period of uncertainty – these institutions are finally realizing that the future of domestic and international....
A new Morgan Stanley report aimed at assessing whether blockchain is a threat to big banks agues that the short-term benefits of the technology are likely minimal, but that future growth is likely. Published yesterday, the report features a timeline of when Morgan Stanley predicts certain blockchain milestones will be reached. Culminating in 2025, Morgan Stanley identifies 10 roadblocks to banks integrating blockchain. However, the report includes language that suggests the global investment bank may be seeking to understand how blockchain tech may impact its portfolio or perhaps its own....
Ferdinando Ametrano, a professor at Politecnico di Milano, Italy’s largest tech university, recently criticized the blockchain hype revolving around banks in an interview at the Blockchain Money conference, describing the efforts of banks and financial institutions in creating a blockchain without a native digital currency as nonsensical. Over the past two years, the world’s largest banks and financial institutions have led the development of permissioned blockchain networks and enterprise-grade blockchains for cross-border payments and settlement of asset. Various research firms including....
A few weeks ago, nine large global banks announced their plans to embark on an industry-wide blockchain tech development project. These include the likes of JPMorgan, Goldman Sachs, Barclays, Commonwealth Bank of Australia, Credit Suisse, and UBS. These banks are now joined by thirteen more well-known institutions, namely Bank of America, BNY Mellon, Citi, HSBC, Morgan Stanley, Commerzbank, Deutsche Bank, National Australia Bank, Royal Bank of Canada, SEB, Societe Generale, and Toronto-Dominion Bank. Blockchain Tech in Finance. "The addition of this new group of banks demonstrates....
Blockchain tech has been explored by a number of banks and financial institutions in the past few months, but the news that nine of the biggest names in the industry are teaming up to work on this initiative marks a huge leap forward. Among the group are JPMorgan, Goldman Sachs, Barclays, UBS, and Credit Suisse. In line with this, the group will be working with a blockchain tech startup called R3CEV, which is a New York-based company comprised of trading and technology executives. Blockchain Tech in Finance. Blockchain refers to the distributed public ledger of bitcoin transactions that is....