Royal Bank of Canada Exploring Blockchain Loyalty Program
Royal Bank of Canada (RBC) president and CEO Dave McKay called bitcoin's underlying distributed ledger a "quantum innovation" during a roundtable discussion today. At the RBC Capital Markets conference in New York, McKay discussed RBC's ongoing experimentations with the blockchain, stating that the bank may seek to launch a loyalty program that uses the technology sometime in 2016, American Banker reports. In his remarks, McKay indicated he believes the bank's experiments with the blockchain need to be introduced with "caution", echoing statements made by the US Securities and Exchange....
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As the calendar turns to February, major global financial institutions are becoming increasingly vocal about the blockchain tech trials taking place in their innovation labs. In recent weeks, UBS has announced experiments with smart bond applications, NRI has discussed investigating distributed ledgers for securities use cases and even JPMorgan, long one of the more bearish among banks on bitcoin and digital currency concepts, revealed it is seeking to evaluate the technology's use for improving trading processes. More unique among these major firms, however, has been Royal Bank of Canada....
A new report from Deloitte explores how blockchain could be used in loyalty rewards programs. The report, released by the Deloitte Center for Financial Services, argues that most loyalty programs offered by US companies face a problem, as they are underutilized and have high management costs. At the same time, loyalty rewards recipients are just as likely to leave a program due to a perceived lack of convenience, the study found. Blockchain, according to Deloitte, presents a potential solution, offering a mechanism by which a loyalty program would function similarly to digital currency.....
The Central Bank of Canada revealed yesterday it is developing a digital version of the Canadian dollar based on blockchain technology. Called CAD-coin, the project is part of a wider exploration of the emerging technology codenamed Project Jasper that was reportedly unveiled during a private presentation, according to The Financial Times. Other major banks including Bank of Montreal, CIBC, Royal Bank of Canada, Scotiabank and TD Bank, as well as banking consortium startup R3CEV, are said to be involved in the effort. A slide posted by Forbes provides more details, indicating that the Bank....
Canada's largest bank is seeking a patent for a secure means of processing payments that could connect with a public blockchain. On 19th January, the US Patent and Trademark Office published an application from the Royal Bank of Canada (RBC) for "secure processing of electronic payments". The application, submitted in July 2016, details the use of trusted devices to administer, process and store payment transactions, in an environment utilizing digital wallets and merchant-based points-of-sale (POSs). As envisioned, some of these applications could be used to connect to an....
Royal Bank of Canada (RBC) has revealed it is working on a new proof of concept (PoC) for distributed ledger-based remittances using technology offered by industry startup Ripple. The announcement comes via a new Deloitte Tech Trends publication in which the professional services firm discussed how it worked with RBC as it sought to better understand distributed ledger technology and how it could be applied to remittances. RBC and Ripple, Deloitte said, are now working on a "limited production" PoC with the goal of evaluating how the distributed ledger trial could impact other....