Bank of America Latest to Conduct Blockchain Trade Finance Trial
Bank of America has revealed it is developing a blockchain-based trial centered on trade finance. The move is the latest that finds the multinational banking institution seeking to position itself as an early adopter of the technology. In late December, Bank of America revealed it had filed a rush of new patents related to the industry, a development that followed the November news it had partnered with consortium startup R3. Financial News reports that Bank of America believes blockchain could come to replace the more manual processes that dominate global trade. Jason Tiede, head of....
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The Bank of America is developing a trail based on the blockchain for trade finance transactions in an attempt to tap into the applications of blockchain or distributed ledger technology for real world applications. Bank of America has revealed the development of a blockchain-based trial for trade finance, as a part of the financial institution’s foray into pushing for the adoption of the underlying technology that powers Bitcoin. The application of blockchain technology to trade finance is seen to be as a significant leap for an industry that still relies predominantly on manual,....
Technology giant Microsoft and financial institution Bank of America Merill Lynch have announced a collaboration with the aim to “fuel transformation of trade finance transacting”, with blockchain technology. In an announcement at the annual SWIFT-organized Sibos conference, Microsoft and Bank of America Merrill Lynch underlined their collaborative aim to usher in blockchain technology to transform the trade finance sector. The collaboration is only the latest in an increasing number of endeavors between the financial and technology industries to explore and develop blockchain solutions.....
Two government agencies funded IBM's latest blockchain implementation, the largest ever in terms of parties involved and arguably one of the more impressive in the sophistication of the offering. With support from both Dubai Customs and Dubai Trade, IBM has so far courted a telecommunications service provider, a letter of credit issuing bank, a responding bank, a freight company and an airline in a trial centered on what major financial firms believe is one of the tech's most promising use cases. Once the all-inclusive supply chain and trade finance proof-of-concept is completed, it will....
Banking consortium R3CEV revealed today that 15 of its members have completed a distributed ledger trial focused on applications in trade finance. The test reportedly focused on how its distributed ledger platform Corda could be used in accounts receivable invoicing and letter-of-credit (LC) transactions. Further, it follows news that Bank of America, HSBC and the Infocomm Development Authority of Singapore completed a similar trial today using software created by the Linux-led Hyperledger project. In statements, CEO David Rutter cited the announcement as evidence of the power of the....
One of Ireland’s “Big Four” banks has recently completed a blockchain trial centered on trade reporting. The Bank of Ireland used a blockchain as a vehicle for creating visibility into client trading activities, working in partnership with professional services firm Deloitte. Framing the experiment through the lens of regulatory compliance, the Bank of Ireland said that the project showed the potential to cut compliance costs while increasing transparency. The bank pulled data from a number of its internal systems for the test, explaining in a press release: “The trial combined synthesized....