The New Banking Standard
A few months ago I was writing a research paper centered on this question: Is there a use case for private blockchains? I'll be honest, I started writing it with my conclusions already on mind. I was totally biased. My thoughts were basically that private blockchains (and the lack of PoW) couldn't offer more security than a distributed database. And at the same time they were pretty limited and based on a much more immature technology. So, why on earth a bank or any organization would use a private blockchain instead of a well known and proven technology? Simple answer: fad. Nevertheless,....
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Tapping blockchain technology, London-based multinational banking and financial institution Standard Chartered has announced the completion of its first cross-border real-time payment. Standard Chartered is the latest bank to successfully implement a blockchain solution for the payments. As with many banks pulling off the feat for business transactions, Standard Chartered used Fintech startup Ripple’s enterprise blockchain platform. In this endeavor, the pilot saw a transaction ping over to an unnamed “major correspondent bank” to see the transaction complete in less than 10 seconds. This....
Major banking corporation Standard Chartered is launching a cryptocurrency exchange and brokerage service, giving its clients access to cryptocurrencies, such as bitcoin and ether. Standard Chartered joins a growing list of major banks worldwide that have embraced cryptocurrency. Standard Chartered Bank Diving Into Crypto Standard Chartered PLC (STAN.L) said Wednesday that the bank’s innovation arm, SC Ventures, will establish a cryptocurrency brokerage and exchange platform. The new exchange will be a joint venture between SC Ventures and BC Technology Group (0863.HK), a Hong....
Standard Chartered Chief Innovation Officer Anju Patwardhan is the latest senior banker to praise the potential of the blockchain technology behind Bitcoin as a way to cut costs and improve transparency for financial transactions, Finextra reports. Standard Chartered is a British multinational banking and financial services company headquartered in London. It operates a network of more than 1,700 branches and outlets (including subsidiaries, associates and joint ventures) across more than 70 countries and employs around 87,000 people. Patwardhan has 25 years of banking experience, with....
Singapore's DBS Bank has reportedly partnered with multinational banking firm Standard Chartered to create a distributed ledger project for trade finance. Bloomberg reports officials at both firms stated today that they have completed initial testing for the idea, and that they are seeking to collaborate with other firms on the initiative in 2016. While light on details, the article went on to indicate that DBS and Standard Chartered were considering various distributed ledger technologies to achieve project goals. The article reads: "In pursuing the technology that underpins....