IBM and Bank of Tokyo Start Blockchain Revolution in Banking, Aim for Complete Automation
In what could potentially be one of the first deployment of smart contracts in the corporate sector, IBM comes together with Bank of Tokyo-Mitsubishi UFJ (BTMU) to examine the design, management and execution of contracts among business partners using Blockchain technologies. IBM and BTMU plan to automate business transactions using Blockchain tech developed on the open source Hyperledger project. With this and other projects, Singapore emerges as a world’s center for Blockchain development. Blockchain in business now a reality. The announcement regarding the deployment of smart contracts....
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Many participants at the Revolution Banking 2016 event in Spain were interested in the Blockchain technology, which resulted in a lively discussion during the event Where is the blockchain heading? Whether the distributed ledger technology really has the potential to solve the issues currently faced by the banking and financial sector? These were some of the topics discussed in the last month’s Revolution Banking 2016 summit, which happened in Madrid, Spain on the 10th of May 2016. Revolution Banking 2016 was an event focused on new technologies, innovations, and collaborations in the....
Bank of Tokyo-Mitsubishi UFJ and IBM will be jointly deploying a blockchain based product built on Hyperledger protocol in 2017. The Hyperledger project is bearing fruits. Two participating companies in the Hyperledger Project, IBM and Bank of Tokyo-Mitsubishi UFJ have signed a contract to develop and use blockchain technology. A press release in this regard, issued by IBM, states that both the companies will be working together on automating inter-business transactions from next year. The project, built on Hyperledger Project Fabric – a Linux Foundation initiative will be implemented on a....
Increased automation in banking and financial sector by implementing blockchain technology based smart contracts may not have a significant impact on employment opportunities in the sector. Bitcoin’s underlying blockchain technology has already expanded from just being a ledger, keeping a record of all transactions happening over the network to a widely adopted technology across industries. Smart contracts based on blockchain technology can be used to automate various process across industries. The major application of blockchain technology currently lies in the banking and financial....
A two-day conference will see notable Asian banking giants along with other participants and developers of blockchain technology outline their use cases for the innovation. Singapore will host the ‘Blockchain for Finance Conference, Asia Pacific’ with a number of significant financial institutions participating in the event. The conference, held on June 20-21, will see banks, credit unions and building societies, among other companies from various industries to discuss and evaluate the use-cases and proof-of-concept prototypes of blockchain-based applications. Hosted by the FinTech....
India’s second biggest private bank by assets, ICICI, is showing plenty of interest in the development of blockchain applications, according to the banking institution’s managing director and chief executive, Chanda Kochhar. In an interview with the Huffington Post, Kochhar states that the bank is prepared for a technological revolution bought on by innovations like the blockchain. While the narrative is increasingly seeing Fintech as the banking industry’s biggest threat and disruptor, the chief executive confirms that her bank is ‘constantly looking’ at blockchain technology.....