Microsoft Partners Bank of America on Blockchain to “Transform” Trade Finance
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.....
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Bank of America and Microsoft have announced their intent to build and test blockchain applications for trade finance. As part of the deal, Bank of America will work directly with Microsoft Treasury (a group responsible for managing transactions related to its corporate treasury activity and strategic business investments and acquisitions), to establish a blockchain system that can facilitate transactions between the companies. In statements, Microsoft executive vice president and CFO Amy Hood indicated that the move is driven also by its desire to reduce treasury risk. Hood said:....
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,....
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....
Microsoft's Azure blockchain and its blockchain-as-a-service endeavor is now adding three new partners to its blockchain-toolkit platform, with one of them even providing a Bitcoin data service. Soon after launching its blockchain-based service for customers of its cloud platform Azure last month, Microsoft has been ramping up its partners who will serve as collaborators and service providers. Last week, Microsoft announced a new partnership with Ripple, the interledger protocol to its blockchain toolkit. In a new blog post by Marley Gray, Director of Technology Strategy for Financial....
It wasn’t but a couple of years ago when the world’s largest banks and corporations were busy dismissing and openly mocking Bitcoin and anything associated with it. Now, the world’s largest corporations can’t get enough of its technology and now refuse to be left to their own patchwork of systems that Bitcoin has now made obsolete. On Tuesday, Microsoft and Bank of America/Merrill Lynch announced a new landmark partnership to use Bitcoin’s Blockchain technology to improve financial transactions between consumers, business, and the banking industry. The announcement was made at the annual....