A Look at Some of the Biggest Banks Leveraging Blockchain Technology

Blockchain technology is popular among many companies, and for good reason. One particular industry that has been readily adopting the technology is the banking sector.

Rather than allow the technology and cryptocurrency to take control over funds, banks are starting to integrate the technology into their systems. After all, if you can’t beat them, join them – right?

Here is an overview of a few of the banking entities that are adopting the technology and just how they are doing so:

  • Santander

    Santander has adopted the technology into its system in an effort to save around $20 billion by 2022. The bank developed a technology called One Pay FX, which will allow customers to transfer funds between their Santander bank accounts much more easily and quickly. Further, the technology is being researched among stockholders.

  • HSBC

    Hong-Kong-Shanghai Banking Corporation is currently using the technology as a test of how soybean shipments, their sales, and transactions can be tracked. The effort has been made in partnership with Bank ING and Cargill.

  • JPMorgan Chase

    JPMorgan Chase developed a unit for blockchain called Quorum and the application has already been tested by the banking entity. The technology was developed with the aim to help its infrastructure for issuers, dealers, administration, and custodians.

  • Bank of Ayudhya

    Thailand’s largest bank, the Bank of Ayudhya, conducted a pilot test of the technology last year for foreign payments. The test showed that the technology can promote the speed of money transfers in the region. As a result, it may have a more permanent place among the bank.

  • China Construction Bank

    Lastly, China Construction Bank has used the technology for facilitating cross-border loan issuance among companies. The technology may also promote international transactions and it could mitigate fees, taxes, and the cost of the transaction in general.

These are just a few banks and their efforts to adopt the technology. It certainly will be interesting to see how the technology develops over the next few years not only in the financial sector, but in other areas as well.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide