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 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.
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.