Barclaycard To Adopt Ethereum Blockchain
Barclays is partnering with Crowdz, a crypto start up to integrate the Ethereum blockchain into Barclaycard. The UK banking corporation seeks to work with the start up in order to implement blockchain in efforts to speed up transactions done by its customers.
The relationship between the two was nurtured when Crowdz participated in the bank’s accelerator programme that was designed to help speed up fintech firms. After seeing the success of Crowdz, Barclay now wants to move ahead with the tech firm to help launch its product from being on paper into the real world.
How will the new partnership Work
According to the press release, Barclaycard’s payments would be made using Crowdz platform that was built on blockchain technology. They would start with a small number of customers to test the product then look for ways to refine the platform’s capability to meet real world banking needs. The piloting period will take about 24 weeks where customers will be given a chance to give feedback about their experience on the platform.
Crowdz will get access to Barclays’ customers which will help them test their product on real people under Barclaycard. Doing so will help Crowdz improve its product and even get a chance to work with business clients from Barclays. The success of the pilot project could open up Crowdz to the retail banking sector of Barclays although this is a bit farfetched at the moment.
Crowdz is a blockchian company that develops products built on Ethereum blockchain. The company is responsible for Zenochain which is a platform built to allow for fast transactions. Crowdz seeks to apply artificial intelligence to provide businesses with cheaper and more efficient systems. According to Crowdz the global ecommerce industry is growing by the day but there seems to be a lot of inefficiencies in the delivery of services.
There have been rumors that Barclays plans on setting up a crypto trading desk and it seems that these rumors are not dying any time soon. The bank seems keen on setting up an in house blockchain department to look into ways into which the bank can adopt the technology. With this partnership with Crowdz, it seems that Barclays is really serious about taking up blockchain.