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Traditional banks are crazy about blockchain technology, and Israeli and Indian banks have entered

Time : 17/05/2022 Author : rb9oid Click : + -
        Traditional banks have entered a frenzy with the blockchain technology boom in the summer. This frenzy is also closely related to the prosperity of cryptocurrencies. Some of the world's largest banks, including Barclays, HSBC and Swiss banking giant UBS, have recently begun to explore the use of blockchain technology to build payment zones. Last week, the U.S. Federal Reserve said that it may also update outdated underlying transactions through DLT and cryptocurrency driven financial transactions. U.S. banks such as JPMorgan Chase, which is a leader in blockchain technology, are still studying and testing new applications, but there are already many places in the world using blockchain technology for daily transactions of banks.
 
        Navin Gupta, the new manager of ripo Mumbai office, pointed out that before the end of this year, ripo will launch multiple instances in India, and axis bank and yes bank are both using ripo blockchain network. Gupta is currently negotiating with several other Indian banks and financial service providers. Gupta said in an interview with the international business times that countries such as India are constantly surpassing the previous technological level. Remittance is a big problem for Indian banks. According to the world bank, India is the world's major remittance recipient, with a total of US $62.7 billion in 2016. At present, Ruibo cooperates with dozens of banks around the world and can almost achieve real-time payment after transfer.
 
        Anuppurohit, chief information officer of yes bank in India, pointed out: we want to lend money to any account in India. Purohit said: "at present, banks are managing assets worth 35billion US dollars nationwide. In addition to the cross-border capital transfer provided by ripo blockchain technology, banks have their own unique blockchain technology solutions, including trade finance and supply chain financial systems.". They have provided Bajaj electric vehicle company with five months' service and even short-term credit. The bank has provided a blockchain technology system with streamlined invoices, delivery notes, payment and supply chain tracking.
 
        The whole process can save a lot of time. Purohit pointed out that the Indian government regards blockchain technology as an important part of its economic strategy. Recently, he met with the central regulatory bank of India, participated in the dialogue on DLT, and came to the conclusion that Indian blockchain technology should be promoted. India is not the only country interested in blockchain technology networks. In August this year, the Bank of Thailand also met with Ethereum founder vitalik · Butenin. Last week, Microsoft announced its agreement with Israel's largest bank &mdash& mdash; The latest partnership of hapoalim bank, together they will soon provide bank guarantees based on blockchain technology to Israeli enterprises.
 
        IBM has also conducted similar proof of concept experiments in Australia and New Zealand. Hapoalim will soon conduct this experiment and will implement it before the end of the year. Cto&mdash of hapoalim bank& mdash; Yoavintrator pointed out that any manual operation requires a high cost. I don't know which region needs warranty. It takes a week to guarantee manually, and it is easy to make mistakes, but it only takes a few hours or even minutes to guarantee with blockchain technology, which depends on the smart contract. Digital bank guarantee is not the only blockchain technology solution. This Israeli bank is currently cooperating with Microsoft and other enterprises on blockchain technology, some of which may be put into the market in the next few months.
 
        Intrator said, "we work with some data scientists in the technology laboratory. Data scientists are in a lack state all over the world. For a bank, it is difficult for an academic institution to study and try this type of technology research and development.". Blockchain technology itself has no substantive role, it just depends on other technologies. At present, there are more than 70 kinds of blockchains in the global market, and the industry is hoping to use the background of financial engineering to improve the ability of data scientists. In the future, India may promote blockchain technology to the financial services industry. Information and payment will not be separated, and everyone under this ecosystem will benefit.
 
        Many insiders believe that blockchain technology will become the mainstream technology in the banking industry in the next decade, covering transactions between banks and large institutions. Although blockchain technology booms again and again this summer, under current circumstances, it will take several months for the remit scope of ripo to cover the whole country. Whether providing smart contracts for bank guarantees or instant transfer, it will build a trust platform based on blockchain technology. Intrator pointed out that blockchain technology has created a great tool to integrate and simplify the business between banks, financial institutions and other institutions.
 
        
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