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Blockchain milestone: four major banks in the world develop new digital currencies and strive for commercial use in 2020

Time : 01/07/2022 Author : mzwghq Click : + -
        On the 23rd, according to the financial times, UBS, which took the lead in developing a "multi-functional settlement currency", has cooperated with Deutsche Bank, Santander bank and Bank of New York Mellon to develop a new form of digital currency, and said it would strive to put it into "limited and low-risk" commercial use in 2020. The four largest banks in the world believe that this digital currency will become the industry standard for using blockchain to clear and settle financial transactions, and have introduced this currency to central banks. This is also the first time that large banks have cooperated on blockchain technology, aiming to improve the operational efficiency of financial markets. Caixin.com quoted PwC data on the 22nd that the total investment in blockchain has exceeded US $1.4 billion in the past three years; In the first half of this year alone, this investment has been close to US $1billion.
 
        Earlier this month, ray Valdes, vice president of Gartner, a market research organization, said:. As blockchain technology has increasingly become a hot spot in the market, relevant R & D and investment efforts are constantly increasing. In addition to the financial industry, the manufacturing industry and supply chain management industry will bring a trillion dollar potential market to the blockchain. At present, 45 major banks around the world have established blockchain alliance R3, hoping to formulate relevant technical standards and make direct investment in it. The "multi-functional settlement currency" was developed by clearmaticstechnologies. Previously, financial institutions needed to complete the transfer procedure before purchasing stocks and bonds. However, with this currency, major institutions can use the digital currency stored in the blockchain to pay for securities without waiting, and directly convert the virtual currency into cash at the central bank, saving the time and cost of settlement and delivery.
 
        In fact, the total cost of clearing and settling transactions in the financial industry is about $65billion to $80billion a year (oliverwyman 2015 data), "today's transactions between banks and institutions are difficult, time-consuming and expensive, and the new digital currency can help simplify operations and improve efficiency." Juliofaura, head of R & D and innovation at Santander bank, believes so. At first, major banks had doubts about blockchain technology, and blockchain was controversial because there was no disruptive landing project. But now, major banks and companies have been exploring how to use this technology to speed up the back-end settlement system:. Goldman Sachs has applied for a patent for the transaction instantaneous settlement technology "setlcoin"; Citigroup is studying its "citicoin" solution, and JPMorgan Chase is also promoting similar projects; The savings bank of the Russian Federation, one of the largest financial institutions in Russia, is considering joining the domestic banking Union and participating in blockchain technology research; Setl, founded by hedge fund investors and trading executives, strives to use digital currencies directly connected with central banks to settle and pay for financial markets; Jerrycuomo, IBM's vice president in charge of blockchain technology, said that one of the largest blockchain commercial projects would be launched as early as September, and the Federal Reserve, the Bank of England, the Bank of Canada and other central banks were examining the potential benefits of digital currency, but there were still concerns about its security and impact on the stability of the banking industry.
 
        However, at the 2018 China blockchain industry conference held on the 21st, PricewaterhouseCoopers Zhang Lijun said that more than 20 countries around the world have invested in blockchain technology, and 80% of banks will start implementing some blockchain distributed ledger projects in 2019. Yaoyudong, director of the Financial Research Institute of the people's Bank of China, recently said that blockchain technology may not have a relatively mature application until after 2020, he pointed out:. If blockchain is really a technological revolution, and we refuse to take action because we are afraid that blockchain is worthless, we may miss this revolution; If blockchain is not a technological revolution, and we mistakenly think it is a revolution, it may be a waste of money.
 
        At the same time, he also said that the cost of the former must be greater than that of the latter. In this case, the development strategy of blockchain should be to closely follow up, not blindly rush forward, and find a balance between the two assumptions.
 
        
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