Australia’s Top Banks Move to Blockchain, as Crypto Threatens a Parallel Economy

Australia’s three largest banks have agreed to offer and process banking guarantees digitally on the blockchain. Reportedly, they have entered into a partnership with IBM and Scentre Group to start testing the new technology to digitize bank guarantees.

The three banks which formed the partnership are, Australia and New Zealand Banking Group, Westpac Banking Corp, Commonwealth Bank of Australia. Didier Van Not, general manager corporate and institutional banking at Westpac told the media,

“While the pilot is focussed on retail property leasing, this technology has the potential to benefit many sectors and reduce the risk of fraud across billions of dollars guaranteed by the banks,”

Inclusion of Blockchain Technology in the Banking Sector

The transparency and independence that cryptocurrency provides are luring for an individual customer. However, technology can turn out to be disruptive for the current banking system established in the world. Hence, it has become imperative for banks to include blockchain technology in their processes as well. Read More at Coingape...

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