The British multinational banking and financial services company Standard Chartered (SC) has revealed that it is working on a pilot blockchain for bank guarantees using the R3 Corda blockchain technology in a press release Thursday, August 30th.
In cooperation with the financial arm of Siemens Siemens Financial Services (SFS) and the TradeIX trade finance platform, the pilot project came into operation in March and will be completed by the end of 2018.
If successful , the project "digitize the business and exploit data in real time to provide efficiency gains and transforms the way commercial finance is conducted," commented Samuel Mathew, head of the commercial sector of SC. "The future of commerce will be entirely based on data," added Mathew.
Bank guarantees are traditionally a highly "paper" sector, the parties say in the release, with the industry's first blockchain solution designed to significantly simplify current practices from "fully digit [zing] the process, from the beginning bank guarantee for handling requests. "
"We believe that global trade is at the peak of the multilevel digital transformation that will revolutionize the entire business and operating model," continues TradeIX CEO Rob Barnes.
The news marks a further implementation for the Rope R3 platform, following the announcement by the Bank of Thailand last week that it was using technology to create a digital currency for the central bank.
SC & # 39; s interest in consolidating its operational processes using blockchain is a small surprise in the meantime, Cointelegraph reports having lost $ 200 million in frauds in 2014 alone.