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Standard Chartered is the last major financial player to announce that they will use the R3 Rope platform. In a recent version, Standard Chartered announced that it would work with Siemens Financial Services (SFS), the German conglomerate Siemens, and the TradeIX trade trade platform to create a blockchain-based system for bank guarantees.
<img class = "alignnone wp-image-13719 aligncenter" src = "https://blockonomi-9fcd.kxcdn.com/wp-content/uploads/2018/09/standard-chartered-siemens-blockchain.jpg "alt =" Standard Blocked Block from Siemens [19659003] The new system:
"digitizes commerce and exploits data in real time to generate efficiency gains and transforms the way commercial financing is conducted"
according to Samuel Mathew, who is the head of global trade in Standard Chartered Products.Mr. Mathew went on to say that, "The future of trade will be all data-driven" which means more blockchain platforms may come out from the banking system at any time [19659006] Bank guarantees are not part of the lives of most consumers, but they are a vital part of the global economy, just like letters of credit, or other forms of commercial financing, bank guarantees are a financial product that is ready for change. This is not the first major initiative of a group of financial institutions trying to renew an inefficient system using blockchain.
Standard Chartered Looks for Advantages
The Standard Chartered also works with a consortium of major banks in Asia, creating a new platform that would change the way commercial finance takes place. TradeIX CEO Rob Barnes believes that
"Global trade is at the height of the multilevel digital transformation that will revolutionize the entire business and the business model"
. This is probably the reason why numerous banks are working on how to conduct the development of blockchain programs.
The Hong Kong Monetary Authority (HKMA) announced last month that Standard Chartered would be one of the banks involved in their new commercial finance platform, based on a blockchain architecture developed by PingAn. The backbone of the system that PingAn has developed is already in use and has created advantages for the entire commercial finance ecosystem in China.
Read: Hong Kong HKMA collaborates with Ping An to create a commercial financial platform Blockchain [19659006] Unlike traditional commercial finance, PingAn's platform offers benefits for both banks and their customers. The platform they have created makes it easier to create merchant accounts, thanks to its high level of automation. The end result of this is a wider range of potential borrowers and greater supervision for credit institutions within the financial market.
R3 seems to do well
A series of news at the start of this year suggested that the R3 consortium was running out of money, which was immediately denied by the company. R3 is a private organization, so their financial data is not accessible to the public.
Whatever their current capital position, their Corda architecture is required. This announcement by Standard Chartered comes on the heels of a similar announcement by the Thai Central Bank, which is using Corda to launch a digital currency from the Central Bank (CBDC).
R3 worked to adapt Rope to the needs of businesses, and released a version last month that was specifically created to address privacy issues. Many of the members of the R3 consortium are financial institutions and must comply with strict data privacy rules.
Richard Gendal Brown, CTO of R3, commented publicly after the release of the new version of Corda,
"The traditional blockchain platforms without authorization, in which all data are shared with all parties, have privacy issues, scalability and interoperability that make them largely unsuitable for global business.This is the problem that Corda has been designed to solve and is gaining momentum in a wide range of industries. Many companies, especially the larger ones, are faced with unique technical constraints: Rope Enterprise perfects Rope for these companies so that they can adopt blockchain technology in a simple and natural way.The launch of the platform is a watershed moment for blockchain technology of business. "
Mr. Brown's opinions would seem accurate, based on the recent announcement by Siemens, Standard Chartered and TradeIX. Corda has also been employed by Ernst and Young, Guardtime and Maersk, for another platform that would have dealt with global logistics insurance. The presence or absence of overlaps between all these systems based on Corda is unknown, but it is hoped that the synergy is designed in all these platforms that deal with similar companies.
