Deutsche Bank may be the next financial institution to look into how blockchain technology can streamline the way transactions are processed.
Financial News, citing a person familiar with the matter, said that the bank was close to formally announcing its plans.
If confirmed, the bank would become the world’s largest by assets to disclose such plans. According to 2014 data by Relbanks, Deutsche Bank was the world’s 12th largest institution, with the equivalent of $2.07 trillion under its care.
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They would join UBS, Bank of NY Mellon and USAA, that announced their intentions to explore blockchain technology earlier this year. India-based banking software provider Infosys is also considering the technology to boost its Finacle software, and NASDAQ said that it was piloting the technology for quicker settlement of security transfers.
Several banks have already implemented the Ripple protocol, which functions differently from Bitcoin’s blockchain, for currency transfers.
Such technologies have the potential to significantly bring down the cost and time needed for back office operations. With some exceptions, the technology used today has been deemed as more or less equivalent to that used 30 years ago.