Report: Deutsche Bank to Explore Blockchain Technology
Deutsche Bank may be the next financial institution to look into how blockchain technology can streamline the processing of transactions.
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.
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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.
It is great to see governments and central banks looking to implement blockchain solutions into their processes. It will serve to make them more efficient, transparent, and will ultimately work out to the benefit of the people. In the transitional period there seems to be a cascade of financial institutions looking to start developing their own digital currency, or some way to implement blockchain tech. New ways of storing and transferring capital are popping up all over. Even now, you have Midas Rezerv which has established decentralized gold reserves in multiple countries. You will see entities like the Deutsche Bank… Read more »
It is great to see governments and central banks looking to implement blockchain solutions into their processes. It will serve to make them more efficient, transparent, and will ultimately work out to the benefit of the people. In the transitional period there seems to be a cascade of financial institutions looking to start developing their own digital currency, or some way to implement blockchain tech. New ways of storing and transferring capital are popping up all over. Even now, you have Midas Rezerv which has established decentralized gold reserves in multiple countries. You will see entities like the Deutsche Bank… Read more »