National Bank Of Canada Starts Using Blockchain

Maja Mazur
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Canada’s biggest bank decides to embrace blockchain technology to simplify the transaction process. The new solutions are supposed to help with the transactions’ transparency and security.

International trend

Riding the wave of blockchain popularity against big concerns and state units, the National Bank of Canada decided to join in. Recently, two other banking giants have done so as well – ING and The World Bank. Similar solutions are also currently on a test run in Italy. The fact that banks use blockchain is nothing new, but stil lit’s  a worthwhile project. Moreover, it soon might become a necessity in this field.

Triple partnership

According to a recent press release, a partnership has been created between the National Bank of Canada and two other firms – CGI and Skuchain. CGI provides consulting services in IT and business area, whereas Skuchain is a blockchain startup. The deal was officially announced on CGI’s Twitter wall.

Blockchain solutions

The bank is planning on using smart contracts (protocols including terms of an agreement in the lines of code) to replace the older procedures. It is supposed to improve the data processing, reduce risks and simplify the user experience. Blockchain technology also will be used for the negotiating standby letters of credit. The transactions are going to be more transparent and secure, according to Patrice Roy, the vice president of payments at National Bank of Canada.

 

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