With the relatively short history of blockchain and its underlying technology,
Blockchain, with a relatively short history and track record has captivated thinkers around the world. But Banks are yet to explore the full potential of this technology. Initially, due to its threat to traditional financial ecosystems, the intuitions adopting blockchain had to respond to sceptics and critics of the technology.
Many big financial institutions today think of the issue of using bitcoin as a currency to be an intricate one. At the same time, they increasingly believe that the blockchain protocol that manages and facilitates the exchange of bitcoin offers various advantages over their closed database systems.
Organizations considering this change in their financial infrastructure are coming forward to discuss blockchain and other technologies behind decentralized ledgers. Though these experiments are yet to evolve, some of the world’s most famous banks have already moved on with this technology.
The top 8 banks offering blockchain networking to its clients are:
- BNP Paribas
This bank of France is reportedly looking for different possibilities so that they can add bitcoin to one of its own currency funds. Moreover, the bank is continuously involving into crypto space.
- Societe Generale (SocGen)
This is another bank in France and the third largest in terms of assets. This bank posted a job listing for an IT developer on cryptocurrencies, blockchain and bitcoin. The role was to entail development and research involving both blockchain and cryptocurrencies. The bank is looking to develop in-house software in order to offer blockchain networking to its clients.
- Citi Bank
Citi Bank, the world’s eighth largest bank, told the UK government to consider their request to establish their own digital currency through an FOI (Freedom of Information Request). The head of Citi Innovation Labs, Ken Moore, said that Citi Bank is exploring and is continuously testing on their own type of cryptocurrency which is known as Citicoin.
This Swiss investment bank announced that it is opening a blockchain technology research lab. UBS said that this innovation will lessen the gap between FinTech and banking in order to grow traditional banking.
This bank signed a proof of concept and an agreement with a Sweden-based bitcoin exchange known as Safello. The aim is to understand how blockchain technology can strengthen financial services.
- Goldman Sachs
Last year this bank published a report that actually highlighted the potential of blockchain technology. This report, later on, diminished the idea of using bitcoin as currencies but it will use the technology of blockchain network for improving financial services.
- Banco Santander
This Spanish Bank has been experimenting with the technology of blockchain for a significant amount of time. This technology can decrease the cost of infrastructure by $15 to $16 billion by the year 2022.
- Standard Chartered
The chief innovation officer, Anju Patwardhan said that taking on blockchain technology can reduce remittance, money transfer and credit card costs. According to her, bitcoin is nothing but a distraction from benefits of distributed ledgers.
These banks are eager to establish blockchain networks to organize, evaluate and regulate financial transactions with their counterparties.
These financial institutions are being the leading examples of how blockchain technology is facilitating the growth, stability and security in the financial sector.