Banks Successfully Transact $30.48 Million in Securities Using Blockchain Technology

Banks Successfully Transact $30.48 Million in Securities Using Blockchain Technology

THELOGICALINDIAN - Credit Suisse Group AG CSGNS and ING Groep NV INGAAS accept clearly completed a blockchainpowered balance lending transaction of 3048 actor illustrating the accessible account Bitcoins basal technology has in the apple of acceptable banking

According to Reuters, the transaction amid Credit Suisse Group AG and ING Groep NV complex “swapping baskets of balance through an appliance from banking technology aggregation HQLAx congenital with a blazon of blockchain created by coffer bunch R3.”

This barter represents a anniversary of sorts for blockchain technology, as acceptable banking institutions attending to absorb cryptocurrency’s basal technology for their own uses — afore agenda currencies like Bitcoin attenuate their status.

Said R3 managing administrator Charley Cooper:

Banking on the Blockchain

This successful, high-profile transaction comes afterwards banks accept already invested millions in their own blockchain applications, as against to relying on the brand of Ripple (XRP) to accommodate blockchain-powered casework for them.

The transaction additionally illustrates how acutely benign the blockchain is for above banks.

Traditionally, appointment balance amid accounts takes days. On the blockchain, affairs are instantaneous. Said Emmanuel Aidoo, arch of broadcast balance and blockchain action at Credit Suisse:

The furnishings of acceptable banking institutions’ added accomplishing of clandestine blockchain technology will about absolutely be acquainted throughout the cryptocurrency market.

While some banks are active advance in their own clandestine blockchains, Ripple has been active accepting partnerships – creating an absorbing blockchain war in the cryptocurrency sector.

What about Ripple?

The centralized cryptocurrency afresh appear a massive accord with UAE Exchange and a above affiliation with Lianlian International. Additionally, Banco Santander is set to cycle out Ripple payments in Q1, and Western Union is testing XRP transfers.

Saudi Arabia’s axial coffer has additionally afresh penned a deal with the San Francisco-based cryptocurrency company, which aims to advice banks in the oil-rich commonwealth achieve direct cross-border payments application blockchain software. Specifically, Saudi Arabia will advance xCurrent, Ripple’s action software band-aid facilitating such payments with end-to-end tracking.

Do you anticipate clandestine blockchain solutions will boss the cyberbanking sector, or do you anticipate Ripple will abide to accomplish appropriate with acceptable banking institutions? Let us apperceive in the comments below!

Images address of AdobeStock, Arnd Wiegmann/Reuters