THELOGICALINDIAN - Switzerlandbased banking casework behemothic UBS is accretion into China with the aperture of a new Business Solution Centre According to a Shanghai Daily account with COOAxel P Lehmann the bankis additionally advance in banking technologies like blockchain
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UBS Group Business Solution Centre in China and Blockchain Technology R&D
Blockchain technology has become a anticipation for abounding banking incumbents worldwide. Recently UBS controlling Axel P. Lehmann abundant the bank’s amplification into China and its absorption in broadcast balance protocols. UBS has created a new business centermost in the Jiangsu arena burghal of Wuxi, employing 200 bodies focused on innovation. During the interview, Shanghai Daily asked Lehmann how UBS feels about blockchain applications.
“UBS sees abeyant in blockchain technology, but it will booty some years afore you see allusive and acknowledged bartering applications,” said UBS accumulation COO Axel Lehmann. “In the abutting bristles to 10 years, back it comes to the abeyant appliance of alleged “public blockchain,” what you will see is added companies and government institutions application blockchain to facilitate advice sharing. But on a broader scale, it will booty time for bodies to see the allowances of its abounding deployment.”
Like abounding acceptable banking account operations, UBS has apparent blockchain’s potential for absolutely some time. In March 2015 the coffer launched its Crypto 2.0 Pathfinder Program and said for the accomplished eighteen months it has been “studying blockchain intensely.” The coffer additionally appear a non-technical white paper to call to audience what blockchain can accomplish.
Blockchain Pilots and Smart Bonds
During Lehmann’s interview, the controlling additionally capacity the bank’s conception of blockchain-based pilots. he explained UBS Group has already developed several pilots application the technology. One archetype Lehmann declared is the arising of “smart bonds” and adherence rewards acclimatized with cryptocurrency.
“Most recently, we appear a affiliation with three banks additional technology companies to added analyze what we alarm the “utility adjustment coin,” a abstraction that helps to construe bitcoin-like money and articulation it aback to real-time axial coffer money, like US dollars, Swiss francs or renminbi,” says Lehmann.
Furthermore, the Swiss coffer appear its blockchain ancestor at this year’s Sibos event in Geneva. The activity was built using the Hyperledger Fabric agreement with abetment from IBM. The ancestor uses acute affairs to accumulate assorted banking processes, UBS’ addition administrator Alex Batlin told CIO Journal.
Monopolizing New Technology?
The Shanghai Daily concluded the account by allurement Lehmann what his assessment of bodies accusing banks of “trying to comedy monopoly” on blockchain innovation. Lehmann says he doesn’t accept that’s the case and it could be seen as the added way around. “You could appearance blockchain technology as a affectionate of taking-over allotment of the amount alternation that banks are providing,” he explained.
“On the added hand, it’s a abundant befalling to accomplish the cyberbanking and banking arrangement abundant added effective, able and safer. In this regard, it’s a actual important breadth for us to advance in to advance our all-embracing amount offering. So we are allied with our own centralized addition labs as able-bodied as announcement an accessible architectonics to allotment our advice and data.”
Lehmann said one of his top priorities for UBS is “innovation and agenda operation.” It seems the UBS controlling and his close see abounding allowances with blockchain and finance. The banking enactment has been one of the ancient supporters of this technology and it looks like the coffer will abide its accomplishment appear capturing broadcast balance innovation.
What do you anticipate about the UBS executive’s statements appear blockchain technology? Let us apperceive in the comments below.
Images address of Shutterstock, Pixabay, and UBS Group websites.
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