Daily Management Review

BNP Paribas Uses Blockchain Technology For The First Time To Make Real-Time Payments


12/23/2016


Blockchain technology continuous to gain popularity over cross country payments for the banks.



As per the information provided by BNP Paribas of France, it made its “first live” blockchain payments to two “corporate clients” which dealt with “various currencies”, whereby highlighting the growing “importance of the new technology for major banks”.
 
The “web-based” transaction process, say banks, could prove to be efficient in reducing costs. Reuters informs that blockchain technology “creates a ‘golden record’ of any given set of data that is automatically replicated for all parties in a secure network, eliminating any need for third-party verification”.
 
As per BNP Paribas, the blockchain transaction involved banks in the United Kingdom, Germany and the Netherland for its clients “Panini Group” and “Amcor”, the former being an “Italian card collections producer” while the latter is a “packaging company” of Australia. The statement of BNP Paribas says:
“The payments were fully processed and cleared in a few minutes highlighting the real potential of this innovative technology which eliminates delays, unexpected fees and processing errors, paving the way for real time cash management”.
 
The first “cross-border” blockchain transaction has been reported to have taken place in the month of October between “Commonwealth Bank of Australia and Wells Fargo” for processing a cotton shipment from the U.S. to China.
 
 
 
References:
http://www.reuters.com/







Science & Technology

Motorola’s New Patent Will Self-Heal A Cracked Smartphone Screen

Auto Parts Out Of Wood Is What Japan Is Looking At Making

Security Firm Claims Hotel Guests Across Europe Were Targeted By Russia-Linked Hackers

World’s First Genetically-Modified Animal To Enter Food Supply Is Salmon

In The Future, UBS Analyst Says, Multiple Planes Could Be Operated From The Ground By Today’s Pilots

Will Germany save diesel?

How China became a pioneer of the solar industry

CNBC: Intel leaves the wearable gadgets market

Oculus Rift falls in price…again

Ukraine Police Official Says Likely Cover For Malware Installation Was Global Cyber Attack: Reuters

World Politics

World & Politics

Russia surpasses Saudi Arabia in oil production

China counts losses from sanctions against the DPRK

OCP Group Vs South African Courts: A storm is brewing on international maritime trade

Britain to conduct a study on labor migration after Brexit

CNN: Rex Tillerson may leave the post of US Secretary of State

Its South China Sea Territory Being Protected By Indonesia From 'Foreign' Threats

A Swarm-Like Attack From North Korea Could ‘Overwhelm’ South Korea's THAAD Missile Shield

Powerty in Italy tripled in 10 years