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

Artificial Intelligence Helps NASA Find An 8th Planet In Orbit Of A Distant Star

Australian Research Success Could Mean Shatterproof Cell Phones Could Soon Be A Realityv

Top ten hi-tech events of the year

Tesla Considering Designing And Developing AI Chips On Its Own To Support Its Auto-Pilot Project

Verizon to introduce 5G in five American cities in 2018

Airbus, Rolls-Royce, Siemens to create an electric aircraft

Study Finds Treatment Efficacy Could Be Sacrificed For Reduced Side Effects In Cancer Therapies By Patients

Some Information About Their Self-Driving Car Research Has Been Disclosed By Apple Scientists For The First Time

A Massive Data Breach Was Covered Up By Uber By Paying Up Hackers

A City Is Can Be Converted To A Living Organism, Showcases China’s Huawei

World Politics

World & Politics

Phase Two Of Brexit Talks, Announced On Friday, Would Be Tough, Analysts Say

Elections in Italy: the last chance of Eurosceptics?

15 countries with the highest level of organized crime

Athens agreed with international lenders

EU Pressure Reportedly Forces UK To Bow Down, Could Agree To Pay £50bn For Brexit Divorce

$1 Billion Is The Price For Freedom For Arrested Saudi Prince In Corruption Crackdown: Reports

U.S. Capital Washington Appears To Be In Range Of The Latest Missile Launched By North Korea

Ten biggest fears of millennials