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/







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