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5 Blockchain Projects the World’s Biggest Banks Are Behind
- Blockchain is a technology underpinning cryptocurrencies, but it has wider applications to reimagine traditional banking systems. Five bank-backed blockchain initiatives, all of which highlight blockchain's potential to enhance efficiency, reduce costs, and foster transparency are reviewed.
- Fnality International consortium seeks to create a network of blockchain-based payment systems leveraging tokenised central bank money of Utility Settlement Coins that promise near-instant settlement and reduced counterpart risks.
- JPMorgan’s Liink, a permissioned blockchain designed to facilitate faster and more secure information exchange among financial institutions. Onyx explores tokenised deposits and decentralised finance applications
- Project Agora creates a shared digital ledger that tracks trade transactions in real-time which reduces reliance on paper documentation and manual processes. Its tokenisation of trade assets such as invoices and letters of credit, enables trading in a transparent and liquid market, improving cash flow and reducing fraud.
- The Canton Network blockchain initiative, built on the Digital Asset Modeling Language, creates a unified infrastructure for financial markets, enabling seamless data sharing and transaction synchronisation across previously siloed financial systems which addresses the lack of interoperability between different blockchain systems.
- The Versana Platform is designed to modernise the loan servicing sector by offering a centralised platform where participants can access real-time data, reducing manual errors and delays. It is backed by nine investors including major institutions such as J.P. Morgan, Citi, Deutsche Bank and Barclays,
- These five blockchain initiatives are a bold step forward for the industry towards a more efficient, transparent and innovative financial system. Major banks' commitment towards such projects signals a growing recognition that blockchain could be more than a passing trend.
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