Computing giant will be working with Bank of America Merrill Lynch on creating blockchain technologies to improve financial exchanges between enterprises.
A number of the world’s leading banks have partnered to form Global Payments Steering Group, the first interbank group for payments based on the blockchain technology.
A group of banks, including HSBC and Bank of America, have created a new blockchain solution that will help to streamline the process of global trade.
One of the largest banks in the USA has already filed for 15 patents and have 20 new ones in turn.
Research company Aite Group predicts bank will invest around $400 million in the blockchain technology within the next few years.
Thus R3 project has just grown up to 42 members – the world’s largest and most influential banks.
The blockchain holds huge promise for the future of the financial industry, with the world’s leading organizations developing solutions based on the bitcoin technology.
The innovation firm R3 has received support from five additional banks that joined the company’s project on developing blockchain solutions for the finance industry.
Even though investments in Bitcoin startups have recently decelerated, financial institutions like American Express are still getting more interested in the potential of BItcoin.
Thirteen top banks, including Citi, Bank of America and Deutsche Bank, have joined a consortium led by financial tech firm R3 that is developing blockchain technology for the financial industry.
Bank of America has applied for a patent with the United States Patent and Trademark Office for a new technology of funds transfers using digital currency.