RBC test­ing blockchain sys­tem for fund trans­fers

Banking Frontiers - - Blockchain -

The Royal Bank of Canada is con­duct­ing a pilot test on the use of blockchain tech­nol­ogy for fund trans­fers and pay­ments to and from the US as part of its ex­ist­ing pay­ments sys­tem. The tech­nol­ogy has been de­vel­oped by the Hyper­ledger Blockchain con­sor­tium. The tech­nol­ogy, de­scribed as ‘shadow ledger’, en­ables the mon­i­tor­ing of pay­ments as they pass be­tween US and Cana­dian banks in real time. It also pro­vides for re­duced costs and sim­pli­fied trans­ac­tions for fi­nan­cial in­sti­tu­tions. The bank said it wanted to set up a shadow ledger so that it can demon­strate its lead­er­ship in ex­ploit­ing that tech­nol­ogy while at the same time rec­og­niz­ing that the tech­nol­ogy is still early in its adop­tion phase.

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