RBC testing blockchain system for fund transfers
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.