PAYMENTS
XXXXXX CEO , Company services industry , facilitates the secure sharing of trade documents like letters of credit and invoices .
“ Other banks are now focusing on how they can leverage blockchain technology to help their customers safely explore the possibilities that crypto opens up ,” Jones adds .
Barry O ’ Sullivan , Head of Banking and Infrastructure at Openpayd , points to the discreet yet growing interest in blockchain within the banking sector .
“ We know that banks are partnering with providers like Ripple to speed up cross-border transactions via blockchain tech and we know the likes of JP Morgan have created their own ( Onyx ) for tokenising assets ,” he says .
“ But behind closed doors , there is less discussion about the specific blockchain technology / platform than the approach . Some will build , some will buy , some will partner .”
There is a broad potential for blockchain technology within banks , noting that its applications extend far beyond payments , involving multiple departments in discussions .
The R3 and Hyperledger platforms are favoured in the financial sector due to their alignment with security , interoperability and regulatory needs .
However , these permissioned architectures also face criticism for compromising some inherent blockchain benefits , such as censorship resistance and resilience under pressure . In response to these challenges , IBM ( Hyperledger ’ s owner ), has collaborated with The BSV Association for years to develop a scalable public blockchain .
“ Some of the most exciting new uses of blockchain are utilising permissioned and private blockchains , such as Hyperledger Fabric ”
DR . SCOTT ZOLDI CHIEF ANALYTICS OFFICER , FICO
104 August 2024