Australian & New Zealand Banks Evaluating Blockchain Technology For Retail Financing With IBM
Reportedly, Commonwealth Bank of Australia, Westpac Banking Corp and Australia and New Zealand Banking Group Ltd to test & evaluate a new bank guarantee platform for shopkeepers using a shared database, which is expected to be world’s first-ever blockchain technology used in retail financing. The trial based project is a step towards a decentralized record-keeping concept using blockchain which is expected to lessen processing time, reduce bottlenecks and risk of fraud. The banks reportedly, are to team up with mall owner Scentre Group and use IBM software for processing of financial contracts within the same network.
Nigel Dobson, ANZ’s head of digital banking stated “Based on some of the inquiries and feedback we’ve had through other financial institutions and also though IBM’s network, this is a first,” “It is for a relatively narrow use case, but the scope to expand the product set that could be stored and maintained, managed and secured on the network is pretty significant, even beyond (bank) guarantees.”
As per reports, Commonwealth, Westpac, and No. 4 Australian lender National Australia Bank and about 300 lenders globally in the banking sector have invested in blockchain developer R3 LLC to fight bottlenecks.
Dow 30 component International Business Machines Corporation (IBM) provides information technology (IT) products and services worldwide. IBM announced recently two significant quantum processor upgrades for its IBM Q early-access commercial systems. These upgrades represent rapid advances in quantum hardware as IBM continues to drive progress across the entire quantum computing technology stack, with focus on systems, software, applications, and enablement. To learn more about International Business Machines Corp (IBM) and to track its ongoing progress please visit the Vista Partners IBM Coverage Page.
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