Traditional Meets Blockchain
Standard Chartered announcedthat it has become a member of the Enterprise Ethereum Alliance (EEA), an organization that is geared towards developing blockchain based open systems that allows interoperability of systems. Backed by one of the largest developer community with members from all over the globe.
Standard Chartered is one the leading banks globally, generating USD 14.7 billion in revenues. With becoming a member of EEA, the bank will be able to contribute towards the development and adoption of blockchain in financial systems. Dr. Michael Gorriz, the CIO of Standard Chartered, was happy on the membership and said,
Technology enables us to facilitate trade and investment across our footprint markets, improving client experiences and offering new services. We are excited to be a part of the EEA and look forward to opportunities where we can collaborate with other leading industry players to deepen blockchain research and application in the banking sector.
Not New to Blockchain
Standard Chartered understands the implications and the impact of blockchain. It has already worked in this regard. Three months ago the bank ran a successful joint blockchain financial supply chain in collaboration with Linklogis. Linklogis is a Chinese supply chain provider that specializes in using blockchain as a tool.
Standard Chartered is also a founding member of Voltron, a trade finance platform that offers increased speed, efficiency and transparency in trades. The pilot transaction saw oil product being shipped from Thailand to Singapore.
The bank is also collaborating with Ant Financial’s remittance application and even RippleNet.