Nine Major Banks Back Blockchain Collaboration Plan
Wednesday, September 16, 2015
Nine of the world's largest banks are backing an initiative to create a set of global standards for the use of distributed ledger technology in financial markets.
The banks backing the project – Barclays, BBVA, Commonwealth Bank of Australia, Credit Suisse, JPMorgan, State Street, Royal Bank of Scotland and UBS – have paired up with financial innovation startup company R3 to collaborate on research, experimentation, design, and engineering to help advance state-of-the-art enterprise-scale shared ledger technology.
R3 CEO and former ICAP Electronic Broking chief David Rutter will lead the project, and more banks are expected to pledge their support in the coming weeks.
“This partnership signals a significant commitment by the banks to collaboratively evaluate and apply this emerging technology to the global financial system," says Rutter. “Our bank partners recognise the promise of distributed ledger technologies and their potential to transform financial market technology platforms where standards must be secure, scalable and adaptable.”
He says R3 and its bank partners will establish collaborative joint working groups to share ideas and to test and validate distributed ledger prototypes and protocols.