Everyone in the cryptocurrency world is well aware of how BNP Paribas is actively working on blockchain technology. Things have taken an interesting turn, as the financial institution is going into co-development mode. Various clients will be invited to pilot blockchain applications with a focus on transaction banking. An exciting development for distributed ledgers, that much is certain.
The year 2016 has been all about for collaboration for BNP Paribas when it comes to blockchain technology. Earlier this year, the group conducted a Blockchain Bizhackathon, which saw considerable interest from developers all over the world.The bank is now taking things one step further, as they are eyeing several blockchain pilot programs for transaction banking.
Plenty of Blockchain Projects For BNP Paribas
To put this into perspective, BNP Paribas will be working with some prominent partners. This includes Sucafina, Solvay, and the DFDS Group, among others. Corporate transactions need a dire revamp, and distributed ledgers seem to be the right way to go. However, there is still a lot of work to be done regarding traceability and security.
BNP Paribas Head of Transaction Banking Jacques Levet told the media: