[2016-10-23] Mint: Here’s what Asian lenders are doing with blockchain tech

Here’s what Asian lenders are doing with blockchain technology

http://www.livemint.com/Industry/GHDMw46Gp5FI1dQgGBDPwO/Heres-what-Asian-lenders-are-doing-with-blockchain-technolo.html

Asian lenders are spending millions of dollars developing applications using blockchain, a technology that promises to slash transaction costs, expedite cross-border payments and reduce the risk of fraud.

Banks active in the region from Standard Chartered Plc to National Australia Bank Ltd have in recent months started developing and testing systems utilizing the distributed-ledger technology in areas from international fund transfers and trade-finance invoices to cheque issuance.

Blockchain promises “a fundamental change to banking” but its success depends on the adoption of uniform standards by banks, Mizuho Financial Group Inc. chief executive officer Yasuhiro Sato said at a financial technology conference in Tokyo on 21 September. The technology will definitely be used in banking within five years and likely “shorter than that,” he said.

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