What Blockchain banks use?

What Blockchain banks use?

Banks are already applying the blockchain technology in myriads of ways. They are for instance looking to simplify the clearing and settlement industry that currently uses manual reconciliation. This will speed up the process and allow for better record-keeping. There are also plans to improve payment systems, the trade finance sector and identity verification among others.

In many cases, banks and other big firms choose to work with the top names in the cryptocurrency industry. The Enterprise Ethereum Alliance for instance is a partnership between financial institutions and the Ether network that is looking to find innovative ways to apply the technology through the ethereum blockchain.

Others still choose to set up their own blockchains from the ground up since this is not very hard to do. It is likely that banks will continue to make independent decisions with regard to the choice of blockchain to use.