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National Bank of Canada introduces blockchain technology

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Story Highlights

  • Making¬†transactions more simple

  • Replacing¬†the long email functions

Blockchain in banking

With several traditional financial institutions, studying the ways in which they can integrate blockchain technology into their previous installations, another major financial institution, the National Bank of Canada, has made its intention to apply blockchain technology to solve its most difficult part of the work processes.

Optimizing bank procedures

NBC made it famous in a recent press release, which also states that the bank entered into a partnership with two other companies. The companies listed in the partnership have been identified as CGI and the launch of the Skuchain blockchain. Looking at the function and role of each partner, it is clear that this is the ideal setting. CGI is the world-renowned consultant Fintech, and Skuchain is the blockchain technology company. NBC will use Skuchain’s smart contracts in conjunction with the CGI Trade360 trade finance platform. This is intended to make a complex client transaction procedure simple. The platform resulting from this partnership will be used to replace the long email functions that are currently in use.

Based on a recent report, the platform will also help reduce transaction processing time, as well as strengthen relationships with bank customers in the future. The main advantage of the new platform is that customers will have the opportunity to start, conduct and complete negotiations on standby letters of credit and fully guarantee reasonable contracts. These intellectual contracts are equipped with functions that allow them to competently form an agreement, as well as to report all changes in the transaction period to all interested parties. According to Vice President of Payments, Cash Management and International Solution at Bank of Canada Patrice Roy, the bank will feel the positive significance of this acceptance by its clients.

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Mur Kvantaliani

MUR KVANTALIANI Mur Kvantaliani is an International researcher, scholar and journalist. His interests focus on geopolitics, economics, renewable energy and new technologies. Mur holds Masters degrees in English and German literature. He has lived and worked in the United States and Germany where he developed his career as a journalist and creative writer.

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