Standard Chartered and Siemens partner in blockchain project

[Buenoscoin]

The multinational and service bank 'Standard Chartered' (SC) recently revealed its plans to develop a blockchain project for bank guarantees, using the 'R3 Corda' platform. The project was carried out in partnership with the Siemens Company and with the TradeIX platform, which started the pilot in March and intends to complete it by the end of 2018.

Defective success, the new development allowed "digitize exchanges, take advantage of data in real time, as well as transform the way traditional exchanges are made," said the head of product exchange, Samuel Mathew. It should be noted that bank guarantees require a high consumption of resources and paperwork, therefore ledger technology will distribute the practice of reducing costs and manufacturing processes at your fingertips, to the management of the guarantee of claims or requests”

According to the CEO of the TradeIX partner, Rob Barnes:

We believe that world trade is in the dimension of digital transformation that will revolutionize the whole traditional commercial and operational model with which we have been developing in recent years.

This release also marks one more point of implementation of the R3 Corda blockchain platform, which has been adopted by the Thai bank in an effort to support the creation of its own virtual currency.

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