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Wednesday, July 12, 2017

How Banks Start Using Blockchain in Communications

How Banks Start Using Blockchain in Communications

Banks and large-scale commercial companies including Daimler, the parent company of Mercedes-Benz, are starting to replace fax machines and the traditional method of communicating with one another using Blockchain.

Since 2015, banks and major technology companies such as Microsoft have been investigating the potential of Blockchain technology as a data processing platform. While sustaining the security measures of public Blockchain networks including Bitcoin, the Blockchain-based platforms can process large amounts of data, opening doors for a wider range of applications such as data verification.

On June 28, Daimler, the $68 bln parent company behind prominent car manufacturer Mercedes-Benz, successfully launched a one-year corporate loan settlement system utilizing a Blockchain-based system with Landesbank Baden-Württemberg (LBBW), to demonstrate the potential of Blockchain technology in the field of financial transaction settlement and data processing.

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Source: CoinTelegraph

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