In recent years, we have seen many industries move towards blockchain technology and ditch the traditional methods used by them. The latest development is taking place in the banking sector, and the latest news comes from the banking giant Standard Chartered.
The multinational British bank has decided to collaborate with the Enterprise Ethereum Alliance, a member-operated organization that works in the development of blockchain technology for consumers and businesses across the globe.
The Big Announcement
With a post on the official website, Standard Chartered announced this partnership with EEA and explained that they would further collaborate with many other leaders of the industry. This collaboration aims to improve the banking sector and work in the direction of blockchain research and its application in the banking sector.
The alliance already has several other major banking firms as its members, such as JP Morgan, ING, Citi, and Spanish bank BBVA. There are about 100 other members in the alliance, and they aim to use the Ethereum blockchain as open-standard for empowering enterprises.
Standard Chartered’s blockchain attraction
The banking giant believes blockchain to be the best way for central banking and commerce as it would allow transactions to be verified, secure, and processed in real-time. The bank is the founding member of the blockchain-based trading platform Voltron.
Note: The blockchain-based trading platform Voltron recently completed its first transaction for the oil industry as it completed its first international letter of credit.
Standard Chartered also invests in Ripple and is working with China-based Linklogis and is backing up the digital currency projects of Central Banks of Thailand and Singapore.