William Essex
William Essex

Blockchain and the Banks - how does FX fit into the puzzle?

As they work together on the future, banks should push beyond business-process innovation, says William Essex.

First Published: e-Forex Magazine 80 / Blockchain and CryptoCurrencies / April 2018

Blockchain gets everywhere these days. “Many of the early applications have been driven by the desire to increase traceability and transparency,” says Angus Gidley-Baird, senior analyst – animal protein, Rabobank. Blockchain is superior to current solutions when it comes to sharing genetic traits, Gidley-Baird continues, and the shared-ledger approach dramatically simplifies back-office processes such as transaction reconciliation and reporting. For more on blockchain and the beef industry, see the Rabobank Beef Quarterly, q1 2018. For an article entitled Blockchain and the banks, meanwhile, that example serves as a neat illustration of the universality of blockchain. DLT in particular gives us an unambiguously common language with our customers, and an easily shared set of priorities whether we’re tracking FX exposures or tracing the provenance of livestock. More to the point, increasingly these days, where you look for blockchain you find banks. Two simple questions. What are...continued

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