The Royal Bank of Canada (RBC) is trialling blockchain technology for fund transfers to and from the U.S. Built using open-source tech from the Hyperledger consortium, the new system was deployed about a week ago as an underlying layer to RBC's existing payments system.
Up Next in Blockchain
The Royal Bank of Canada may be interested in putting credit scores on a blockchain. In a recent patent application, RBC outlines a platform that would automatically generate credit ratings using a borrower's historical and predictive data. The system is described as utilizing more data sources than current credit rating systems, and improving the loan process while creating an immutable record.
Royal Bank of Canada Explores Blockchain to Automate Credit Scores
A new report argues that switching to a distributed, blockchain-based infrastructure could bring significant financial benefits to the asset management industry. The report from Calastone, a transaction network for the mutual funds industry, predicts that such a move could slash costs for the global mutual funds market by over $2.5 billion a year.
Mutual Funds Could Save Billions With Blockchain