Well-know global financial institutions are still more and more interested in the blockchain technology trials to take advantage of them.
JPMorgan, skeptical bofre about blockchain technology, has informed that it is looking for a way to assess the technology’s use for improving trading processes. Another global financial player – UBS, has reported experiments with smart bond applications, while NRI has been considering distributed ledgers investigation for securities. But RBC (Royal Bank of Canada) has made even a step further. It announced in November, that is was testing blockchain technology for its consumer rewards and loyalty offerings. Moreover, as Linda Mantia stated, RBC was looking at various ways how to take advantage of the technology, with focus on applications for capital markets, cross-border payments and smart contracts.
Moreover, Mantia spoke about the value of experimenting with blockchain technology for the bank’s loyalty program. She added that blockchain technology is useful in helping RBC to deliver better on its existing loyalty value proposition for customers.
“We’ve always said, ‘Your points, your money’. So we don’t lock people into the rewards store. We also let in certain merchants like Best Buy, so clients can use our points to buy from them.”
She stated that a decentralized ledger could add to the efficient enforcement of the rules related to payment option, while also providing RBC with a means to improve operability with its partners.
Furthermore, she added that RBC is looking for ways how to extend its line of payment products and highlighting the benefits to the anonymity or semi-anonymity a form of “digital cash” could provide. Nevertheless, she was not pledging for any conclusion on blockchain technology.
As for the bitcoin future as a digital currency, she added that she sees a value in such an idea.
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