Businesses in the financial services industry have begun to take blockchain from early stage hype to practical applications that allow forward-thinking banks to streamline execution effort and time from trading transactions, inter-bank payments and cross-border payments.
For the Tuesday, January 21 WHIPgroup Tech Entrepreneur Meetup, Renee Leibler, a blockchain investor and an adjunct professor at Fashion Institute of Technology and Stephens Institute of Technology, discussed how banks are adopting applications that leverage established models and enhance them with the benefits of blockchain. Case studies include:
• Blockchain for inter-bank transactions, as exemplified by JPMorgan’s “JP Coin” developed with Microsoft on the Etherium blockchain.
• Blockchain for cross border payments including Ripple (Fintech Startup), and IBM Worldwire — Stellar blockchain.
• Shifting of the world reserve currency — will it be a digital version of the Dollar, the Yuan, the Euro or…