Cases of blockchain technology innovation and innovation are frequent

Before any emerging technology grows and develops, there will be a process of complementing and perfecting the technology. Recently, some banking companies have been flooding the Internet with blockchain technology, such as Mellon Bank, which is actively promoting new blockchains.

The world's leading asset service provider, New York Mellon Bank (BNY), has developed a beta blockchain system that can be used to create backup records of bank brokerage transactions. The new system, called 'BDS 360', is intended as a "prepared tire" for the bank's existing transaction record system, which replaces the system when the bank's first-tier transaction record system becomes unavailable. It is reported that this is only part of the broader blockchain study of New York Mellon Bank, which is part of the bank's internal collaboration with the R3 Distributed Accounts Alliance, the recently announced "clearing currency" project.

However, Bank of New York Mellon also said that the agency may not easily switch to a new infrastructure, but hopes to test the blockchain solution in the background, collect data from it, and gain relevant technical experience. Suresh Kumar, chief information officer at Bank of New York Mellon, further pointed out that the move was a way for the bank to test the strengths and weaknesses of blockchain technology in response to his comments earlier this year. At the time, Kumar introduced that blockchain technology was “a huge opportunity”. The chief information officer also suggested that New York Mellon Bank is looking for a blockchain solution that does not require coordination with other financial institutions.

He told CoinDesk: "Assume that your main system is closed. Can you have the information that will allow you to continue your business and allow you to settle the transaction? And that's what we try to do." According to Kumar, the system One of the main selling points is its ability to respond to the system at a relatively low cost in a short period of time. “The systems we currently have are very expensive and the system recovery takes a long time. The 'BDS 360' system allows us to improve overall recovery in a short period of time with a small amount of manpower,” he explained. The so-called recovery problem has been raised in the recent MIT paper. It is assumed that after the bank integrates the blockchain, the overall recovery of the system can be improved by diversifying the risk points, thereby reducing the data caused by a single point of failure. The possibility of loss.

Kumar repeatedly quoted this idea in an interview. He said: "For me, the distributed ledger system allows you to still do business when the main system is shut down. This is a pretty good thing," he said. Say. Regarding the next step, according to Kumar, the next test of the Bank of New York Mellon will revolve around the sustainability of the system, and at the same time, it will slowly introduce the concept to some customers of the bank. Although in the past, BNY executives have discussed their blockchain clients, Kumar pointed out that most of them are still in the process of learning at this stage, and how the banking client is included in this system discussion remains to be continued. Includes the hardware and software to choose from in this process. “We have used it internally. Now, are we considering whether we can use it for the rest of the system?” he explained, adding: “We tried to think about how to launch it.”

Recently, the trade finance experiment of a large bank has blossomed. The bank is Barclays Bank, which reported that two partners (agricultural cooperative Ornua and food distributor Seychelles trading company) have been able to successfully transfer trade documents through a blockchain platform, which is owned by Barclays. The bank's accelerator project graduate Wave was created.

Wave is an Israeli startup that graduated from Barclays Bank's TechStars Fintech Accelerator last fall when it was using a blockchain-based customization technology to facilitate the transfer of trade documents. In the statement, Baihas Baghdadi, head of trade and working capital at Barclays, said the project confirmed that adding a multi-sector to a distributed ledger system would eliminate one of the most [healthy problems] facing international trade. ', the transfer of paper documents used to track and verify transactions.

Baghdadi said: "This is why we are passionate about working with Wave to use blockchain technology to save time and money for our customers and potentially transform the trading finance activities of global companies." Currently, many large banks are testing. Blockchain applications in the global supply chain. Just last month, the Bank Blockchain Alliance R3CEV revealed that 15 members of the alliance have participated in a trade finance experiment, and Bank of America and HSBC are reported to be doing similar work.

Although the development of blockchain technology is not perfect, it does not affect people's research on this. Some experts say that many people have a crazy love in this field, especially in terms of digital currency, in addition to financial use. In fact, the development potential of the blockchain is huge. The research on the blockchain chain has made gratifying achievements. Other blockchain professional research units have also won the market position with a positive attitude. I believe the blockchain. There will be a big storm in the future.