Introduction

The online credit processing agency Bureau of the Polish Banking Association has recorded the credit history of about 150 million Europeans by creating a blockchain solution to process customer data. Banco Santander, a pioneer in the application of blockchain technology in Spain, has built a payment system One Pay FX on the blockchain platform.

The main goal of this system is to optimize payments between Europe and South America by using a distributed ledger. JPMorgan Bank believed the future of blockchain so much that they set up their own business to research and apply this technology. Currently, the bank is testing applications for financial operations.

According to a source in the China Banking industry - the CEBNet, 12 out of 26 Chinese banks disclosed in their annual records used blockchain applications in 2017 for various uses.

On May 15, 2018, HSBC announced that HSBC and ING Bank had successfully implemented the first trade finance transaction through Letter Credit, which is completely based on blockchain technology for Cargill, an international corporation in agriculture and food industry has reduced the L/C payment period from 5 - 10 days to 24 hours.

According to Reuters (September 28, 2018), Royal Bank of Canada (RBC) is experimenting with applying blockchain for payments between branches in the US and Canada. Blockchain technology is currently running in parallel with the main RBC system, allowing the bank to track payments between the US and Canada in real time. '

Blockchain will help increasing speed, reducing complexity and lower costs for payment. RBC Bank has previously developed the blockchain system at a center located in Toronto, using a software provided by open source blockchain organization Hyperledger.

Earlier, CNBC reported that IBM is building blockchain technology exclusively for the seven largest European banks (including Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale and Unicredit) to increase the efficiency of international trade for small and medium businesses. Wells Fargo and the Commonwealth Bank of Australia also used blockchain to process and conduct cotton exports from the US to China last year.

In 2018, Daimler - the German automaker that owns the Mercedes-Benz brand, cooperated with Landesbank Baden-Wrttemberg Bank (LBBW) to use blockchain for a 100-million-euro financial transaction. According to a statement by Daimler, the company has issued a corporate bond to borrow the amount of money from LBBW and 3 other banks using blockchain in parallel with the normal legal process.

Blockchain will automate the entire process, from contracting and executing to confirming repayment and interest payments. This saves manpower costs for doing some manual steps like the present, while avoiing the need to make so many contracts, discuss with investors, make payments and the lender also must apply complicated governance and control mechanisms.

(Complied from multiple sources)

The world is changing fast, everything is being digitized.

Digital Transformation will create a digital economy where all flows are digital numbers in cyberspace.

Digital currency as bitcoin is becoming the most valuable coin in the world (1 Bitcoin is equivalent to 20 Gold Quantity 9999).

Most recently, works of art or any warrants can be absolutely protected by a Blockchain-based technology named NFT.

A digital society is starting!