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The largest bank in Canada tests the blockchain technology for cross-border payments



Royal Bank of Canada (RBC), the largest bank in the country, is testing blockchain technology for transferring funds to and from the US.



28.Sep.17 2:03 PM
By Daria Zaytseva
Photo Toinnov.com

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The largest bank in Canada tests the blockchain technology for cross-border payments

Created using open source technologies from the Hyperledger consortium, the new system was deployed about a week ago as the base level of the existing RBC payment system.

RBC's executive vice president Martin Wildberger told Reuters that what he called the "shadow register" allows the bank to monitor payments in real time as they pass between US and Canadian banks, with the further advantages of simplifying transactions and reducing costs.

The test, which was developed during the last six months in the RBC blockchain development laboratory in Toronto, allows the bank to explore the potential of the technology without completely replacing the existing system.

The use of blockchain and distributed ledger technology can greatly simplify and expand the functionality of banking systems, however, technology still needs time to ripen.

RBC also investigates blockchain in other capacities. Wildberger confirmed to Reuters that the bank was experimenting with such use cases as consumer fees and loyalty offers, and also exploring the potential of intellectual contracts and the use of blockchain for capital markets.

Back in May, the Bank of Canada, the central bank of Canada, told local newspapers Globus and Mail that there were many hurdles in the way of blockchain adoption for banks, although there was potential for a one-day blockchain to support the entire payment system.




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