Blockchain has been around for a number of years but has only come to mainstream media attention in the last 24 months with the rise of the ICO and the massive price increases of 2017. This time last year, the market cap of all cryptocurrencies was under $75 Billion USD; 1 year later it is over $280 Billion, and now we are on the ‘brink of collapse’ with a market cap of $230 Billion. This is still a rise of over 300%, but with this success are other industries really taking notice?
One of the industries which have been the most opposed to blockchain technology is the finance industry, but specifically banks. Initially, they saw the concept of blockchain as direct competition, actively removing the control they have over the funds and accounts of their customers. However, major players in the finance industry have increasingly begun to warm up to blockchain.
Financial institutions and other major companies are inherently slow in adopting any new technology, but have actually been exploring various use cases for some time now. So let’s take a look at which institutes have already implemented the change or are looking into it as we speak.
According to CEBNet, of the 26 publicly listed banks in China, 12 have already adopted blockchain technology for various use cases within their systems. These banks vary from state owned ones like the Bank of China, China Construction Bank and the Agriculture Bank of China, to privately owned ones, including China Merchants bank.
In the financial statement for China Construction Bank, it stated that cross-bank and cross-border loan issuances for small businesses were now running on a blockchain based platform. It also claimed that this platform had processed over $251 million USD worth of transactions.
On the same use case, the Agriculture Bank of China has developed a process of offering unsecured loans for agricultural e-commerce merchants through a decentralized network. This network provides an automatic loan issuance process.
Another separate but equally beneficial use case has come from the Bank of China. Testing has been completed for the infrastructural component of a blockchain-based digital wallet.
This is just China, but the sentiment remains positive throughout the rest of the world.
ALFA Bank from Russia, Yes Bank from India, UOB (United Overseas Bank) from Singapore, CommonWealth Bank from Australia, and LatiPay from New Zealand are a few banks that have collaborated with a US based blockchain company. The Federal Bank from India & Lulu Exchange have partnered with a Bengaluru based fin-tech company. Axis Bank, RAK Bank, & Standard Charter Bank have connected with another blockchain network. Kotak Bank, which enables blockchain based trade finance operation, partnered with Deloitte & JP Morgan Singapore.
Other use-cases within the financial sector which have been developed include simplying and speeding up cross-border payments, improving trading accuracy, reliability and shorter settlement processes. Smart contracts have created benefits with the processing of transactions by removing the need of the middle man, as well as being used to develop loyalty and rewards systems.
There are a lot more banks working within multiple technology & service providers to integrate blockchain in their Use Cases. This just demonstrates the demand in all industries for the adoption of blockchain technology. Aelf is making this possible with the aelf ecosystem and the aelf Innovation Alliance which will enable blockchain technology to be adopted and integrates into mainstream organizations large and small. This has enabled the alliance to be successful with partnerships from experts and influencers like Michael Arrington and Arrington XRP Capital, Huobi Labs, and FBG Capital. Not only do organizations now have a platform to build upon, but they have resources, capital and expert advisors at their fingertips, which is all made possible through the this revolutionary aelf initiative.
Below is a list of over 200 banks and financial institutes using or soon to be using blockchain technology:
Banks
77 Bank
AEON BankAkbankAkita BankANZ (Australian and New Zealand Bank)Aomori BankAl Rajhi BankAshikaga BankATB FinancialAxis BankAwa Bank
Banco Bilbao Vizcaya Argentaria (BBVA)Bank DhofarBank Of AmericaBank Of America Merrill LynchBank Of EnglandBank Of IndonesiaBank Of IwateBank Of LeumiBank Of NagoyaBank Of OkinawaBank Of ThailandBank Of The RyukyusBank Of Tokyo-Mitsubishi UFJBank Of YokohamaBarclays’ investment bankBexs Banco De CambioBMO Financial Group (Bank of Montreal)BNP ParibasBNY Mellon
CBW Bank (Citizens Bank Of Weir)Chiba BankChiba Kogyo BankChugoku Bank (Bank of China)CIBC (Canadian Imperial commercial banks)CitiCoast Capital SavingsCommerzbankCommonwealth Bank Of AustraliaCredit AgricoleCredit SuisseCross River BankCuallix
Daishi BankDaiwa Next BankDBS Bank (Development Bank of Singapore)DeloitteDeutsche Börse
Ehime Bank
Federal Bank of IndiaFederal Reserve SystemFidor BankFukui Bank
Gunma Bank
Hachijuni BankHiroshima BankHOKURIKU BANKHSBC (Hong Kong Shanghai Bank)HYAKUGO BANK
IndusInd Bank (Indus India Bank)Intesa Sanpaolo (Intesa Sanpaolo)Itau UnibancoIyo Bank
Japan Post BankJPMorganJuroku Bank
Keiyo BankKotak Mahindra BankKrungsri (Bank Of Ayudhya / Bank of Ayudhya)Kuwait Finance House
Macquarie GroupMichinoku BankMitsubishi UFJ Trust And Banking CorporationMizuho Financial GroupMonetary Authority Of SingaporeMorgan StanleyMusashino Bank
National Australia BankNational Bank Of Abu Dhabi (NBAD)National Bank Of KuwaitNatixisNISHI-NIPPON CITY BANKNomura Trust And Banking CompanyNordea BankNorinchukin BankNorth Pacific BankNPCI (National Payments Corporation Of India)
Oita BankORIX BankOversea-Chinese Banking CorporationPKO BP
Rabobank NederlandRAKBANK (National Bank Of Ras Al-Khaimah PJSC)ReiseBankReserve Bank Of IndiaResona BankRoyal Bank Of CanadaRoyal Bank Of Scotland
SAN-IN GODO BANKSantander BankSaudi Arabian Monetary Authority (SAMA)SBI Sumishin Net BankScotiabank (Nova Scotia Bank)SEBSenshu Ikeda BankSeven BankShanghai Huarui Bank (SHRB / Shanghai HanaMizuho Bank)Shiga BankShikoku BankShimizu BankShinhan BankShinkin Central BankShinsei BankShoko Chukin BankSiam Commercial BankSkandinaviska Enskilda Banken (SEB)Societe GeneralSony BankStandard Chartered BankStar One Credit UnionSumitomo Mitsui Banking CorporationSumitomo Mitsui Trust BankSuruga BankSwitzerland’s UBS
Tochigi BankToho BankTokyo Star BankToronto-Dominion BankTowa BankTsukuba Bank
UBSUnited Overseas BankUniCredit
Westpac BankWoori Bank
Yachiyo BankYamagata BankYamaguchi BankYes Bank
Other institutes related to Financial Services
AccentureAinslie BullionAirWallexALFAcashierAmerican ExpressAstroPayAustralian Stock Exchange and Depository Trust
Banquecorp Physical GoldBCS Information SystemsBeeTechBill & Melinda Gates FoundationBitcoinIRABitGoBluzelle
Cambridge Global PaymentsCGIClearing Corporation [DTCC]CoilCrypto FacilitiesCurrencies Direct
DAYLI Financial GroupDeloitte Touche TohmatsuDH CorporationDinexDLocal
EarthportEverisExchange4FreeExpanseExpertus TechnologiesEZforex
FairFXFlashFX
Global IDGold Bullion InternationalGSR Markets
IBMIDT CorporationInfocomm Development Authority Of SingaporeInfosysInstaReMIntellectEUInternational Foreign Exchange (IFX)
Jaccoo
LatiPayLianlian Pay.Lulu Exchange
MarqetaMastercardMIT (Massachusetts Institute of Technology)MoneyMatchMercury FXMoneyGram
New Forest Capital
OANDAOmni
Paycase FinancialPersistent SystemsPolySign
R3 CEVRationalFXRIALTO.AI
Saldo.MxSAPSBI HoldingsSBI RemitSBI Ripple AsiaSBI Virtual CurrenciesSingapore Exchange (SGX)Smart Token ChainSparroSWIFT (Society for Worldwide Interbank Financial Telecommunication)
TAS GroupTata Consultancy Services (TCS)TelindusTemenosThe PAR FoundationThe Royal MintTransferGo
UAE Exchange (UAE Exchange)Union FXUniPAY
Viamericas CorporationVolante Technologies
Western Union
Yantra Financial Technologies
Zip Remit
If you find a bank or financial institute not on this list please comment or message me directly so I can add to this list. At the time of writing this was the most comprehensive list available to the public
Mappo has been investing and trading in fiat currencies since 2013. He has recently moved into the crypto world spreading his portfolio over long term coin investments, ICOs and day trading.
#Cryptocurrency #ICO #exchange #bitcoin #Crypto #blockchain #Aelf #Mappo