Commonwealth Bank of Australia pledges to increase blockchain investment in 2017

The Commonwealth Bank, one of Australia's four largest banks, has pledged to further invest in blockchain. According to ZDNet, in 2017, the Commonwealth Bank's spending on technology investment is expected to be close to $1 billion, with blockchain being one of its key investment areas.

A few weeks ago, the Commonwealth Bank of Australia said it had partnered with the Queensland Treasury Corporation (QTC) to participate in a "crypto bond" blockchain project, which used the Commonwealth Bank of Australia's capital markets platform to streamline the underwriting and settlement process of debt instruments. It is reported that traders using the system can access a transparent order book where they can see the bond bidding process in real time.

It is reported that the Commonwealth Bank of Australia, as Australia's largest financial services provider, has been involved in blockchain technology research since mid-2015. In October last year, the Commonwealth Bank's cooperation with Wells Fargo Group on a blockchain trade finance project attracted a lot of media attention, with a particular focus on the global cotton fabric market.

The Commonwealth Bank of Australia also stated that they are continuing to work with a number of institutional clients from various industries (including logistics, government, commodities and financial institutions) to explore how blockchain can improve trust, security resilience, transparency, efficiency and user experience in payments, capital markets, international trade and other special use cases in the public sector and special industries.