A large number of blockchain projects are coming to you. BNP Paribas invites customers to try out various transaction banking blockchain applications

Those of you in the crypto space will know that BNP Paribas is actively researching blockchain technology. Just a few days ago we reported that BNP Paribas will launch a blockchain crowdfunding platform that can be used to issue mini bonds. Not even a few days later, there is new news. Now things have taken an interesting turn, and the financial institution is entering a joint development mode. It is reported that various BNP Paribas clients will be invited to try out blockchain applications focused on transaction banking. There is no doubt that distributed ledgers have made another exciting progress.

2016 has already become the year of blockchain collaboration for BNP Paribas. Earlier this year, BNP Paribas held a blockchain hackathon that attracted a lot of attention from developers around the world. The bank is now taking things a step further and is looking at several blockchain pilots for transaction banking.

BNP Paribas prepares numerous blockchain projects

BNP Paribas will be working with some notable partners, including Sucafina, Solvay, DFDS Group, etc. Corporate transactions are in dire need of improvement, and distributed ledgers look like they could provide the right solution. However, there is still a lot of work to be done in terms of traceability and security.

Jacques Levet, head of transaction banking at BNP Paribas, told the media:

“We are delighted that this ground-breaking blockchain hackathon has been successful and that it has generated these innovative projects. All of these projects have one fundamental characteristic – they are being developed together with our clients. Based on the highly promising blockchain technology, these projects are the result of the joint efforts of BNP Paribas’ transversal teams, our clients and blockchain experts.”

BNP Paribas has released some information about these blockchain pilots, including that they focus on letters of credit, international payments and collateral management. These areas all have blockchain pilots that are ready for deployment or are close to completion.

In fact, the collateral management project has an internal name, called ' Collat'Shaker '. The project will improve the efficiency of international trade transactions involving commodities. The key selling point of the project is to provide general status information about individual transactions to all blockchain members.

What’s more, Collat'Shaker will be able to share and manage status with partners in real time. This should help bring all parties involved closer together. Furthermore, the platform is said to be very simple to use and offers an ‘effective response’ to the issues that the financial industry has had to deal with in recent years.