Royal Bank of Canada trials Ripple’s distributed technology to build remittance proof of concept

The Royal Bank of Canada (RBC) is using technology provided by Ripple to build a new distributed ledger-based proof of concept (PoC) for remittances.

The news was revealed in a recent article by Deloitte Tech Trends, which outlined how it was working with RBC to seek a better understanding of distributed ledger technology and its application to remittances.

Both RBC and Deloitte said they are not currently experimenting with distributed ledger technology in their wider business areas, but they hope to use the current PoC proof of concept to study and evaluate how the distributed ledger technology would affect other business areas of the bank if implemented more widely in the future.

The article says:

"Blockchain offers us so many possibilities, but the key is to see whether it is really scalable, reliable and secure, and whether it can be deployed on a large scale. In view of this, RBC hopes to do further evaluation before expanding the blockchain trial."

埃迪•奥尔蒂斯, vice president of solutions acceleration and innovation at RBC, said that due to different views within the bank on how blockchain can solve business problems, it is difficult to transition from the PoC concept stage to actual application.

“We could either simplify our plans, which would make senior leaders unable to see the value of blockchain, or we could insist on being more professional, which would probably make them unhappy.”

However, Ortiz eventually succeeded in building a proof of concept in the remittance space, where they are developing a blockchain-based loyalty platform.

Ripple is very happy to be able to cooperate with RBC this time. Ripple has always been actively seeking cooperation with banks and other financial institutions. Recently, it has expanded the scope of its technology promotion and reached a cooperation with Japan's SBI Group.

Original article: http://www.coindesk.com/royal-bank-canada-reveals-blockchain-remittance-trial-ripple/
By Pete Rizzo
Translator: printemps
Editor: printemps
Source (translation): Babbitt Information (http://www.8btc.com/rbc-ripple ‎)