Reports out today highlight that a group of banks have successfully trialled and tested a blockchain based bank transfer. This news is especially important, as it includes large scale banks such as HSBC and Deutsche Bank and is the first occurrence of a test that has been carried out across borders, and through many banks, over the blockchain. The test has been facilitated by a blockchain firm called we.trade. Within this, ten companies have utilised four banks on an international scale to ensure these tests run smoothly and successfully. According to The Next Web, Hubert Benoot, the Chairman of we.trade has said:
“This live trade is a massive achievement for all involved. Not only has we.trade built a technical solution, it has also managed to create real collaboration across multiple banks and increased the connectivity of the trade ecosystem. This really is collaboration at its finest.”we.trade is powered by the IBM platform, so, as you can see, there really are an awful lot of companies and brands involved within this test. Other names that have been dropped, including HSBC, Deutsche Bank, and IBM are Santander, KBC and Societe Generale. Furthermore according to The Next Web: “The successful tests are also a major win for the IBM Blockchain Platform, which powers we.trade. IBM Blockchain Platform is perhaps the most successful offspring of the Linux Foundation’s Hyperledger movement – an open source blockchain resource and enterprise onboarding project that boasts over 220 partners across all areas of global industry.” See more from The Next Web, here- https://thenextweb.com/hardfork/2018/07/03/blockchain-bank-ibm/ I think this is a peek into the real future for cryptocurrencies and blockchain technology. It can only be beneficial that so many large companies are working together on these sorts of projects. Of course, we have to consider a balance of power here but I guess that the beauty of the blockchain is that power balance can remain fair. It is exciting to see major banks like HSBC hit headlines that relate to cryptocurrencies and of course, it is exciting that behind all of this, IBM seem to be turning the cogs towards a blockchain revolution.