Barclays to Test Ethereum for Faster Transactions
August 31, 2018
One of the UK’s largest banks Barclays and Crowdz crypto startup have declared their collaborative works to integrate Ethereum blockchain in the Barclaycard service structure. The measure is supposed to provide for faster transactions between the system users. Note that the Crowdz company has already took part in the Barclays’ accelerator program.
According to the press release, payments in the Barclaycard network will be executed via the Crowdz platform developed with the Ethereum technologies. As the paper runs, Crowdz will gain access to the Barclays user database which would allow for attracting actual Barclaycard users to testing and trying the new system.
The tests will take 24 weeks and the participants will be able to give comments on the network. Barclays will analyze them afterwards and draw a summary to chart further ways of development.
Barclays is convinced, applying Ethereum technologies would facilitate transactions for the Barclaycard credit and debit card holders.
One thing to be added here is that earlier this month IBM, Barclays and Citi Bank joined testing a blockchain project by the CLS LedgerConnect company.