Bank of Canada to Apply Blockchain in Complex Procedures

October 24, 2018

The sixth major commercial Canadian bank, the National Bank of Canada (NBC), has declared launch of its pilot blockchain project to simplify banking procedures. The bank has contracted with IT-company CGI as well as blockchain startup Skuchain to integrate distributed ledger in its operations.

The NBC plans using smart contracts in standard e-mail-based procedures. The idea was to combine Trade360 financial platform by CGI and Skuchain software when creating smart contracts.

The media release says that the blockchain solution would allow for faster processing, reduced risks as well as improved client relationship.

“This pilot project is a great opportunity to leverage blockchain technology to simplify the process for negotiating standby letters of credit and guarantees while making it more transparent and secure,” as the bank’s vice president in payments, money management and international solutions Patrice Roy stated.

He added that blockchain will make the bank’s customer service simpler, faster and more effective. Note that in April this year the NBC tested the Quorum blockchain platform by JPMorgan Chase bank.

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