Credit Suisse and ING successfully test blockchain

Two major financial organizations continue to conduct experiments with the technology that underlies cryptocurrency - blockchain. This invention of Satoshi Nakamoto (at least he/she was among the first ones who came up with the idea) seems to be exactly what banks needed to digitize long ago.

R3, a vast alliance researching distributed ledger technologies, has developed a platform together with HQLAX and it was this environment where Credit Suisse and ING have had a test deal connected with securities trade, as confirmed on the official website of one of the experiment participants.

This is exactly why the leaders of the major banks of the world prefer to separate Bitcoin from blockchain when asked about cryptocurrency. Judging by the news flow one could have witnessed since the last autumn, the majority of powerful bankers have decided to stick with this approach. While blockchain can indeed improve their operations (according to the aforementioned announcement, it has decreased the deal time considerably), cryptocurrencies are their natural rivals, as directly confirmed in the latest report by JPMorgan Chase.

Image courtesy of Jock Fistick/Bloomberg