Standard Chartered revealed that it has become a member of the Enterprise Ethereum Alliance (EEA), which will help the organization collaborate with other international players across the industry while improving Ethereum standards and adopting blockchain applications for its operations.
According to Ledger Insights, Standard Chartered, which generates over US$14.7 billion in annual revenue, is joining EEA with the aim to further utilize blockchain technology in the banking and financial industry.
Some of the major international industry players that have already joined EEA include J.P. Morgan Chase and Co, Microsoft, IBM, EY, and Banco Sanander.
Standard Chartered has been actively developing blockchain technology for logistics and trade finance, founding the Voltron platform which operates on R3’s Corda to run its Letters of Credit system.
The international bank is also a member of Marco Polo, a trade finance blockchain on Corda.
Dr Michael Gorriz, CIO of Standard Chartered, has revealed that the bank joined EEA as a way to improve client experiences.
“Technology enables us to facilitate trade and investment across our footprint markets, improving client experiences and offering new services,” said Gorriz. “We are excited to be a part of the EEA and look forward to opportunities where we can collaborate with other leading industry players to deepen blockchain research and application in the banking sector.”
Apart from trade financing initiatives, Standard Chartered has also been involved in the development of digital currencies, such as working with the Bank of Thailand on a wholesale digital currency initiative and partnering with the Monetary Authority of Singapore to carry out trials for its digital currency projects.
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