We are working on a new issue of the magazine summing up the results of the year, which will be issued on December 31, 2018. The issue will include Top 100 companies in the blockchain industry which we believe will change the world in 2019. Companies will be structured in 10 categories.
Read about the fourth category today – TOP financial institutions promoting blockchain technology.
1. JP Morgan
A blockchain-based payment project led by JPMorgan has now signed up 75 banks to help testing.
2. Bank of America, USA
A patent awarded to the Bank of America outlines how enterprise-level institutions may be able to store cryptocurrencies owned by their customers. In a patent award issued late last month, Bank of America hinted at a means for storing cryptographic keys – including those tied to crypto assets – on a hardware device.
Bank of America (BoA) has gained a further cryptocurrency-related patent, continuing its efforts to “be prepared” for the industry’s future growth.
The latest award, which adds to the bank’s mounting stack of cryptocurrency and blockchain patents, references storage methods for private keys.
Bank of America wins patent for crypto exchange system.
The patent describes a potential three-part system, where the first part would be a customer’s account and the other two would be accounts owned by the business running the system. The user would store their chosen cryptocurrency through the customer account.
3. Commonwealth Bank of Australia
The Commonwealth Bank of Australia (CBA) and government-run digital innovation center Data61 have released the results of their trial for a blockchain-powered “smart money” system for Australia’s National Disability Insurance Scheme (NDIS).
Data61 is a digital innovation hub that forms part of the Commonwealth Scientific and Industrial Research Organisation (CSIRO) — an Australian government corporate entity that undertakes scientific research to advance diverse local industries. CBA is the country’s largest bank, as well as the 71st largest public company in the world.
4. Itau Unibanco
Brazil’s largest private bank has partnered with United Kingdom bank Standard Chartered to create a blockchain-based platform for small loans. The two entities have successfully conducted a proof-of-concept (PoC) for the mentioned platform, based on Corda Connect developed by New York-based blockchain startup R3.
5. Allianz SE
Insurance giant Allianz has been testing an internal token to move money around between its global affiliates without having to deal with currency conversions and other costs and inefficiencies. Development of the so-called “Allianz token” is being helped along by blockchain startup Adjoint, which created a proprietary blockchain for the project.
6. SoftBank (Japan)
Japan-based tech company SoftBank announced the development of a new blockchain-powered cross-carrier mobile payment service in a press release published on the company’s website on September 12. The new payment service proof of concept was reportedly developed in collaboration with Synchronoss Technologies and TBCASoft. Synchronoss is the creator of a multi-channel communications platform covering SMS, email, and RCS.
7. Goldman Sachs
Goldman Sachs, a financial conglomerate, is set to launch a platform for trading digital currencies, such as Bitcoin. With the financial institutions’ clients growing interest in cryptocurrency, it was decided to create a trading platform for digital currencies.
8. PNC Financial Services
PNC, which is ranked among the top ten U.S. banks, will use RippleNet to process international payments for its customers. A particular PNC unit — Treasury Management — will use Ripple’s blockchain solution xCurrent to speed up overseas transactions held by U.S. commercial clients. Ripple emphasises that xCurrent will allow PNC business clients to receive payments against their invoices instantly, changing their approach to managing both accounts and their working capital.
9. ING Group
Dutch multinational banking and financial services corporation ING confirmed the release of its open source blockchain tool Zero-Knowledge Set Membership (ZKSM) in a press release Monday, Oct. 21.
ZKSM, which functions as a privacy “improvement” to distributed ledger technology (DLT), such as blockchain, aims to provide validation of certain alphanumeric data without compromising that data’s overall security. According to ING, the tool allows a blockchain to confirm a piece of data belongs to a specified set, while not revealing its full characteristics.
10. Shinhan Bank
South Korea’s second-largest commercial bank, Shinhan Bank, has embarked on a project to implement blockchain in internal processes to decrease human error.
Shinhan Bank, which has sought integration with both the blockchain and cryptocurrency spheres over the past eighteen months, also completed a staff training program to increase knowledge of blockchain for various applications.