Note from the CEO: RBS has now put it’s very own stamp of approval on blockchain tech. The Royal Bank of Scotland has completed clearing and settlement mechanisms thus validating the Ethereum blockchain by another major institution. Looks like this new technology is here to stay.
“Ethereum blockchain technology is of great importance to many financial institutions all over the world.The Royal Bank of Scotland has completed development of a clearing and settlement mechanism using the Ethereum distributed ledger. Smart contracts are also being used to automate the remaining processes.
Although it is well-known that nearly every financial institution in the world is looking at blockchain technology, very few projects have come to fruition so far. The Royal Bank of Scotland is one of the first to openly discuss their project, which focuses on clearing and settlement of financial transactions……
It has to be said that the Ethereum blockchain required some modifications to suit this particular need. In its regular form the Ethereum blockchain is hugely distributed and public, which is not exactly what RBS had in mind. Instead, they created a private, faster-moving ledger that focuses on speed and throughput.”