Ireland’s Big Banks Pilot Domestic Payments on Ethereum-Based Blockchain

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Two of Ireland’s colloquial ‘big four’ banks are part of a group established to pilot domestic payments over an Ethereum-based blockchain in Ireland.

Ulster Bank, a subsidiary of the Royal Bank of Scotland Group (RBS), Allied Irish Banks (AIB), personal financial services firm Permanent TSB and services firm Deloitte make the group of four establishing a pilot project to explore blockchain technology in domestic payments, according to a report by the Irish Times.

The working project is titled Project GreenPay and will use ‘Emerald’, an Ethereum-based blockchain developed by the Royal Bank of Scotland, which sees Ulster Bank as a subsidiary.

Emerald is described as a ‘Clearing and Settlement Mechanism (CSM) based on the Ethereum distributed ledger and smart contract platform’, in a technical paper [PDF] released by RBS in September 2016.

Tests between 6 simulated banks at the time revealed a throughput of 100 payments per second, a single trip mean

Read more ... source: CryptoCoinsNews

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