Bank of America has revealed progress on a blockchain application designed to make it easier for global treasuries to do business with new customers.
At a Microsoft event last week, Bank of America’s director of trade and supply chain finance, Ann McCormack, showcased a new version of the ethereum-based application, demoing how it automates the process of creating a standby letter of credit.
A type of guarantee crucial for creating trust between new business clients, the letters are being encoded on a blockchain as part of the trial with the help of Microsoft Azure’s blockchain-as-a-service sandbox. In essence, instead of letters being manually sent between multiple parties, they are being translated into smart contracts on a private version of ethereum blockchain.
However, it turns out the work with Microsoft is about more that just building a technological solution for a given problem. McCormack argued that Microsoft’s diverse set of clients could help accelerate adoption of blockchain tech by new users.
“We’re partnering to ensure we get adoption, because this only works if you get the parties to adopt.”
McCormack acknowledged, though, that achieving widespread adoption of any new service isn’t merely technological – it’s also about knowing who is interested in using the tech, and
Read more ... source: CoinDesk
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