The world's biggest banks are working together to figure out how to use the blockchain. The banks are working with R3, a New York-based financial tech firm, to develop a blockchain based framework that can be used by all the banks.
The new project, the result of more than a year’s worth of consultations between R3, the banks and other members of the financial industry, will be led by R3 CEO David Rutter, formerly CEO of electronic trading at ICAP Electronic Trading, one of the world’s largest interdealer brokers. “We held several roundtables … to deeply consider what the possible implications of the blockchain were, and what it could possibly do to save money and time, and to create a better paradigm for the world of Wall Street and finance,” Rutter told Reuters on Tuesday. Those that have signed up for the initiative so far are JP Morgan, State Street, UBS, Royal Bank of Scotland, Credit Suisse, BBVA and Commonwealth Bank of Australia.