Banks are adapting the blockchain faster than they could have imagined.

Banks and other financial organizations integrate blockchain into their processes much faster than experts predicted. Now it is known that 15% of the largest banks in the world are going to present new commercial products based on the blockchain next year.

65% of banks plan to start work with the blockchain in the next three years. We are talking about banks with the number of employees exceeding 100,000. Our analysts surveyed representatives of the 200 largest banks. According to the survey results, it turned out that banks use blockchain in the settlement system, carrying out mass payments, working with stocks of companies and other processes.

"The first organizations that are starting to use the blockchain, and define standards and a model for working with this technology," said Likhit Wagle, general director of banking and financial markets at IBM. “The industry is taking on the blockchain faster than many people would have expected. In 2017, the number of large banks that will present their blockchain products will increase from zero to 60 ”.

Our company also conducted a survey of representatives of the 200 largest non-bank financial organizations. 14%, according to respondents, are going to use blockchain technology by the end of 2017. Nevertheless, according to a number of specialists, the widespread adoption of blockchain technology will take place no earlier than in 5-10 years.
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Recently, Microsoft and Bank of America announced the beginning of joint work on the integration of blockchain into financial processes in order to develop a platform that could be offered to other organizations. Recently, the blockchain has become the basis for many new projects, many of which were presented at the Sibos financial conference held in Geneva.

Our company has been developing blockchain solutions for several years. A few months ago, organizations requiring flexibility to run the blockchain environment on different cloud servers or devices became available to the signed and certified distribution of IBM code for the Hyperledger project on Docker Hub. Current updates will provide new features, such as dashboards, analytic services, online chat support and exclusive networking services.

“Blockchain is an incredibly innovative and promising technology. However, there are still many challenges that businesses need to resolve, ”said Agey Yuki, director and executive vice president of NTTDATA. - IBM's new cloud blockchain service is just trying to resolve such issues. We believe that it will help accelerate the emergence of blockchain technology. ”

The company's services have a modular architecture. It allows users to work with a variety of software modules, including a cryptographic identity management tool, smart contracts written in Java and Goland, personal information management tools, and other types of data. All this allows system users to define various parameters for viewing and changing smart contracts. Our services are distinguished by high confidentiality and the function of auditing user activity.

In order to help developers more quickly get into the specifics of corporate use of this technology, IBM transferred about 44,000 lines of code to the open project Hyperledger of the LinuxFoundation consortium. In addition, the source code is also posted on GitHub .

The blockchain is also being introduced by the largest banks in Russia. The development of the platform was carried out with the participation of such companies as Alfa-Bank, Otkritie Bank, Tinkoff Bank and Qiwi. To make payments using this technology will be possible in real time. Payment clearing will be online. The prototype of such a system is a method of interaction between banks, which allows to obtain operational information about payments and verify the relevance of customer data.