Royal Bank of Canada uses blockchain technology to make payments
To implement payments between banks of Canada and the United States, the technology of blockchain will be used. According to The Cointelegraph, Canada’s largest bank Royal Bank of Canada (RBC) led this pilot project. As the Executive Vice-President of RBC on innovation and technology says, the use of blockchain technology will help to speed and simplify the processing of payments and even reduce the cost of their maintenance. The system was developed during the last six months in Toronto, and based on an open source solution developed by the Hyperledger interindustry consortium. To date, the technology already duplicates the main RBC registry, which helps the bank track payments between the US and Canada.
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