Mappo
Mappo
Mar 18 · 6 min read

Blockchain has been around for a number of years but has only come to mainstream media attention in the last 24 months with the rise of the ICO and the massive price increases of 2017. This time last year, the market cap of all cryptocurrencies was under $75 Billion USD; 1 year later it is over $280 Billion, and now we are on the ‘brink of collapse’ with a market cap of $230 Billion. This is still a rise of over 300%, but with this success are other industries really taking notice?

One of the industries which have been the most opposed to blockchain technology is the finance industry, but specifically banks. Initially, they saw the concept of blockchain as direct competition, actively removing the control they have over the funds and accounts of their customers. However, major players in the finance industry have increasingly begun to warm up to blockchain.

Financial institutions and other major companies are inherently slow in adopting any new technology, but have actually been exploring various use cases for some time now. So let’s take a look at which institutes have already implemented the change or are looking into it as we speak.

According to CEBNet, of the 26 publicly listed banks in China, 12 have already adopted blockchain technology for various use cases within their systems. These banks vary from state owned ones like the Bank of China, China Construction Bank and the Agriculture Bank of China, to privately owned ones, including China Merchants bank.

In the financial statement for China Construction Bank, it stated that cross-bank and cross-border loan issuances for small businesses were now running on a blockchain based platform. It also claimed that this platform had processed over $251 million USD worth of transactions.

On the same use case, the Agriculture Bank of China has developed a process of offering unsecured loans for agricultural e-commerce merchants through a decentralized network. This network provides an automatic loan issuance process.

Another separate but equally beneficial use case has come from the Bank of China. Testing has been completed for the infrastructural component of a blockchain-based digital wallet.

This is just China, but the sentiment remains positive throughout the rest of the world.

ALFA Bank from Russia, Yes Bank from India, UOB (United Overseas Bank) from Singapore, CommonWealth Bank from Australia, and LatiPay from New Zealand are a few banks that have collaborated with a US based blockchain company. The Federal Bank from India & Lulu Exchange have partnered with a Bengaluru based fin-tech company. Axis Bank, RAK Bank, & Standard Charter Bank have connected with another blockchain network. Kotak Bank, which enables blockchain based trade finance operation, partnered with Deloitte & JP Morgan Singapore.

Other use-cases within the financial sector which have been developed include simplying and speeding up cross-border payments, improving trading accuracy, reliability and shorter settlement processes. Smart contracts have created benefits with the processing of transactions by removing the need of the middle man, as well as being used to develop loyalty and rewards systems.

There are a lot more banks working within multiple technology & service providers to integrate blockchain in their Use Cases. This just demonstrates the demand in all industries for the adoption of blockchain technology. Aelf is making this possible with the aelf ecosystem and the aelf Innovation Alliance which will enable blockchain technology to be adopted and integrates into mainstream organizations large and small. This has enabled the alliance to be successful with partnerships from experts and influencers like Michael Arrington and Arrington XRP Capital, Huobi Labs, and FBG Capital. Not only do organizations now have a platform to build upon, but they have resources, capital and expert advisors at their fingertips, which is all made possible through the this revolutionary aelf initiative.

Below is a list of over 200 banks and financial institutes using or soon to be using blockchain technology:

Banks

77 Bank

AEON Bank
Akbank
Akita Bank
ANZ (Australian and New Zealand Bank)
Aomori Bank
Al Rajhi Bank
Ashikaga Bank
ATB Financial
Axis Bank
Awa Bank

Banco Bilbao Vizcaya Argentaria (BBVA)
Bank Dhofar
Bank Of America
Bank Of America Merrill Lynch
Bank Of England
Bank Of Indonesia
Bank Of Iwate
Bank Of Leumi
Bank Of Nagoya
Bank Of Okinawa
Bank Of Thailand
Bank Of The Ryukyus
Bank Of Tokyo-Mitsubishi UFJ
Bank Of Yokohama
Barclays’ investment bank
Bexs Banco De Cambio
BMO Financial Group (Bank of Montreal)
BNP Paribas
BNY Mellon

CBW Bank (Citizens Bank Of Weir)
Chiba Bank
Chiba Kogyo Bank
Chugoku Bank (Bank of China)
CIBC (Canadian Imperial commercial banks)
Citi
Coast Capital Savings
Commerzbank
Commonwealth Bank Of Australia
Credit Agricole
Credit Suisse
Cross River Bank
Cuallix

Daishi Bank
Daiwa Next Bank
DBS Bank (Development Bank of Singapore)
Deloitte
Deutsche Börse

Ehime Bank

Federal Bank of India
Federal Reserve System
Fidor Bank
Fukui Bank

Gunma Bank

Hachijuni Bank
Hiroshima Bank
HOKURIKU BANK
HSBC (Hong Kong Shanghai Bank)
HYAKUGO BANK

ICICI Bank
IndusInd Bank (Indus India Bank)
Intesa Sanpaolo (Intesa Sanpaolo)
Itau Unibanco
Iyo Bank

Japan Post Bank
JPMorgan
Juroku Bank

Keiyo Bank
Kotak Mahindra Bank
Krungsri (Bank Of Ayudhya / Bank of Ayudhya)
Kuwait Finance House

Macquarie Group
Michinoku Bank
Mitsubishi UFJ Trust And Banking Corporation
Mizuho Financial Group
Monetary Authority Of Singapore
Morgan Stanley
Musashino Bank

National Australia Bank
National Bank Of Abu Dhabi (NBAD)
National Bank Of Kuwait
Natixis
NISHI-NIPPON CITY BANK
Nomura Trust And Banking Company
Nordea Bank
Norinchukin Bank
North Pacific Bank
NPCI (National Payments Corporation Of India)

Oita Bank
ORIX Bank
Oversea-Chinese Banking Corporation
PKO BP

Rabobank Nederland
RAKBANK (National Bank Of Ras Al-Khaimah PJSC)
RBL Bank
ReiseBank
Reserve Bank Of India
Resona Bank
Royal Bank Of Canada
Royal Bank Of Scotland

San-In Godo Bank
Santander Bank
Saudi Arabian Monetary Authority (SAMA)
SBI Sumishin Net Bank
Scotiabank (Nova Scotia Bank)
SEB
Senshu Ikeda Bank
Seven Bank
Shanghai Huarui Bank (SHRB / Shanghai HanaMizuho Bank)
Shiga Bank
Shikoku Bank
Shimizu Bank
Shinhan Bank
Shinkin Central Bank
Shinsei Bank
Shoko Chukin Bank
Siam Commercial Bank
Skandinaviska Enskilda Banken (SEB)
Societe General
Sony Bank
South Indian Bank
Standard Chartered Bank
Star One Credit Union
Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Trust Bank
Suruga Bank
Switzerland’s UBS

Tochigi Bank
Toho Bank
Tokyo Star Bank
Toronto-Dominion Bank
Towa Bank
Tsukuba Bank

UBS
Union Bank
United Overseas Bank
UniCredit

Westpac Bank
Woori Bank

Yachiyo Bank
Yamagata Bank
Yamaguchi Bank
Yes Bank

Other institutes related to Financial Services

Accenture
Ainslie Bullion
AirWallex
ALFAcashier
American Express
AstroPay
Australian Stock Exchange and Depository Trust

Banquecorp Physical Gold
BCS Information Systems
BeeTech
Bill & Melinda Gates Foundation
BitcoinIRA
BitGo
Bluzelle

Cambridge Global Payments
CGI
Clearing Corporation [DTCC]
Coil
Crypto Facilities
Currencies Direct

DAYLI Financial Group
Deloitte Touche Tohmatsu
DH Corporation
Dinex
DLocal

Earthport
Everis
Exchange4Free
Expanse
Expertus Technologies
EZforex

FairFX
FlashFX

Global ID
Gold Bullion International
GSR Markets

IBM
IDT Corporation
Infocomm Development Authority Of Singapore
Infosys
InstaReM
IntellectEU
International Foreign Exchange (IFX)

Jaccoo

LatiPay
Lianlian Pay.
Lulu Exchange

Marqeta
Mastercard
MIT (Massachusetts Institute of Technology)
MoneyMatch
Mercury FX
MoneyGram

New Forest Capital

OANDA
Omni

Paycase Financial
Persistent Systems
PolySign

R3 CEV
RationalFX
RIALTO.AI

Saldo.Mx
SAP
SBI Holdings
SBI Remit
SBI Ripple Asia
SBI Virtual Currencies
Singapore Exchange (SGX)
Smart Token Chain
Sparro
SWIFT (Society for Worldwide Interbank Financial Telecommunication)

TAS Group
Tata Consultancy Services (TCS)
Telindus
Temenos
The PAR Foundation
The Royal Mint
TransferGo

UAE Exchange (UAE Exchange)
Union FX
UniPAY

Viamericas Corporation
Volante Technologies

Western Union

Yantra Financial Technologies

Zip Remit

If you find a bank or financial institute not on this list please comment or message me directly so I can add to this list. At the time of writing this was the most comprehensive list available to the public

Mappo has been investing and trading in fiat currencies since 2013. He has recently moved into the crypto world spreading his portfolio over long term coin investments, ICOs and day trading.

#Cryptocurrency #ICO #exchange #bitcoin #Crypto #blockchain #Aelf #Mappo

Predict

where the future is written

Mappo

Written by

Mappo

Head of Content Creation & Community Engagement for aelf. Crypto investor, trader, maker and baker - all things crypto

Predict

Predict

where the future is written

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