The Group joins the R3 Blockchain initiative, which aims to establish whether an industry standard can be developed around Blockchain technology. This approach is part of the strategy of BNP Paribas, placing digital at the heart of its business model, to improve the banking experience of its customers.
The Blockchain technology allows a smoother flow of transactions at a lower cost. It could help simplify banking infrastructure,especially in banking activities of innovative payments and post-trade activity.
“Blockchain has the potential to transform certain processes in the banking sector and improve the way we interact with clients. Within our corporate and institutional bank, we have been looking at Blockchain since 2011, participating in a number of think-tank and industry initiatives. In 2014, we held a business hackathon to better understand the technology and assess its potential. So while it is still a nascent technology, we firmly believe it is worth exploring, and if it proves to be scalable, could benefit the industry as well as our clients” explains Philippe Denis, responsible for Blockchain at BNP Paribas' CIB business.