Coindesk Logo

Bank of America Latest to Conduct Blockchain Trade Finance Trial

Bank of America Latest to Conduct Blockchain Trade Finance Trial

Bank of America Latest to Conduct Blockchain Trade Finance Trial

Bank of America has revealed it is working on a blockchain-based trial centered on trade finance.

Bank of America has revealed it is working on a blockchain-based trial centered on trade finance.

Bank of America has revealed it is working on a blockchain-based trial centered on trade finance.

AccessTimeIconMar 1, 2016, 3:50 PM
Updated Aug 18, 2021, 4:37 PM

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Bank of America has revealed it is developing a blockchain-based trial centered on trade finance.

The move is the latest that finds the multinational banking institution seeking to position itself as an early adopter of the technology. In late December, Bank of America revealed it had filed a rush of new patents related to the industry, a development that followed the November news it had partnered with consortium startup R3.

Financial News reports that Bank of America believes blockchain could come to replace the more manual processes that dominate global trade.

Jason Tiede, head of innovation for global transaction services at Bank of America, told the news outlet:

"We are working on a pilot in the trade finance space. As trade finance often relies on manual, paper-based processes, it serves as an interesting use case of the value of digitising an asset on a distributed ledger."

Notably, the project is being developed with another unnamed bank, outside of R3. Tiede suggested Bank of America’s pilot could be completed by this spring.

With the announcement, Bank of America joins Standard Chartered and Development Bank Singapore (DBS) as major banks that are seeking to apply blockchain technology for use in trade finance. Both Standard Chartered and DBS are currently working on a Ripple-based solution they aim to commercialize following successful testing.

Businessman image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.