{"id":1058,"date":"2016-08-11T12:10:00","date_gmt":"2016-08-11T12:10:00","guid":{"rendered":"https:\/\/blog.holytransaction.com\/2016\/08\/bank-of-america-to-use-the-blockchain-to-authenticate-bank-data.html"},"modified":"2020-11-09T02:17:19","modified_gmt":"2020-11-09T00:17:19","slug":"bank-of-america-to-use-the-blockchain-to-authenticate-bank-data","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2016\/08\/bank-of-america-to-use-the-blockchain-to-authenticate-bank-data.html","title":{"rendered":"Bank of America to use the Blockchain to authenticate bank data"},"content":{"rendered":"<div style=\"clear: both; text-align: center;\"><a style=\"margin-left: 1em; margin-right: 1em;\" href=\"https:\/\/2.bp.blogspot.com\/-y_DktDsoI8I\/VvF8DIWbtwI\/AAAAAAAAATk\/I-tRPI26zloatvkLX2ZMd08k07qgTm8_ACPcB\/s1600\/11032365_1144813922209620_1275973739635271195_n.jpg\"><img loading=\"lazy\" decoding=\"async\" title=\"bankofamericatousetheblockchain.jpeg\" src=\"https:\/\/2.bp.blogspot.com\/-y_DktDsoI8I\/VvF8DIWbtwI\/AAAAAAAAATk\/I-tRPI26zloatvkLX2ZMd08k07qgTm8_ACPcB\/s320\/11032365_1144813922209620_1275973739635271195_n.jpg\" alt=\"bank_of_america_to_use_the_blockchain\" width=\"320\" height=\"240\" border=\"0\" \/><\/a><\/div>\n<div style=\"text-align: justify;\"><b>\u00a0<\/b><\/div>\n<div style=\"text-align: justify;\"><b>\u00a0<\/b><\/div>\n<div style=\"text-align: justify;\"><b>Bank of America<\/b> and <b>HSBC<\/b> joined forces with the <b>Singapore government\u2019s IT<\/b> and telecom agency to develop a <b>project related to the blockchain<\/b>.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Revealed <a href=\"http:\/\/www.businesstimes.com.sg\/banking-finance\/consortium-develops-blockchain-prototype-solution-to-replace-lc-transactions\">today<\/a> on Business Times, <a href=\"https:\/\/holytransaction.com\/blog\/?s=bank+of+america&amp;submit=Search\" target=\"_blank\" rel=\"noopener noreferrer\">Bank of America<\/a>, HSBC and the <b>Infocomm Development Authority of Singapore<\/b>\u00a0have started to create a blockchain application within the <b>Hyperledger <\/b>system.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The project\u2019s the goal is replicating the letter of credit transaction process among banks, exporters and importers and they aim at understanding how the distributed ledger could place trust between parties.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">In fact, usually parties need to rely on banks to issue and recognize documents for facilitating trade.<\/div>\n<h3 style=\"text-align: justify;\">Bank of America to use the Blockchain<\/h3>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">According to <a href=\"http:\/\/www.ibtimes.co.uk\/hsbc-bank-america-merrill-lynch-use-hyperledger-project-blockchain-based-trade-finance-1575269\">International Business Times<\/a>, the proof-of-concept project is composed by a seven-step process that will show how a blockchain can be used to authenticate data.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><i>&#8220;Many people are talking about the theory of blockchain, but for the first time we can start to see how this technology might be used to solve the real world challenges our customers face,&#8221;<\/i> said <b>Vive Ramachandran<\/b>, global head of product for HSBC trade finance business.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">This is not the only project to be launched, in fact, Bank of America and IDA are already working on similar goals related to the blockchain.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<p>Open your free digital wallet <a href=\"https:\/\/holytransaction.com\/app#!\/signup\">here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>\u00a0 \u00a0 Bank of America and HSBC joined forces with the Singapore government\u2019s IT and telecom agency to develop a project related to the blockchain. Revealed today on Business Times, Bank of America, HSBC and the Infocomm Development Authority of Singapore\u00a0have started to create a blockchain application within the Hyperledger system. The project\u2019s the goal [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[56,101,338,340,344,587],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.6 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bank of America to use the Blockchain to authenticate bank data -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/holytransaction.com\/blog\/2016\/08\/bank-of-america-to-use-the-blockchain-to-authenticate-bank-data.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank of America to use the Blockchain to authenticate bank data\" \/>\n<meta property=\"og:description\" content=\"\u00a0 \u00a0 Bank of America and HSBC joined forces with the Singapore government\u2019s IT and telecom agency to develop a project related to the blockchain. Revealed today on Business Times, Bank of America, HSBC and the Infocomm Development Authority of Singapore\u00a0have started to create a blockchain application within the Hyperledger system. 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