The National Bank of Canada is aiming to use blockchain technology to simplify complex banking problems like issuing transactions according to a press release. The bank has formed a partnership with business consultants CGI and blockchain startup Skuchain to leverage smart contracts feature and replace the lengthy email-based features that are being used currently.

The blockchain solution will rely on CGI’s Trade360 trade finance software while smart contract creation system will be provided by Skuchain and based on its Brackets blockchain platform. According to the press release, the new approach will help reduce processing times and strengthen customer relationships of the bank in the future. Overall, the process is expected to become a lot less cumbersome and negotiating letters of credit will become easier.

According to Patrice Roy, Vice President of Payments, Cash Management and International Solution at the Bank of Canada:

“This will enable us to offer a simple, fast and efficient experience to our commercial clients which facilitate managing their business.”

This is not the first blockchain-based partnership announcement by the NBC. Earlier this year, the bank became one of the first banks to test JPMorgan’s Quorum blockchain platform that is focused on the creation of financial instruments. NBC spokesmen have also declared that blockchain technology will have the potential to bring major change in the financial industry in the near future.

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