Thursday, October 6, 2022

Chamber of Digital Commerce Takes BNP Paribas, BNY Mellon on Board

Chamber of Digital Commerce Takes BNP Paribas, BNY Mellon on Board

The Chamber of Digital Commerce has added to major international banks — BNP Paribas and BNY Mellon — to its Executive Committee. The lobby group said it’s another sign the highest levels of the financial industry are accelerating blockchain technology adoption.

Also read: SWIFT Lost Massive Profits Last Year From Hacking — It’s Time for Bitcoin

Banks Previously Tested Blockchain Tech

BNP Paribas BNY Mellon logosBNP Paribas operates in over 70 countries and has more than 30 million customers. BNY Mellon is the world’s largest custodian bank, managing over $1.72 trillion USD in assets.

Both have previously trialled blockchain transfers. BNP Paribas tested blockchain-based payments in December 2016, while BNY Mellon developed a test system called BDS 360 that uses blockchain technology to backup brokerage transactions.

Sadia Halim, head of innovation CIB Americas at BNP Paribas, said blockchain presents advantages in “transparency, traceability and security” for clients, and could change the way banks work.

“BNP Paribas continues to explore various possibilities with the blockchain technology and other innovative tools and looks forward to working closely with the Chamber and its members.”

Alex Batlin, global head of emerging business & technology and global blockchain lead at BNY Mellon, said it was crucial for large banks to get involved at these early stages to create the most beneficial and effective implementations.

Chamber Works Cross-Industry and at Policy Level

The Washington, D.C.-based Chamber of Digital Commerce (CDC) advocates for acceptance and use of digital assets as well as blockchain technology. Founded by current president Perianne Boring in 2014, it is a 501(c)(6) non-profit organization.

CDC membersChamber of Digital Commerce logo include some of the best-known companies in the Bitcoin and blockchain space. These include BitGo, Bitstamp, RSK Labs and Xapo. As well as several large banks, it also has consulting and accounting firms like IBM, Accenture, Deloitte and Blythe Masters’ Digital Asset Holdings.

The Chamber oversees a number of initiatives designed to spur blockchain and distributed ledger innovation, and promote the technology at a policy level. It includes distinct groups for specific sectors of the ecosystem — such as law enforcement and government regulation, intellectual property, smart contracts, and accounting.

Will blockchain become standard technology at large banks within a decade? Let’s hear your opinions.

Images via Pixabay, Chamber of Digital Commerce

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