Today, around 80% of banks are developing their own blockchain technology. Barclays carried out the world’s first trade transaction using blockchain.
In September 2016, Barclays carried out the world’s first trade transaction using blockchain. They cut a process that normally takes 7–10 days down to less than four hours
Barclays’ Smart Contract was presented at the Barclays Accelerator London Demo Day at The O2 on 18 April 2016. The prototype was the first public demonstration of an application using a distributed ledger platform.
Presented by Dr Lee Braine (CTO Office, Investment Bank, Barclays), introduced by Brad Novak (Chief Technology Officer, Investment Bank, Barclays).
The Financial services are one of the industries most likely to be impacted by blockchain technologies, whether it’s EMT’s, smart contracts or other applications of the technology.
Blockchain is a foundational technology like the Internet—a big system on top of which you can build applications.
Read about the other industries that may be impacted by blockchain technology in the original article.
If you are new to the Blockchain space check out the article by Chantelle Lafaille on Investinblockchain.com. It’s a great primer on the history of the blockchain and irons out some of the mystery of the technology behind the scene.
- What is Blockchain Technology? A Beginner’s Guide(Chantelle Lafaille – Invest In Blockchain)
- The Truth About Blockchain (Harvard Business Review)Harvard Business Review
- R3R3 Website
- What Exactly Is Blockchain, Anyway?(Matt Bourke – Invest In Blockchain)