One of the largest canadian commercial banks NBC will use the blockchain to a more responsive and transparent customer service.
Platform for the implementation of the most complex transactions, the credit institution will launch in partnership with blockchain startup Skuchain and the IT-company CGI, said the press center of the Bank. First and foremost, such a platform would be needed to service the trading operations.
To implement them, the credit institution will be based on blockchain-network CGI Trade360, allowing you to create smart contracts. Any customer of the Bank can conclude agreements with their counterparties on a new platform by running smart contract containing all the information about the deal.
The parties will also be able to use it for adjustments to the terms of the agreement or the conclusion of new transactions within the framework of an already existing contract. The main advantage of the platform, in addition to enhancing transparency of each contract will reduce costs, as there will be no need to involve intermediaries.
While the project starts in a pilot regime. After testing the new product will be available to all customers of the Bank.
Note that the canadian authorities decided not to hurry with adoption of the law on the regulation of transactions in the blockchain industry. Officials plan to revisit this document in 2019.