Financial institutions around the world want to explore blockchain technology, BNP Paribas is entering a crucial testing stage for post-trade distributed ledger technology. Leveraging smart contracts will be the next order of business.
BNP Paribas Keeps Pushing Forward
BNP Paribas is one of many banks experimenting with DLT to transform current financial products and services.
Doing so in a successful manner requires a lot of research and development.
Together with Digital Asset, real-time trade and settlement applications are currently being developed.
All of these apps leverage smart contracts to automate as many processes as possible.
Users of the apps will receive real-time access to the Australian Securities Exchange and the Hong Kong Exchange DLT-based trading and settlement platforms.
The first application is expected to go live in 2021, but no specific date has been announced.
Participants will be connected to information, including dividend reinvestment or purchase offer decisions.
Overall, the use of DLT will aid the bank and its partners to reduce processing time and improve operational efficiency.
For investors, it will allow them to finalize decisions based on real-time information.
Ensuring market participants can capitalize on smart contract technology is a big step forward for BNP Paribas.
According to company officials, DLT and smart contracts can become the new standard for international capital markets.
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