Bank of America Adopts Blockchain for Global Treasuries
Bank of America has revealed progress on a blockchain application designed to make it easier for global treasuries to do business with new customers. This was announced at Microsoft event. Ann McCormick, Bank of America’s Director of trade and supply chain finance showcased a new version of Ethereum based application which automates the process of standby letter of credit. Using Microsoft Azure Blockchain as a service sandbox the letters are being encoded on a Blockchain, translated into smart contracts on a private version of Ethereum Blockchain. The Ethereum solution moves the entire process into a single self executing smart contract. Mccormick adds, “ You have these smart contracts, that the blockchain facilitates, that both do routing and event triggering, but they also can have the terms that Microsoft or Bank of America require in that standby letter of credit."