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BNP Paribas makes first real-time blockchain payments for clients

http://www.livemint.com/Companies/8XCBVb7NdMc1a7S1IePzqI/BNP-Paribas-makes-first-realtime-blockchain-payments-for-cl.html

France’s BNP Paribas said it had processed its first live payments in various currencies for two corporate clients via blockchain technology, in a further sign of the growing importance of the new technology for major banks.

Blockchain is a web-based transaction-processing and settlement system, whose efficiency banks say could slash costs. It creates a “golden record” of any given set of data that is automatically replicated for all parties in a secure network, eliminating any need for third-party verification.

BNP Paribas said it had processed and cleared payments in various currencies between BNP Paribas bank accounts located in Germany, the Netherlands and the United Kingdom for its clients Panini Group—an Italian card collections producer—and Australian packaging company Amcor.

India will get more boost when once the more banks come and starts testing the technology and making use of it in their daily routines for transferring the remittances. ICICI was first in India a couple of month back where they tested the blockchain technology and did their first transaction.