Bank of America Merrill Lynch and Microsoft Partners Up

microsoft-financial-project

Microsoft and Bank of America Merrill Lynch have joined forces on a project to use blockchain technology to make trade finance transactions faster, cheaper, safer and more transparent, the companies said. The two multinationals said at the Sibos financial services conference in Geneva that they would build and test the technology and create a blockchain-based framework that could eventually be sold to other businesses.

Blockchain works as an electronic record-keeping and transaction-processing system that permits all parties to track information through a secure network and requires no third-party verification. Proponents of the technology, which creates from digital currency bitcoin, say that it will make all kinds of transactions faster, more consistent and easier to audit because it does not require manual processing, nor authentication through intermediaries.