‘Blockchain will become the global standard for banks in 5 years’

Large global banking institutions, CEOs of ING and BBVA, the Blockcha technology will become a global standard for banks within five or six years.

ING Group CEO Ralph Hamers said in an interview with Arjun Kharpal at CNBC’s Arjun Kharpal at the Money 2020 fintech conference in Amsterdam, the banks have developed their own solutions and have been on the pace. He even added that he may be compulsory as a standard for global banking.

Hamers had the following explanations:

“I think the banks are really working on it because if the potential big and global banks agree on a standard, you can integrate this standard into the world. I think this will require a period of 5-6 years ”

Carlos Torres Vila CNBC, CEO of the multinational Spanish banking group Banco Bilbao Vizcaya Argentaria (BBVA), said blockchain technology promises too much, and that Hamer finds a five or six year forecast to set the technology as a global standard.

Carlos Torres Vila spoke as follows:

“We believe Blockchain promises great things. The first time of this technology, but this technology can bring more efficient processes. I think this five- or six-year time frame should be true, but we will see how it will develop. ”

As the blockchain technology can be found everywhere, many banks are joining this cycle to guarantee the game is at its peak. BBVA collaborated with Spanish technology company Indra to develop its first global corporate credit project using blockchain technology. The pilot project, which was tried in April, reduced the settlement time of the 75m-euro credit hours from day to day.

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