Banking giant Citi relies on Ethereum-based Quorum of JP Morgan

Traditional leaders of the banking sector increasingly turn to Ethereum, a Blockchain-based infrastructure for the financial industry.

According to Kris Van Broekhoven, global head of Citi for the financing of commodity trading, has joined the banking giant in a network of the largest commercial and financial institutions in the world. Komgo, a Fintech company that develops a decentralized platform for the financing of commodity trading activities, based on Quorum, an Ethereum-based platform that allows for private and secure transactions in a Peer-to-Peer environment. In order to develop a business solution that can reduce costs, since it simplifies the processes in the financial industry, ensures, and improves, has done Komgo with the Ethereum-incubator ConsenSys together.

The banking giant JP Morgan, has developed a Quorum and the platform together with more than 300 other banks, maintains, uses Komgo for global payment processes. According to the Broekhoven, the digitisation of trade is one of the main reasons for the accession of the Citi to Komgo.

Citi has opted for Komgo, because we are first and foremost proud to be a leading digital Bank. Secondly, we are one of the largest global trade Finance banks in the world, which is why we take the digitisation of trade very seriously.

Broekhoven says that the Citi would like to offer through the use of the Blockchain technology to your customers with a better experience.

Banks and customers want a simple and elegant user experience, which goes hand in hand with digital tools. They also want us to achieve efficiency gains, reduce costs, accelerate throughput times and amounted to reduce. Our customers expect that the Citi is one of the driving forces behind the change, but we recognized early on that we can’t do this alone. To change the way the market works, we need to work together with all partners in the industry. Our commitment to Komgo has helped us to learn something about the Blockchain, not about what user to change their behavior, and we pass this knowledge on to our customers.

Ernst & Young published a Baseline Protocol

Recently quit Ernst & Young (EY), the introduction of the Baseline Protocol, a new package of publicly accessible Blockchain Tools that allows companies, procurement and other business processes in a secure and private to the public Ethereum Blockchain to build and deploy. EY developed the Baseline Protocol in collaboration with ConsenSys, and Microsoft, as Paul Brody, EY Global Blockchain Leader said:

In the last two years, EY has driven the state of the technology for private, secure transactions on the public block chains forward. This Initiative builds on this Foundation and begins to fill the gaps, such as company directories, and private business logic so that companies are able to End-to-End processes such as procurement, with a strong privacy perform.

The Baseline Protocol integrates several technologies, including zero-knowledge Proofs, Off-Chain storage, and distributed identity, so that companies can set up processes and agreements on common Standards and in full respect of the privacy and synchronize, without sensitive business store information in the Blockchain for anyone to publicly visible. The Baseline Protocol supports Smart Contracts and accepted industry-wide tokenization standards – and enables an Ecosystem of interoperable business services. Important process outcomes, such as purchase orders and receivables are translated into Tokens, and in the Ecosystem of decentralized Finance (DeFi) integrated.

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