British bank Barclays has initiated a search for a suitable technology provider to establish a new settlement engine based on blockchain technology. This move positions Barclays to compete with JP Morgan and other global financial institutions that have already integrated decentralized technology into banking services. The popularity of blockchain technology in the banking sector is rapidly increasing due to its ability to make financial transactions more transparent, secure, and faster. JP Morgan has introduced an advanced networking method for banks and financial institutions through its blockchain network “Quorum,” promoting the use of decentralized technology in the global financial system. Barclays’ initiative indicates that traditional banking institutions are now compelled to adopt modern digital technologies to enhance service efficiency and maintain competitiveness in the global financial market. A blockchain settlement engine automates and accelerates transaction verification and settlement processes, reducing financial risks and increasing transparency. With this technology, Barclays could simplify complex and time-consuming banking operations, providing customers with faster and improved services. However, the process may face technical challenges and regulatory restrictions that could hinder the global acceptance of blockchain. The trend of using blockchain in the banking sector is expected to grow as financial institutions seek to enhance performance and security through digital technologies. Barclays’ efforts reflect the increasing significance of blockchain in the global financial system.
Source: coindesk
