What Are Banks Doing with Blockchain Technology? [Infographic]
Apart from startups, many banks have been exploring blockchain in some way or the other.
.svg)
.svg)
.svg)
.svg)
.svg)
.svg)
.svg)
.svg)
If you’re wondering why there is so much buzz around blockchain and what the banks are doing with it, then you’re reading the right article. The financial services industry is at the cusp of a major transformation, and the aim is to enable transparent, secure, and efficient financial services at a lower cost. It's important to note that apart from startups, many banks have been exploring blockchain in some way or the other. They have set up teams, are doing experiments, investing time and money, and don't want to be left behind.
Banks are looking at utilizing the ledger system to enhance the current processes of various financial services. The original concept of the bitcoin blockchain has been to enable a public blockchain to solve the issue of dependence on a central system. However, financial services firms are now looking at a different approach wherein they could use a private blockchain or a semi-public blockchain.
Here’s a comprehensive overview of all the initiatives and experiments in this space in the form of an infographic.
There’s a total of 26 different banks that have either partnered with or expressed interest in exploring blockchain: JP Morgan, Citibank, Barclays, Credit Suisse, BBVA, Santander, Lloyds, BNP Paribas, Bank of America Merrill Lynch, HSBC, Deutsche Bank, RBS, Rabobank, ABN Amro Bank, ING Bank, Westpac, Commonwealth Bank, ANZ Bank, DBS Bank, Societe Generale, Standard Chartered, LHV Bank, Fidor Bank, CBW Bank, Cross River Bank, and USAA Bank.
Apart from banks, the other financial services firms that have expressed interest are the US Federal Reserve, Bank of England, Euro Banking Association, BNY Mellon, Goldman Sachs, UBS, NASDAQ, Visa, Morgan Stanley, and Western Union.
Here are the different blockchain startups involved: Ripple Labs, Earthport, GetGems, Everledger, R3CEV, Circle, Safello, Digital Asset Holdings, Symbiont, Coinfloor, Coinbase, Chromaway, Coin Republic, Clearmatics, Kraken, and Bitcoin.de.
The concepts that are being explored are asset registries, smart contracts, smart shares, smart bonds, trading, cross-border payments & digital payment system, trade execution & settlement, digital security, risk management, post-trade processing services, regulatory reporting, KYC, AML, and faster payments.
To learn more about Prove’s Identity solutions and how to accelerate revenue while mitigating fraud, schedule a demo today.
The modern
way of proving identity
Trusted by 1,000+ leading companies to reduce fraud and improve consumer
Frequently Asked Questions
Keep reading
Read the article: Prove Appoints Industry Veteran Frances Zelazny to Bring Privacy-Preserving Biometrics to Its Identity PlatformProve has appointed biometrics industry veteran Frances Zelazny as General Manager of New Market Innovations to lead the development of privacy-preserving biometric and KYC compliance solutions. The move expands Prove’s digital identity platform with continuous, quantum-resistant identity assurance designed to combat AI-driven fraud and strengthen trust across the customer lifecycle.
Read the article: Prove Convenes Inaugural Executive Advisory Board to Define Trust Infrastructure for the Agentic EconomyProve launches its inaugural Executive Advisory Board, uniting banking, payments, and AI leaders to build trust infrastructure for the agentic economy.
Read the article: When Bots Look Human: A Master Class in Marketplace TrustExplore key insights from Marketplace Risk Management Conference leaders at DoorDash and Wolt on how AI-driven fraud, deepfakes, and bot attacks are reshaping marketplace trust and safety. Learn why continuous identity verification and proactive fraud prevention are becoming essential to protecting platform integrity across the entire customer journey.
Trusted by 2000+ leading companies to reduce fraud and improve consumer experiences, Prove is the world’s most accurate identity verification and authentication platform.
