Barclays Bank will Accelerate Transactions Using Ethereum Blockchain
British financial conglomerate Barclays has announced a partnership with blockchain startup Crowdz, in order to integrate Ethereum blockchain support into Barclaycard. With the help of distributed ledger technology, it is planned to speed up transactions of plastic card users.
It is reported that payments using Barclaycard will be carried out through the Crowdz blockchain platform. At first, only a small number of users will be transferred to the new platform to test and debug the process. The pilot project will take six months, during which users will be able to leave their feedback and offer ideas for improving the service.
Crowdz startup will be able to work with real Barclaycard users, including corporate clients. If the pilot project is successful, the startup will get access to the retail banking sector.
It is worth noting that the Barclays conglomerate has already cooperated with Crowdz in the framework of the program for the development of financial companies. Now, the bank has decided to test the blockchain-solution Crowdz in the real sector of the economy.
Earlier, Barclays announced the study of the possibility of launching a platform for cryptocurrency trading. For this purpose, a special team was created from the top managers of the organization.