Some early deployments of blockchain are starting to be seen in the FinTech space. It will be interesting to see if the Financial Services Industry starts to use this technology more widely.
Blockchain has the potential to streamline and automate many financial services with much higher levels of security and traceability, so there is much to be gained here.
BNP Paribas Securities Services, Caisse des Dépôts, Euroclear, Euronext (Paris:ENX) (Amsterdam:ENX) (Brussels:ENX), S2iEM and Société Générale, in collaboration with Paris EUROPLACE, today announced that they have signed a Memorandum of Understanding to explore together the development of a post-trade blockchain infrastructure for SMEs in Europe. The partnership's main objective is to combine its members' financing capacity and expertise to promote innovation through a new, independent company to harness blockchain technology in the design, development and deployment of innovative solutions for post-trade. By reducing transaction costs while maintaining a high level of security, the company would help SMEs raise funds more easily on capital markets. Blockchain technology has the potential to significantly enhance and streamline post-trade operations by facilitating securities registration for the European market and allowing fast execution of trades with clearing & settlement in real time.