Royal Bank of Canada to Use Blockchain in Credit Scoring

According to the application, largest bank in Canada can be interested in blockchain techology
16 March 2018   612

The US Patent and Trademark Office (USPTO) has published a Royal Bank of Canada application for a blockchain platform for automatic credit ratings.

As noted in the document, based on historical and forecast data about the borrower, the platform automatically generates credit ratings. It was also noted that the new solution will use more initial data than in existing credit scoring systems to date. This, in turn, can make the process of analyzing the creditworthiness of the borrower more efficient.

In another aspect there is provided a system for credit and digital identity records with a distributed ledger of a plurality of nodes, each node including at least a computing device, and the distributed ledger having a plurality of blocks, each block comprising identification data linked to a set of identifiers for an individual, transaction data, a timestamp indicating when the block was created, and a hash reference for the distributed ledger.
 

RBC's Application

When a client submits an application for a loan, the system automatically determines the appropriate type of loan, generating a unique smart contract with the terms of its provision.

Also in the patent application it is said that the technology of the distributed registry guarantees the unchangeability of the data. In general, Royal Bank of Canada intends to make the process of assessing the creditworthiness more transparent.

Bakkt to be Launched in December

It is also reported that Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure
19 October 2018   53

The expected launch of the Bakkt will take place on December 12 of this year. It is reported by The Block, citing informed sources.

Also, the material states that the investment bank Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure. At the same time, the bank is considering the possibility of trading futures on a new platform.

In a recent Fortune interview with Bakkt, Kelly Lofler said that the cryptocurrency market is on the verge of a revolution comparable in size to the one that occurred on the energy market in the early 2000s.

Greater institutional participation in the digital asset markets requires secure and regulated custody solutions. We are impressed by BitGo’s product, unique services, and the management team. We view our investment in BitGo as an exciting opportunity to contribute to the evolution of this critical market infrastructure.
 

Rana Yared

Managing director, Goldman Sachs’ Principal Strategic Investments group

Bakkt is a cryptocurrency unit of the Intercontinental Exchange (ICE), which is the operator of the New York Stock Exchange. Giants such as Microsoft and Starbucks are taking part in creating of the new project, which is positioned as an “ecosystem for digital assets”.

The new platform will offer deliverable bitcoin futures to the market (unlike the settlement contracts for CBOE and CME, these are based on the underlying asset). The platform will support multiple fiat currencies.