Reasons For ABN Amro To See Bitcoin And Blockchain To Work Separately
The Director of Transaction banking Karin Kersten thinks that the strategy of the bitcoin on blockchain looks like a restaurant analogy. She says they are doing different experiments and wants to learn by working on the different levels. There are many teams working at the bitcoin but around 30 employees are working on the investigation of the blockchain applications in the proverbial kitchen. According to her view, she wants to operate separately from the blockchain as they wants to explore it. She also stated that the ABN is investigating the whole matter related to transaction banking and trade finance and they are not only focus on the payment applications.
She says we are not looking to promote the understanding about how the technology can be implemented broadly. One of the major areas requires study is the role of the technology in the issuance of the letter of credit, that include a bank guarantee that the payment of the buyer will be received as per conditions of the agreement.
Further Kersten said that the company is now progressing to the second phase, which can advance this to the stage of Minimum Viable Product. She further continued by saying that the ABN wants to learn the blockchain content and see is there any interesting MVPs for the customers.
Product Over Technology
Kersten said the company is looking to focus on the lower level parts of the stack as they already works with the technology as well as IT companies such as Tata Consultancy Services and IBM.
She also acknowledges that the ABN will require a deep understanding of different processes such as time to select a public or private blockchain platform. She also states that learning is also required regarding the designs that will allow the all parties to access the system of ledgers.
At least she says that it is not always sure that this kind of projects can lead to the conclusion of the technology will be customer ready.