The group is looking to channel data, ideas and financial backing to a start-up called R3CEV, a New York-based group of trading and technology executives. Barclays, Commonwealth Bank of Australia, State Street, RBS, BBVA and UBS are also backing the initiative, which intends to be an industry utility to accelerate the acceptance of blockchain.
Banks, exchanges and settlement houses are exploring ways to harness the technology to reshape many of their daily operations, from upgrading old back-office systems and outsourcing billions of dollars in costs to automatic execution of contracts.
One issue is whether the industry can overcome any mutual distrust and share information and ideas. Many banks, including Barclays and UBS, are also developing their own in-house blockchain trials or partnering with other start-ups.
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