Unsurprisingly, the development of blockchain technology in the trade finance industry was a hot topic at last week’s Sibos event in Sydney.
Vendors and banks alike were keen to talk up the potential of blockchain to revamp an industry that’s in many ways stuck in the past. This year, after many false dawns, the sense is that there has been some material progress, with the launch of projects such as we.trade and Batavia, as well as numerous live transactions taking place involving big banks.
However, there also seems to be a grudging acceptance that this is not a short-term fix and that for blockchain to truly take root in the sector, it will take years.
GTR‘s Asia editor Finbarr Bermingham was interviewed on Sibos TV during the event to share his thoughts on the progress being made, as well as some insights he has garnered from the industry.
This video was originally posted on Sibos TV.