* Blockchain launched end of 2017 for the exchange of identifiers
* Queries on the widespread deployment of the
* The blockchain "is not necessarily the panacea" -dirigeant
* A project under study in the BFI of a major bank
by Matthieu Protard
PARIS, Jan. 4 (More Bank) – If banks started to
deploy the blockchain in some activities, a
generalization of this new technology in the system
bank still seems difficult to contemplate because of its
still limited capacity to quickly manage volumes
important data and transactions.
Everyone agrees that this technology of
chains of blocks, which is based on the constitution of a register
decentralized to guarantee security at all times
and the validation of exchanges of data and information, conceals
significant potential, particularly in the area of
costs in back office functions.
But because of regulations, such as
fight against money laundering or confidentiality of
data, or reputational or cybersecurity risks,
banks continue to move cautiously on the subject.
They also seek to save themselves the wrath of
regulators who, for many of them, do not see
cryptocurrencies, fond of blockchain to develop, that
pure speculative financial assets.
"Today, for financial transaction systems,
with thousands of operations per minute or per second the
blockchain technology is not yet suitable ", explains
Thierry Bedoin, director of the digital transformation of the
Bank of France.
"The time needed to validate an operation on a
blockchain is relatively long. Even though she has a strong
potential, the blockchain still has trouble dealing with large
volumetrics in a powerful way. But technology is advancing
The major changes in the French banking sector, according to
"The blockchain is a fairly new technology, which is not
not yet mature. We have not seen any
large scale production in our sectors ", analysis
Jacques Levet, responsible for the transaction
banking for Europe, Middle East and Africa at BNP
"2019 should be the year of industrialization with a
number of live systems. "
According to a source familiar with the matter, a French bank
would soon consider deploying the blockchain in
all of its corporate and investment banking.
In a study published in March 2018 https://acpr.banque-france.fr/sites/default/files/medias/documents/as_88_etude_revolution_numerique_secteur_bancaire_francais.pdf,
the Prudential Supervisory and Resolution Authority (ACPR) has
grouped the possible uses of the blockchain in three
categories: internal processes, shared processes and
Possible use cases of the blockchain in the sector
according to the ACPR:
BLOCKCHAIN PLATFORM IN THE INTERBANK
Initiatives and projects of Place nevertheless exist. And
some blockchains are already working in the sphere
In late 2017, the Banque de France launched the 'Madre' project.
who uses the blockchain in the interbank system for
allow the exchange of Sepa payment identifiers (single
euro payments area) between banking institutions.
Oil companies, trading companies and
banks also launched a platform last September
based on the blockchain to perform transactions on the
Named Vakt, this platform was created last year by
the BP oil giants BP.L and Royal Dutch Shell RDSa.AS ,
the Norwegian energy group Equinor, the trading companies
Mercuria Energy Group and Koch Supply and Trading,
as well as Gunvor Group.
ABN Amro banks ABNd.AS , ING INGA.AS and Society
General SOGN.PA are also among his
"The financing of raw materials is a fairly
natural to develop private blockchains as it is a
where the banks are used to operate in 'pool' ",
Olivier Fliche, director of the Fintech-Innovation division at
But French banks are not yet ripe for
generalize use in all their activities.
"Thanks to our first Madre experience, we were able to
familiarize with blockchain technology for a use case
where she is well adapted. But today, it's too early for
consider a blockchain project in the infrastructure of
market, "says Thierry Bedoin.
"We stay in a scheme where the actors trust each other",
Olivier Fliche continues about Madre. "They go
agree on a governance in which banks go
entrust to the Banque de France the role it has always had:
to control and make reliable the information contained in the register
The future of the blockchain in the banking universe depends
also of the chosen technology scheme.
Existing initiatives favor the
private blockchain technology deemed more secure and more
reliable that the public blockchain that uses the particular
BLOCKCHAIN, A "BUZZWORD"
"Currently, 90% of the banks' thinking about
blockchain fall within the domain of the private blockchain ", made
remark Olivier Fliche. "Traditional banks are
subject to regulatory constraints, in particular in the
fight against money laundering, and hold to their reputation.
So they may have some reluctance to go on the
public blockchain. "
The lack of a clear legal and regulatory framework around
blockchain can also explain this caution of
"You have to be careful not to be caught in
the craze around the blockchain. Do not put any
the blockchain everywhere, you have to put it where it's useful ",
warns Jacques Levet. "It's actually a real
'buzzword' (buzzword). We must not say that
this technology will solve everything. This is not necessarily the
At the end of October, a dozen banks, including HSBC HSBA.L ,
Standard Chartered STAN.L and BNP Paribas BNPP.PA , they've thrown,
with the support of the Hong Kong Central Bank, eTrade
Connect, a financial platform based on the blockchain that
helps reduce loan application processing times
"It's a technology with tremendous potential
in a large number of banking activities such as 'trade'
(international trade) or cash (cash management),
explains Frederic Levet. "In particular, it has the capacity
to bring transparency, security, speed and
operational efficiency with also key
substantial savings in information reconciliation
In China, authorities worry about bubble risks
financial around the blockchain. And the People's Bank of
China has noted in a report published in November
number of irregularities in the investments and the
financing related to this technology.
BLOCKCHAIN-Un démarrage prudent dans les banques, des usages
encore limités https://tmsnrt.rs/2GOe7ao
BLOCKCHAIN-Un démarrage prudent dans les banques, des usages
encore limités https://tmsnrt.rs/2GQGzs7
RPT-ECLAIRAGE-Le bitcoin fête ses 10 ans dans la tourmente
Le négoce de pétrole s'ouvre à son tour à la blockchain
HSBC, StanChart, BNP et d'autres lancent une blockchain à Hong
BLOCKCHAIN-La Chine s'inquiète des risques financiers
(Edited by Jean-Michel Belot)