Swiss bank and global financial services company Credit Suisse AG (SIX: CSGN) plans to use the blockchain technology in 2018 for large organizations and trade unions instead of individual crediting, Webrazzi reports.
Director and head of the global markets division at Credit Suisse, Emmanuel Aidoo commented, that the company is working on a system in which a few dozen small loan transactions are managed through smart contracts between banks and agencies, involved in the process.
According to the concept, the technology will be used for reducing the obstacles and time required for the credit transactions.
Earlier this month it was reported that Credit Suisse was among a number of world’s largest banks to launch a digital cash system which aims at allowing financial markets to make payments and settle transactions quickly via blockchain technology, which cryptocurrency such as Bitcoin (Bitcoin) and Ethereum (ETH/USD) operate under.
Credit Suisse joined the group developing the “utility settlement coin” (USC) — a digital cash equivalent of each of the major currencies backed by central banks. It would be convertible at parity with a bank deposit in the corresponding currency, making it fully backed by cash assets at a central bank.