Commonwealth bank of australia blockchain capital

Investigating smart contracts based on blockchain, among others use cases. Commonwealth Bank head of blockchain Sophie Gilder claimed the launch would be a starting point to eliminating friction that currently exists in financial markets. CBA has completed more than 25 proof of concept applications to see how blockchain tech could help solve real-world business problems.

One of the 25 proof-of-concepts included trialling the first government bond with the Queensland Treasury Corporation QTC earlier this year. It saw QTC use blockchain to generate a bond tender, view investor bids in real time, finalise investment allocation and settle instantly with investors.

We decided to look at how blockchain could change this market. Other potential use cases of blockchain, according to Ms Gilder, include allowing peer-to-peer transactions such as the transfer of funds offshore to occur within minutes or seconds, instead of days, or even issuing automatic smart contracts. Ms Gilder also addressed the issue of cybersecurity in relation to blockchain, which has been key a concern for many in the market.

There is no single point of failure. We think this is a very interesting structure in addressing the risk of cybersecurity threats in the future. Blockchain, however, is only one form of technology that Commonwealth Bank is placing its bets on. The others include artificial intelligence, the Internet of Things, robotics, quantum computing, and biometrics.

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