Banking Industry Aims to Launch Blockchain Network in 2027
A new initiative called the BankChain Alliance is aiming to create an industry-owned blockchain network for banks. The alliance includes 39 state banking associations and 3,283 banks with a collective $21.8 trillion in assets.
The goal of the BankChain Alliance is to create an interoperable blockchain that all members can use for smart payments, tokenized deposits, stablecoins, automated settlement, and other innovations.
Kathy Kraninger, president and CEO of the Florida Bankers Association, stated, 'This is about banks of all sizes building their own future. Through an unprecedented collaboration representing thousands of banks, BankChain Alliance is developing a secure, regulated, industry-built, and industry-owned network that allows institutions of all sizes to provide modern capabilities so they can continue serving customers safely and efficiently in rural, urban, and regional communities across the country.'