Royal Bank of Canada to explore blockchain loyalty program

Royal Bank of Canada to explore blockchain loyalty program

In today’s Roundtable, Royal Bank of Canada (RBC) president and chief executive officer of DaveMcKay said the distributed ledger bitcoin layer is a “quantum innovation”.

Held in New York RBC meeting in the capital market, McKay discusses the experimental block chain RBC is being carried out, and pointed out that the bank may use the technology of the loyalty program launched sometime in 2016.

In his speech, McKa said he thinks the Bank of the blockchain experiments need to be “cautious” issued, and earlier this week the United States Securities and Exchange Commission (SEC), echoing the statement.

“This is a kind of new technology, but it is about what we really know? Network security is how to achieve it? We need to know more about this technology, “McCay said. “Given the stakes, this is not you can rush to the market and fix things with your idea. You want it to work.”

According to the “American bankers daily” reported that the introduction of McKay technology to the customer RBC is currently looking for low risk, while the loyalty program is the most appropriate at this moment.

According to the report, McCay bitcoin digital currency as the use case is not what interest, and pointed out that he did not believe that the application can solve the problem of consumers.

It is worth noting that RBC is one of the 13 major banks, announced in September this year and distributed ledger startups R3CEV partnership. So far, R3 has attracted 25 of the world’s largest financial institutions.

Therefore, McKay stressed that the way of cooperation may be the best way of the technology to the mass market.

According to estimates, according to the total amount of assets and capital market calculation, RBC is Canada’s largest bank, employing 78000 staff, as of the end of 2014 with $343 billion in assets.

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