RBC executive says technology could lower costs
Blockchain technology was integrated into the systems of Canada's biggest bank several weeks ago as a 'shadow' to the primary ledger, according to an executive who spoke with Reuters.
Martin Wildberger, RBC's executive vice president for innovation and technology, said use of distributed ledger technology, or DLT, would improve the speed of payments, reduce complexity and lower costs.
"Everybody recognizes blockchain will be transformative and critical," said Wildberger. "At the same point in time, I think everybody recognizes these are early days."
Meanwhile, the Bank of Canada decided in May it would not use blockchain to provide underlying infrastructure after a one-year investigation, saying there were "too many hurdles".
