At a Microsoft event last week, Bank of America's director of trade and supply chain finance, Ann McCormack, showcased a new version of the ethereum-based application, demoing how it automates the process of creating a standby letter of credit.


However, it turns out the work with Microsoft is about more that just building a technological solution for a given problem. McCormack argued that Microsoft's diverse set of clients could help accelerate adoption of blockchain tech by new users.

This gives a fascinating peek at how blockchain tech can really massively improve the efficiency and robustness of the "plumbing" of banking -- it goes far beyond instant bilateral payments to complex, multiparty transactions with many trust links. We hope that it sees broader uptake. Eat your heart out, Paul Volcker -- we may have finally moved beyond the ATM in banking tech!

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