Bank of America is seemingly further integrating blockchain technology into their system, with the global giant looking to develop “a brand new Card Account and “Real-Time” Settlement system on the new Payments as a Service (PaaS) Platform.”
They’re looking for a Java developer with “hands on experience developing Blockchain / Distributed Ledger Technology” and familiarity with “Ethereum – Frontier/Solidity and IBM Hyperledger/Fabric.”
Exact project details remain unclear, but it may be the case Bank of America is perhaps looking to tokenize dollars, turning them into digital currency you can move around without any trusted intermediary.
In the process, billions can be saved in costs and efficiency increases, analysts say, with giant clients, like Mercedes Benz Dalimer and others, seemingly placing pressure on banks to adopt the new technology as it may make a significant difference to their balance sheets.
Meanwhile, Visa is expanding their blockchain team, looking for a developer to “work on emerging technologies, building POC’s leveraging internal infrastructure and data… to understand the business demand.”
MasterCard recently joined the Ethereum Enterprise Alliance, so Visa seemingly doesn’t want to be left behind, looking for an ethereum developer specifically:
“We’re seeking a strong developer experienced with Ethereum and blockchain architecture to be part of a team tasked with building distributed applications,” Visa says.
Details of the project aren’t provided, but it seems banks and payment processors are moving towards upgrading their current payment system by incorporating it with blockchain technology.
The main reason is probably because blockchain technology can act as a clearing house, allowing assets to move nearly instantly, thus processing both payment and settlement at around the same time.
On top, through smart contracts, money can be coded to do many things, thus potentially automating processes that may have previously required human intervention.
As such, it appears the technology is now moving towards a mainstream direction, with many proof of concepts and pilots being developed, while some have gone into live production.