Banks and financial institutions keep searching solutions in blockchain technology. In order to encourage crypto and blockchain adoption in Egypt, the National Bank of the country (NBE), has decided to join the R3 Blockchain Consortium. The decision has been informed on April the 22nd, 2018.

NBE Works with Blockchain Technology

The NBE has decided to give an impulse to blockchain technology in the country by joining the R3 Blockchain Consortium. The R3 is an enterprise that works with over 200 firms and financial institutions to develop their own blockchain platform. The main intention is to build a platform that would be used for commercial activities.

All these financial companies are trying to explore commercial application of blockchain technology. At the same time, the NBE will have a better understanding of how distributed ledger technology can be applied to improve its services.

Hisham Okasha, NBE chairperson, explained:

“By joining this initiative together with world banks and companies, we will be able to closely monitor and engage directly in global blockchain developments. We can better assess the value this technology can bring to the banking industry and the impact it can have on faster and more cost-effective services to our customers for future implementation.”

The CEO of R3, David Rutter, has also welcomed the NBE to the Consortium:

“The addition of the National Bank of Egypt to our ever-growing Corda network enhances our engagement with the global financial industry, particularly in the MENA region. Our partners are developing cutting-edge blockchain applications on Corda that will change the way the world does business.”

What is the R3 Blockchain Consortium?

The R3 is an enterprise software firm that works with over 200 banks, financial institutions, regulators, trade associations, and many other companies. It has a global team of over 160 professionals distributed in nine different countries. At the same time, it is supported by over 2,000 technology, financial, and legal experts.

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