Tim Draper: Blockchain Could Free Individuals From Inefficient Governments

The Chamber of Digital Commerce (CDC) has announced they are adding two major international banks, BNP Paribas and BNY Mellon, to the Chamber’s Executive Committee.

The CDC is the world’s leading blockchain trade association. Through education and advocacy, it aims to develop a legal environment that fosters growth, innovation and investment in blockchain technology. Other members on the Chamber’s Executive Committee include IBM, Microsoft and BitGo.

The CDC and its Executive Committee members have a mutualistic relationship. In a recent conversation with bitcoin Magazine, Perianne Boring, Founder & President of the Chamber of Digital Commerce, explained, “Executive Committee members play an active role in helping set the priorities of the Chamber of Digital Commerce. The Chamber oversees a number of working groups and initiatives that are working to promote the acceptance and use of digital assets and blockchain based technology. We strongly encourage all of our Executive Committee members to participate in as many of these valuable opportunities as are consistent with their interest.”

BNP Paribas has a widespread international presence. Based in Europe, BNP Paribas has operations in 74 different countries. It specializes in three main aspects of banking: Domestic Markets, International Financial Services, and Corporate & Institutional Banking.

Sadia Halim, Managing Director at BNP Paribas, said in a recent statement, “Blockchain technology has the potential to change the way banks work. It presents many advantages such as more transparency, traceability and security for our clients. BNP Paribas continues to explore various possibilities with the blockchain technology and other innovative tools and looks forward to working closely with the Chamber and its members.”

BNY Mellon, the corporate brand of The Bank of New York Mellon Corporation, provides financial services for institutions, corporations and individual investors in 35 countries. Recently, BNY Mellon created BDS 360, a test system that creates a backup record of brokerage transactions and is powered by blockchain technology.

Alex Batlin, Global Head of Emerging Business & Technology and Global Blockchain Lead of BNY Mellon, said in a statement about the addition to the committee, “Blockchain technology is the future of the transactions in the financial industry. Active innovation in these early stages is crucial to identifying and creating the most effective and beneficial implementations. BNY Mellon is proud to be a vocal advocate for distributed ledger technology and we look forward to collaborating with the Chamber.”

The CDC is gaining even more momentum as a large presence in the blockchain technology and digital asset field. “BNP Paribas and BNY Mellon are new and valued relationships,” said Boring. “There are other major banks in the process of joining the Chamber’s Executive Committee as well. We see this high level participation as a sure sign of the value and accelerating pace of adoption of the blockchain, especially in the financial sector.”