The UnionBank of the Philippines (UBP), one of the early adopters of blockchain technology in the domestic banking sector, announced on Wednesday it had launched the first general circulars (GCs) on the blockchain platform to provide a cost-effective and faster way communication.
UBP said the technology would allow employees from all branches across the Philippines to access internal communications and published GCs in a more secure, safe and immutable platform.
"Issuance of GCs ensure standardized handling of all transactions and, through these, the bank mitigates potential process failures as a result of lack of employee awareness,” said UnionBank Performance and Quality Management head Derrick Nicdao. He explained GCs are internal communications the bank distributes to employees to disseminate information policies, regulatory requirements, and procedural guidance.
During last week's thanksgiving party, UBP president, and chief executive officer Edwin R. Bautista announced the bank has rolled out several internal blockchain ap...
This article appeared first on Cryptovest
