October 19, 2018. Union Bank of the Philippines is stretching a helping hand in providing blockchain developers in the ecosystem by creating the Blockchain Institute. The Institute aims to teach developers not just blockchain codes but also actual use cases and blockchain solutions.
The bank sourced its soon-to-be blockchain developers via social media and was able to sign up 500 potential students in just three days. The candidates are from information technology, computer science, and engineering courses from different colleges and universities in the country.
The candidates were assessed if they have a passion for innovation, resiliency, and their personal values. In addition, they are expected to align with the bank’s values such as “Integrity, Magis for doing more, better, and greater, and Ubuntu for team spirit and collaboration.”
The Blockchain Institute is a six-month program that will teach developers blockchain technology. Aside from learning the coding part which is just one of its many components, the Institute will also teach actual use cases in the organization as well as how to provide blockchain solutions.
The Blockchain Institute will help address the much-needed blockchain talent – developers – that will bring about innovation in products and solutions in different industries and countries. This will also bring Union Bank and its efforts in creating an all-inclusive industry to a whole different level.
The bank still continues to adopt blockchain in its internal processes. Its CEO, Mr. Edwin R. Bautista, shared that by using the blockchain, they were able to reduce their costs and also learn more about the technology that they can apply to their customers.
Recently Union Bank joined an interbank network led by J.P Morgan that seeks to minimize the process of cross-border payments. Called as the Interbank Information Network (IIN) that runs on the blockchain, it will cut or reduce the middleman in the transfer thus it will reach the recipient faster. Along with Union Bank are 76 banks, 21 of which are from Asia.
The Aboitiz-led lender also spearheaded Project i2i that aims to connect rural banks into the country’s main financial network. It was piloted by five Mindanao rural banks and eyes November 2018 as its major launch according to the bank’s chairman, Mr. Justo Ortiz.
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