The technology is intended to enable cost reduction in several areas including compliance, financial reporting, security clearing and settlement of cash transactions. BMO Capital Markets will continue to partner with clients and other institutions in the evolution of blockchain as an open settlement system.

“Ontario Teachers’ is committed to exploring technology and innovations that might improve our ability to serve our members,” said Audrey Gaspar, Ontario Teachers’ Managing Director, Treasury and Integration. “We are pleased to partner with Bank of Montreal in this pilot blockchain initiative.”

BMO Capital’s use of blockchain technology trends toward an increased use in financial applications. Per a report, the four biggest auditing firms globally – Deloitte, EY, KPMG and PwC – are part of a group of 20 banks in Taiwan that are experimenting with blockchain technology for auditing financial reports.

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