Deutsche Bank sees The DAO incident as a timely reminder of the importance of testing products before they are unleashed. In 2014 Deutsche Bank launched a series of innovation labs in collaboration with IBM, Microsoft and the Indian outsourcing company HCL. The aim was to improve the bank’s digital banking services. Deutsche Bank’s Blockchain project is now out of the ‘proof of concept’ stage.
Deutsche Bank’s labs are based in Berlin, London and Palo Alto. Their Palo Alto lab’s aim is to evaluate emerging technologies from Silicon Valley and apply them to enhance their products. The three innovation labs termed as ‘Deutsche Bank Labs’ are a part of the Bank’s Strategy 2020 and Deutsche Bank has earmarked the sum of €1 billion on such initiatives for the next five years. Why Bitcoin matters to Deutsche Bank
Deutsche Bank is not unique in utilising Blockchain as a technology as many other banks have been doing so now for a while whilst others are in the process of exploring it.
The bank’s Chief Digital Officer Edward Budd has this to say about Blockchain in a bank’s press release, “Deutsche Bank is running a portfolio of activities for Blockchain/distributed ledger technology across the bank. Some of these innovative activities are driven internally and facilitated by the Deutsche Bank Innovation Labs. In other areas where we cannot – or would not – look to test on our own, we collaborate with industry partners such as the market consortium DLG R3.” The DAO incident was a wakeup call
Regarding the DAO incident, Deutsche Bank told Cointelegraph in an e-mailed answer, “To those of us focused on getting this out of the lab and into production use in markets, it has served as a good and timely reminder on the importance of clear governance/standards and production assurance. […]
