Westpac platform integrates artificial intelligence, the blockchain, data analytics, internet of things sensors and more for creating a system that predicts price rise and demand for goods. The system also automates payment processes and manual procurement. With this integration, the company aspires to establish itself as the world leader in blockchain technology.
Westpac is planning to develop the first proofs-of-concept in the world that will digitalize inventory management, trade, and its procurement. Many companies are already coming up with smart contracts using blockchain technology for automatic execution of stock orders whereas they use artificial intelligence for identifying the most favorable time and place for purchasing.
According to Didier Van Not, the corporate and institutional banking general manager of Westpac wants to develop the bank as a leader in this field. While speaking on the topic of commercializing the platform, not said that there is no guarantee that the Sydney-headquartered bank would follow this step. It is because the new technology requires time to mature first. However, he believes that it is important for Westpac to take a leading position in the field of blockchain development.
Didier Van Not is eager to automate as much as possible for which he will have to take help of artificial intelligence and machine learning experts. Over the time, NOT wants to increase the use of data analytics so that the Australian bank can offer similar services to its institutional clients, says Business Chief.
The institutional banking general manager stated that the Corporate Australia sector is already eager to get hands-on insights into their business and the data Westpac can offer can have a major impact. Didier Van Not believes that if this data is packaged in a particular way it can offer more insights. According to him, the emphasis should be more on generating insights about the business rather than selling the data, says Financial Review.
Didier Van Not said that a lot of startups and companies have used artificial intelligence or blockchain to introduce improvements. But Westpac wants to find out how it would work if they integrate both these technologies together.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]