With blockchain technology and its advantages getting more popularized, we are seeing more banks exploring the possibility of adopting the technology into their daily operations. Societe Generale, one of France’s biggest banks is going to be the latest ones to join the ranks.
The Societe Generale’s job listing page had an unusual entry on 2nd July, the organization is looking for an IT developer on bitcoin, blockchains and cryptocurrencies. The listing states the post to be of contractual nature, extending to a period of one year. The contract employee filling in the position will be involved in prototype programming of Societe Generale’s in house software platform which will work on blockchain technology.
Societe Generale expects the candidate to work on developing a proof of concept using any programming language suitable for running cryptocurrency protocols on blockchain versions 1.0 to 3.0. The programmer will be working on bitcoin, altcoins, blockchain and different altchain APIs to find the right fit for the organization’s requirements. The candidate will also be responsible for analysing blockchains and developing ways to gather quantitative information from blockchain for further data analysis to understand the happenings in cryptocurrency world.
The requirements posted by Societe Generale indicates that the banking institution is now actively conducting research on blockchain technology to develop banking applications that can address their specific needs. These needs will most likely be connected with fund transfer and record keeping applications. By using blockchain technology banks can definitely bring down their operational and compliance costs.
According to Societe Generale, the need has arisen due to the banks attempts to keep up with rapid technological changes sweeping the financial technology sector. The bank has been getting requests from its investors for more information about bitcoin and its valuation. Even the increasing interest about digital currency among its investors may be the driving factor behind Societe Generale’s interest in bitcoin and blockchain technology.