Blockchain Technology Can Significantly Simplify Modern Banking
Oliver Bussmann, CIO of Swiss Bank, believes that the Blockchain is the most disruptive force within the Financial Sector. The decentralized ledger of transactions could also be used to store documents which after publication, could no longer be tampered with. Documents stored on the Blockchain would be authenticated through the same underlying technology that powers Bitcoin. While being almost completely unknown in 2009, Bitcoin has become a hot topic of debate among corporations, banks, and governments. Also read: BITCOIN 2.0 WILL BE A VERY BIG DEAL. The World Opens Up to Blockchain....
Related News
Peer-to-peer, or P2P, is a revolution that involves the decentralization of established goods, services, and institutions. Bitcoin's fundamental technology, the Blockchain, is leading the way for the P2P revolution. The Blockchain is a trust-less ledger of transactions that prevents forged data at extremely cheap costs. P2P payment systems are probably the largest change that will occur in this new age of technology. Never before have individuals been able to skip going through a bank or other financial institution to send money to someone on the other side of the world. Also read:....
The two previous articles (part one and part two) in this series covered the basic mechanics of the blockchain and the largest problem the blockchain currently faces. Now, I will move on to the future of the blockchain. In the last part, I talked about a method of storing and time stamping any document on the blockchain through a fairly simple method. This method allows users to back legal claims using blockchain technology, all for about four cents worth of a transaction fee. While the blockchain can be used to store documents, that is not all that it can do. In this part, I will be....
Many participants at the Revolution Banking 2016 event in Spain were interested in the Blockchain technology, which resulted in a lively discussion during the event Where is the blockchain heading? Whether the distributed ledger technology really has the potential to solve the issues currently faced by the banking and financial sector? These were some of the topics discussed in the last month’s Revolution Banking 2016 summit, which happened in Madrid, Spain on the 10th of May 2016. Revolution Banking 2016 was an event focused on new technologies, innovations, and collaborations in the....
Spanish banking group Santander has made its first investment into the blockchain, a payment settlement technology that supports Bitcoin. Santander InnoVentures, the bank's $100-million investment vehicle made to support potential FinTech technologies, has invested $4 million into Silicon Valley-based Ripple Labs. The latter is a renowned remittance company which harnesses blockchain technology to simplify money exchange across borders. It has also formed partnerships with some of the world's leading banks - including Commonwealth Bank of Australia and Royal Bank of Scotland - to explore....
Bitcoin price has taken a major hit since Mt. Gox, but that has not stopped Bitcoin from building a worldwide infrastructure that has led to massive expansion opportunities. It seems to have traded price for a deeper market penetration, in every sector of modern society. Bitcoin has already made a connection with online consumer payment giant PayPal, and now commercial banking may be its next conquest. The Future of Banking is faster and less expensive. At a panel meeting sponsored by Society for Worldwide Interbank Financial Telecommunication (SWIFT) this week, correspondent banking....