More Large Financial Institutions Investing in Blockchain Technology
In the past few months, the underlying blockchain technology has been garnering increased interest from both bitcoin enthusiasts and large institutions. Some governments and companies have even tapped into the blockchain's features as a means to create secure databases or to keep track of intellectual property rights. Financial institutions have also started looking into the capabilities of blockchain technology in an attempt to improve their internal operations. Banks in Australia such as Westpac are working with Ripple Labs while Singapore's central bank is reportedly studying bitcoin....
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Typically, financial institutions wait for a new technology to mature before investing in it. Blockchain technology, because of the impact it is expected to bring to the financial industry, is a different matter, as witnessed by the number of financial institutions investing in blockchain experimentation. Two Netherlands-based banks, Rabobank and ABN AMRO Bank N.V., are among the latest financial institutions to venture into blockchain-based solutions. Blockchain investment totals close to $1 billion, noted Arjan van Os, head of Innovation Centre, and Marjan van der Plas, innovation....
Recently, it was estimated that the Financial Industry would be investing in over $1bn in Blockchain Technology by the end of this year and investment will continue at this pace well into 2016. Blockchain holds the promise of more fluid and safer transactions and the traditional financial institutions are investing heavily and creating divisions geared towards maximizing the opportunity Blockchain presents. Debates are on both sides of the coin (no pun intended) on this as Blockchain is the underlying technology for bitcoin, which these same institutions are leery of as the reputation is....
The Central Bank of Russia and a number of large financial institutions sign a memorandum to begin collaborative work on researching and testing of Blockchain technology. Creation of a special consortium for researching and testing Blockchain technology has long been a topic of discussions between players of country’s financial market. Concrete actions finally take place when the Central Bank of Russia and a number of large financial institutions sign a memorandum at the XXV International Financial Congress in St. Petersburg which marks a beginning of collaborative work. Russian banks....
The recently concluded Blockchain LatAm conference encouraged participants to be part of the blockchain-based fintech revolution. Blockchain technology is universal in nature. It can be used in a variety of industries. However, the financial technology sector takes the cake when it comes to the use of distributed ledger technology due to multiple reasons. For starters, the application of blockchain technology in the industry is endless and financial institutions have enough resources to fund the development and implementation process. In addition, the use of blockchain technology in their....
Despite claims that blockchain could be a disruptive technology, a new survey has found 70% of financial institutions believe the innovation will positively impact their business. Notably, this figure rose to 90% among financial institutions that reported a strong awareness of the technology, according to data from business advisory firm FTI Consulting. The findings came even as respondents suggested they also believe that blockchain technology could make it easier for criminals to finance illegal activities and sidestep regulations. According to managing director Dan Healy, the survey was....