Nine Major Banks Partner on Block Chain Initiative
Nine of the largest investment banks have partnered with a block chain startup to integrate the block chain into financial services. Barclays, BBVA, Commonwealth Bank of Australia, Credit Suisse, JPMorgan, State Street, Royal Bank of Scotland, and UBS all formed a partnership with a block chain oriented firm to create industry standards for using block chain technology in banking. The initiative is led by New York and London startup R3, whose CEO David Rutter spent 32-years on Wall Street. Financial Times has reported Goldman Sachs have also partnered with R3. The block chain is a major....
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Joining the ranks of the world's biggest investment and financial institutions, three more banks from Asia and Europe have joined the global block chain initiative founded by R3. Block chain, the public distributed ledger and the technology powering bitcoin now has three more backers, or bankers, with Italy's UniCredit, Japan's Mizuho Bank and Sweden's Nordea joining the likes of Citi, Barclays, JPMorgan, Royal Bank of Scotland and HSBC, among others who now add up to a total of 25 banks. The global consortium of financial institutions is now comprised of the majority of the world's....
Bitcoin will be the sixth largest global reserve currency by 2030, according to research by Silicon Valley investment firm Magister Advisors, which surveyed some 30 block chain companies, the International Business Times reported. The research also indicates banks will invest $1 billion in block chain technology in the next few years and that the block chain will become the rails on which finance runs. Block chain is "without question" the most important enterprise IT development in a decade, said Jeremy Millar, a partner in the investment firm. He characterized the block chain as being on....
Brian Forde // Twitter. Brian Forde from the MIT Media Lab believes that the block chain and related technologies may serve to remind the government that they need to become more transparent and open. Forde's Digital Currency Initiative is specifically looking into ways that the block chain can be a force for social good. According to him, the block chain can be used to distribute social welfare. Forde thinks that some of the best innovations will come from the developing world, as their banking infrastructure is not as strong, and they can come up with stronger, more creative uses of the....
One of the less-discussed features of digital currencies are how they can help existing financial institutions. In the crypto world, we like to talk more about how Bitcoin and others enable us to have no need of the banks. More recently, there has been a lot of buzz around how the real winner of the cryptocurrency movement has been the revolution of block chain technology, the decentralized ledger which underpins Bitcoin and others and is integral to its function. Without the block chain, there is nothing special about Bitcoin, and without bitcoins, say many, there is no incentive to....
The global consortium of major banks and financial institutions looking to tap into block chain technology and headed by New York-based technology firm R3 has five more banks joining the ranks, bringing to a total that now figures 30 global banks. Blockchain startup R3's initiative to use blockchain technology in financial markets now has five more participants in a group that contains the world's biggest banks. BSNP Paribas, the Canadian Imperial Bank of Commerce, ING, MacQuaire and Wells Fargo are the newest members in the consortium that now stands at 30 global financial institutions in....