Top 4 Reasons Banks Should be Excited About Blockchain
This is a guest post by Senthil Radhakrishnan, the Vice President and Head of Capital Market Solutions Group at Virtusa. Senthil has 16+ years' experience focused in capital markets technology with top tier Investment banks such as UBS, JPMC, Barclays, and others. Blockchain (the technology that powers Bitcoin) is a magic box - a mix of innovations and....
Related News
Banks are reluctant to work with bitcoin, that fact has been well known in the community for some time. Until now, though, few concrete reasons have been given as to why. New statements from a senior banking practitioner in Australia working in anti-money laundering (AML) and counter-terrorism financing (CTF), compliance could go some way to providing an explanation. Banks around the world, particularly in the US, have been closing down accounts of bitcoin startups and even bitcoin-accepting businesses for over a year now. Even those that do work with bitcoin businesses are reluctant to be....
Various banks and other financial institutions around the world have been looking into the concept of blockchain technology. While there are many advancements to be made in the financial world with this technology, the blockchain might not be implemented in a way most of the Bitcoin community would agree with. Bankchain, as this implementation is called,....
Banks didn’t plan for the blockchain. It just happened in front of them in 2015. But, they have been thinking a lot about its implications. 2015 was the year that banks started to wonder about their blockchain strategy. Banks that didn't have such a strategy were considered laggards. But despite its revolutionary prognosis, the blockchain doesn't signal the end of banking, because the banks aren’t going to use it to disrupt or obsolete themselves. Rather, they will guide it to live within the regulated constraints of their world. The good news is blockchain implementations help banks....
Apparently, the competition in the Blockchain business industry is heating up. Goldman Sachs, one of the original members of R3 Consortium, and Banco Santander announced that they will no longer continue exploring the potential of Blockchain technology as members of the consortium. Reasons for the firm’s decision to discontinue their connections with R3 Consortium remain unclear, as well as whether these decisions are somehow connected. Kristian Gårder, a representative from Nordic R3 member SEB, says: “Members will obviously worry if some R3 members seek patents that we have discussed....
The debate over Bitcoin’s future relationship with the banking system has come a long way in the last year. In 2014, the discussion was speculative for the most part, as major banks had not yet weighed in on the digital currency. However, in the first half of 2015, banks began taking more interest in Bitcoin. More specifically, several banks have been....