Major Global Banks Begin to Embrace Bitcoin and Blockchain Technology
Established financial institutions have intensively looked into blockchain technology. Leading global banks such as the Commonwealth Bank of Australia, PrivatBank, and others that are part of financial services company R3's blockchain conference have begun the development of a blockhain-based banking network, which will allow their clients and other financial institutions to settle transactions and identities securely with significantly lower costs. PrivatBank. One of Ukraine's biggest banks, PrivatBank, announced the "finalization of testing period for a service providing merchants with....
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As the Chinese government is turning toward researching and exploring possible applications of blockchain technology, the country’s big banks are increasingly hiring experts and developers to keep up with digitization and a technology-driven landscape. Having included blockchain development in its latest 5-year plan, the Chinese government’s efforts to embrace FinTech also sees the country’s central bank, the People’s Bank of China (PBOC), explore and research the possibility of introducing its own digital currency. The agenda is contrary to the usual notion of central banks being late 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....
This news comes at the time when experts assumed adoption of distributed ledgers was still five to ten years away. Once again, the so-called experts have been proven wrong, and it is not the last time that will happen. Blockchain adoption by traditional financial institutions will not happen anytime soon. At least, that is the message their official spokespeople are converting to the world. But according to IBM, there has been a rush to embrace distributed ledgers and integrate them into core systems. Things are looking positive for Bitcoin technology, even though banks will not embrace....
A survey conducted by professional services firm Accenture has revealed that nine out of 10 major U.S., Canadian and European banks are currently exploring blockchain technology in the field of payments. The survey, titled ‘Blockchain Technology: How banks are building a real-time global payment network’ [PDF] canvassed the opinions of 32 of the top commercial banking professionals in the banking industry. Notably, the transformational potential of blockchain technology in the payments space was under the spotlight. Executives participating in the survey included those from 11 of the top....
The latest survey from IBM suggests 65 percent of major global banks will use blockchain technology within just three years, while CEO Ginni Rometty warns that slow responses will damage businesses. 17% of Banks to Have Full Blockchain Product, IBM Reports. The tech giant, whose latest findings come from 200 banks and another 200 other financial....