Three Major Banks Serious about Embracing Bitcoin
Since the beginning of 2015, an increasing number of banks and financial institutions have focused on the development of unique blockchain networks and distributed ledgers to create "decentralized" transaction and asset settlement systems. Despite their interest in the blockchain technology, these banks have demonstrated a hostile view toward bitcoin, claiming that bitcoin is not viable as a currency or a medium of exchange. "Governments like to control (currencies). They have central banks. They like to control the supply. They also generally like to know where it (currency) is and where....
Related News
William Mougayar is a Toronto-based angel investor and four-time entrepreneur who advises startups on strategy and marketing. In the first of this three-part series, he discussed how banks dealt with the emergence of the Internet and how blockchain technology is causing these institutions a whole new headache. Here, in part two, he looks at why and how banks should start embracing blockchain technology. Build on-ramps, not barriers. Banks can't really pick and choose a small subset of use cases and claim they are embracing the revolution. If you use "blockchains without bitcoin" just to....
It will take time until banks come around to the idea of embracing Bitcoin or Fintech, though. Banks need to innovate at an accelerated pace, yet are unable to do so on their own. Allowing third-party developers to work together with the bank through API access would be a significant step in the right direction, as there is valuable input to be gathered from the Bitcoin and Fintech industries. Banks and other established financial players have not taken a liking to Fintech and digital currency just yet, as they see both industries as major competitors to their offerings. While it is....
At Silicon Republic’s Inspirefest 2017, Hazel Moore, the chairman and co-founder of international investment bank FirstCapital, stated that banks are completely wasting valuable customer data. She revealed how banks are struggling to digitalize their services and products by embracing smartphones, big data and emerging financial technologies. Banks and....
William Mougayar is a Toronto-based angel investor and four-time entrepreneur who advises startups on strategy and marketing. In the first of this three-part series, he discussed how banks dealt with the emergence of the Internet and how blockchain technology is causing these institutions a whole new headache. In part two, Mougayar looked at why banks should start embracing blockchain technology. Here, in part three, he explores the steps banks should take to make sure they lead the blockchain-banking revolution. What should banks do? Don't just do pilots that automate old processes.....
Bitcoin and Blockchain are technologies which have the potential to dramatically change the world. If Blockchain technology is deployed rapidly and effectively, we can bank the unbanked, automate contracts and even get Blockchains to work with the Internet of Things (IOT) to create a Blockchain of Things. Yet the primary use of Blockchains remains as a medium to validate cryptocurrency transactions. If that is the case, one must ask the question, how soon before central banks not only accept Blockchain but also start to have more acceptance of Bitcoin and other cryptocurrencies? After all....