What Banks Should Be Doing With Blockchain in 2016
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....
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According to an IBM survey that gathered insights from 200 global banks, 15% of those banks could be running blockchain solutions as early as 2017. While 2016 is the year that has – already – seen blockchain prototypes tested and trialed, 2017 will be the year banks start putting blockchain solutions into implementation, according to a new IBM study. “Hurtling” Toward Blockchain. Released today, the study, “Leading the Pack in Blockchain Banking: Trailblazers Set the Pace”, conducted by IBM Institute for Business Value, summed up the interest in blockchain among the 200 banks it surveyed,....
Three of the biggest banking corporations in Japan have partnered bitFlyer, Japan’s biggest bitcoin exchange to test the viability of domestic money transfers over blockchain technology. The banks discovered that money transfers over a blockchain were just as fast, if not faster compared to traditional money systems. In a report today by regional publication Nikkei, few details have been revealed, about the banks-led blockchain tests including the crucial snipper of whether or not the distributed ledger used was, in fact, the bitcoin blockchain. It’s merely speculative, due to the....
Australian banks, both government funded and commercial institutions, demonstrated the tendency to manipulate certain industries and companies in order to gain monopoly over the market in the past year. The national government is closely eyeing these banks to ensure that the Blockchain market is free from excessive control. In early 2016, Australian banks and financial institutions banned bank accounts of Bitcoin without any prior notice or formal explanation. According to the banks, this was a part of a larger initiative to gain control and establish a Blockchain market in Australia. As....
Russian banks and financial services firms have come together to form the country’s first financial blockchain consortium, a coalition that will seek to explore and implement blockchain solutions in the banking and financial services industries. Announced at the beginning of the month, Russia’s first ever blockchain consortium will see various prominent banks and notable financial and professional services firm Accenture, come together to form a private-sector coalition. Initial whispers of the establishment of a blockchain consortium in Russia arose in early June 2016, with Russian....
None of the banks fined admitted to these charges, but they all agreed to pay the fines. The year 2016 will not end on a high for Wells Fargo, by the look of things. FINRA has fined the bank, as well as a few other institutions, for a combined US$14.4 million. Apparently, all of these banks suffer from record-keeping problems that could have lead to company and customer documents to be altered. Although electronic document-keeping should have improved overall transparency and accuracy, that has not been the case so far. Various financial institutions have failed to protect this....