Smaller Banks Need Bitcoin to Protect the Global Financial System
With the financial ecosystem on the proverbial brink of collapsing, there is a growing concern among banking industry experts. Not about the imminent collapse itself, though, but how hackers can easily attack the global financial system. A Threat to The Archaic Global Financial System. Although hackers attempting to steal funds is not particularly new in....
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Trust in the financial industry has weakened since the worst of the global recession in 2008 and again during the Greek debt crisis. For some experts, the current system is no longer appropriate and there may be a need to explore new technologies like the blockchain when it comes to preventing another meltdown from taking place. Blockchain is the public ledger of transactions in bitcoin. While the cryptocurrency has hogged the spotlight in the past few years, the underlying technology in updating and storing entries on the blockchain is proving to have several practical applications in....
Bitcoin is a revolutionary protocol that is changing the way we understand and utilize money. Over the past few decades, sovereign wealth has deteriorated. Citizens have put too much faith in government-issued legal tender and the central banking system. After the financial crisis of 2007-08, a new idea was born into the world that gave the human race a....
2015 will be remembered as the year bitcoin and its blockchain entered the mainstream, penetrating the highest levels of the global financial system, the arts, and social media, even what at the moment is known as the internet itself, but at what cost will this be as we move forward to its core principle of decentralisation? Bitcoin first appeared on the scene after the height of the global financial crisis in 2009 as an experimental alternative to the current system of central banking. This was the first time in history people could send value worldwide instantly, practically free without....
US Regulators are scrutinizing the Swift payment network in light of the recent heists which have taken place. That is not a complete surprise, as there is plenty of cause for concern. Things have gotten so dire; the US regulators have warned banks about more imminent threats to their cyber security. Ever since the various Swift breaches became public knowledge, there has been a lot of concern among financial regulators. Albeit the hackers used smaller banks to gain access to the Swift network, regulators feel the interbank protocol is no longer safe. Swift Is Not Adequately Protecting Its....
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....