Putting Blockchain into Practice Is Proving Difficult for Banks
Even though blockchain is seen to have a number of useful features for banks to utilize they are finding that putting these features into practice may prove difficult. The banking world may not trust the idea behind bitcoin, but they have realized that bitcoin’s underlying technology, the blockchain, has many valuable features that they could use, according to a Financial Times report. The technology can’t be hacked, is transparent, and allows anyone to view and verify trades on its system. However, while blockchain’s features were seen as the way forward at the beginning, it seems that....
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Steptoe and Johnson, the leading international law firm has included multidisciplinary blockchain practice. The increasing adoption of Bitcoin and Blockchain technology is forcing businesses to evolve. Many businesses have started exploring the potential use of blockchain technology in their operations. As they prepare for a drastic shift from conventional practices, there are many legal implications that need to be considered. To keep up with the changing requirements of its clients, Steptoe and Johnson has announced a shift in its practice as well. Steptoe and Johnson is a leading....
In an interview with IBTimes, blockchain specialist Nick Szabo has said that the banks would need to abide by the same principles as are followed by Bitcoin, if they want to get more out of blockchain. For that, he said, the banks will have to accept the system of 'permissionless blockchain.'. He also said that if the banks decided to go on the path of permissionless blockchain then they will not only do as good as the current companies but also may end up surpassing them. However the cryptocurrency specialist was quick to point out that since the bureaucracies are keenly focused on the....
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,....
On Tuesday at the Consensus Conference in New York City, Deloitte announced a number of partnerships with companies in the blockchain space to develop 20 ongoing blockchain initiatives and prototypes, thereby signaling a commitment towards becoming an early mover in blockchain consulting services. The “Big 4” firm is scoping and leading development for blockchain-related solutions that span across digital identity, digital banking, cross-border payments, loyalty and rewards, investment management and insurance sectors. The timing of Deloitte’s announcement coincides with a rising interest....
Steptoe & Johnson LLP, a global law firm, has launched a multidisciplinary blockchain practice to help blockchain companies and businesses that are affected by blockchain with the legal issues related to the technology, according to Forbes. The law firm defends companies under government investigation and has worked with blockchain organizations. Steptoe & Johnson is currently defending companies being investigated by the U.S. Department of Justice (DOJ) and the Commodities Futures Trading Commission (CFTC). The law firm also serves as an adviser to the Chamber of Digital Commerce....