Banks Fall Over Themselves in Race to Integrate Blockchain Technology
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....
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In an interesting interview with CNBC's Nancy Hulgrave, Peter Smith, the CEO of blockchain.info, claimed that around 100 banks approached his company to integrate bitcoin and the blockchain technology in their banking systems. Peter thinks that these banks believe that they can benefit and make more profits via integration of the blockchain technology. Banks Vs The Blockchain Technology: Throughout the past couple of years, some international retail banks have tried to integrate the blockchain technology into their banking systems and some have even gone far enough to consider issuing....
European banks risk falling behind its Wall Street competitors in the blockchain race as it struggles with cost-cutting measures after the 2008 financial crisis, reports Reuters. According to the World Economic Forum (WEF), blockchain technology is expected to change the way financial organizations conduct business with global banks who have initiated blockchain projects by 2017 after engaging with more than 200 industry leaders and subject matter experts. However, a transatlantic imbalance is likely to ensue because of the costs required in developing the technology, reports Reuters. U.S.....
According to a new report released by Big Four Accounting firm PricewaterhouseCoopers (PwC), the Fintech revolution will not revolve around blockchain innovation per se, though it will remain at the top of trends in the banking industry. Meanwhile, banks are still preferring to integrate “easier” solutions, which will optimize day-to-day operations. One....
What will be the consequences of Blockchain integration in SWIFT’s system for global banking and for all cryptocurrencies? World experts commented to CoinTelegraph regarding the announcement of Wim Raymaekers, Head of Banking and Treasury Markets at SWIFT. According to Raymaekers, the international provider of secure financial messaging services may integrate FinTech innovations, including Blockchain, to implement faster and transparent cross-border payments. International Business Times reports that SWIFT plans to launch this initiative early in 2016. Wim Raymaekers said: "We can look at....
Various banks and other financial institutions around the world have been looking into the concept of blockchain technology. While there are many advancements to be made in the financial world with this technology, the blockchain might not be implemented in a way most of the Bitcoin community would agree with. Bankchain, as this implementation is called,....