How Banks Start Using Blockchain in Communications
Banks and large-scale commercial companies including Daimler, the parent company of Mercedes-Benz, are starting to replace fax machines and the traditional method of communicating with one another using Blockchain. Since 2015, banks and major technology companies such as Microsoft have been investigating the potential of Blockchain technology as a data processing platform. While sustaining the security measures of public Blockchain networks including Bitcoin, the Blockchain-based platforms can process large amounts of data, opening doors for a wider range of applications such as data....
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The International Monetary Fund (IMF) has published an article in the Finance and Development magazine that looks at how Bitcoin and blockchain technology has the ability to rewrite the financial sector. Written by Andreas Adriano, a senior communications officer in the IMF’s communications department, and Hunter Monroe, a senior economist in the IMF’s monetary and capital markets department, the article, “The Internet of Trust,” [PDF] focuses on the history of Bitcoin, its blockchain technology and how it can be used to benefit the financial sector. When it was first introduced Bitcoin....
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,....
Communications Officer of the not-for-profit platform Ethereum Ken Kappler has said that “It (Ethereum) is basically the only game in town.” According to an International Business Times report, he said that every institution in the city I have spoken to is looking at Ethereum to build their blockchain apps for the next five to ten years. Ethereum is a platform for decentralized applications which allows developers to build blockchain applications. Without disclosing names of the banks and financial institutions currently looking at its technology, Kappler said that the new verification....
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....
The blockchain is transforming the way businesses are conducted across the world. What will be its effect on SWIFT, a legacy network for communication between banks that has lasted for 43 years? The Society for Worldwide Interbank Financial Telecommunication (SWIFT) was founded in 1973 and has provided financial institutions a means to exchange information about transactions in a secure environment. A majority of banks worldwide use the SWIFT network for international interbank messages. Why is SWIFT so successful? Prior to SWIFT, banks used telex for communications. Telex had inherent....