Leading Banks Join Forces to Explore Blockchain Technology

Posted on Posted in Bitcoin, Blockchain, Financial Services
On September 29, thirteen of the “world’s leading banks joined a project to explore the possibilities behind using [blockchain technology] in the mainstream financial world” according to an article posted on CNBC’s website.

 

The blockchain is the protocol upon which the digital currency Bitcoin is based.  In simple terms the blockchain can be considered a distributed, open and secure ledger of all transactions that take place.

 

The banks will research and experiment with shared ledger solutions to meet banking requirements for security, reliability, performance, scalability, and audit.

 

The benefit of utilizing blockchain technology would be to “effectively allow payments to be made instantly without a centralized authority and…also be transparent with each bank being allowed access to the ledger.”

 

As the leading financial institutions move ahead to explore the benefits of blockchain technology what are your institutions doing to explore this technology?

 

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