It was only a matter of time!!
The banks are now following in the footsteps of Crypto Currency and adopting the Blockchain Technology.
The Blockchain if you do not know is a public ledger that will verify all transaction which enables Instant Payments that can not lie, cheated or manipulated making this much more secure , stable and far safer than anything ever been created before.
The system is run through a peer to peer consensus that all computers in the network will verify the transaction. Every ten minutes a block is updated. Once the transaction is complete it’s confirmed by the network.
The Blockchain is the Evolution of Money, Contacts, Mortgages, Loans. These will all be used through the Blockchain technology. The way we handle any transaction will now have to be a verified transaction, which will make our lives much easier, faster and more efficient.
Blocks record and confirm when and in what sequence transactions enter and are logged in the blockchain.
THE BLOCKCHAIN IS ONE TRUE SOURCE OF INFORMATION.
Once the transaction has been made and verified on the block you know that person has that money,contract whatever it may be 100%.
The block chain consists of blocks that hold timestamped batches of recent valid transactions.
- First, they laughed at us
- Then they fought us
- Then they join us
Crypto Currency and the Technology that is the Blockchain have disrupted a 5 Trillion Dollar industry.
In my opinion, the Blockchain is the most powerful invention in economic history since the internet was created and what the internet did for information this will do the same to money
(I will explain the Blockchain further in an another post so you fully understand it)
There are lots of banks who are now joining forces and taking on the technology.So what is going to happen, which has actually already started .
The banks will put interest rates into a negative interest rate.You will then be charged to have your money in the banking system with heavy fees and no way of drawing cash.
The future is a cashless society.
Are you ready for this ??
Let’s have a look at some of the banks that have seen the power of this technology.
1 Bank of America
have filled 30 patterns on the Blockchain Technology.”Blockchain’s very intriguing and for us it’s a balance between not wanting to be Neanderthal but not wanting to put something out in a commercial application where the commercial application is still very unclear as a technologist, the technology is fascinating,” Catherine Bessant, the chief operations and technology officer at Bank of America, said during a CNBC event at Davos credit to CNBC
2 JP MORGAN
have just tested the Technology with over 2000 clients and transfers between London and Tokyo the test is a prelude to using the technology to move real funds internationally using a blockchain. This was in collaboration with New York blockchain startup Digital Asset Holdings, which is run by ex-JPMorgan executive Blythe Masters. It was one of a group of investors, primarily from the mainstream finance world, to contribute to Digital Asset’s $60m funding round. JPMorgan has spent about $9 billion this year on technology investments across the company and a big focus has been on the blockchain.
3.Goldman Sachs is leading the charge on the cryptocurrency technology known as the blockchain.The New York-based financial institution spotlighted blockchain—the technology behind bitcoin and other cryptocurrencies—in an end-of-the-year research report about emerging technology. Blockchain is essentially a shared online public ledger that is supposedly impervious to tampering and revision.
Goldman Sachs has developed its own cryptocurrency for a settlement system for trading stocks, bonds, and other assets.
There is a consortium of 42 of the biggest banks that have all joined forces and created a super group called R3 –
R3 have pledged their financial and technical support since launching in September.
The latest bank additions are BMO Financial Group, Danske Bank, Intesa Sanpaolo, Natixis, Nomura, Northern Trust, OP Financial Group, Banco Santander, Scotiabank, Sumitomo Mitsui Banking Corporation, US Bancorp and Westpac Banking Corporation. R3 said the initial window for admittance of new bank members is now closed.
David Rutter, CEO of R3, said in a statement: “Partnering with a broad range of institutions has always been central to our strategy of developing distributed ledger technologies that will truly benefit the financial services industry as a whole.
“Securing the backing of 42 of the world’s leading banks demonstrates the level of interest in our initiative, and we now look forward to exploring collaboration with non-bank institutions and expanding our already diverse group.
“R3 has long believed that distributed ledger technology has the potential to impact the financial services sector the way the internet changed media and entertainment. Yes, that’s a big statement, but there is increasing evidence to support it.
“When you look across the industry, the possible applications of these innovative solutions cut across asset classes, geographies, and market participants. Ultimately, these technologies will benefit not just financial services firms, but their clients and end-users as well. We’re very excited to be at the epicenter of this global evolution.”
R3 is a financial innovation firm that leads the Distributed Ledger Group (DLG), a consortium partnership with 42 of the world’s leading banks, to design and deliver advanced distributed ledger technologies to global financial markets.
A global consortium of banks is working with blockchain startup R3 to develop approaches to using blockchain in global finance. American Express recently took part in a $12 million investment in Abra, a start-up that uses blockchain to transfer money internationally. In September, Blockchain startup Chain raised a $30 million Series B round with big names like Visa, Nasdaq, and Citi taking part in the investment. Goldman Sachs itself has also been actively exploring the bitcoin space. The firm was recently part of a $50 million investment round in Circle, a payments app that utilizes bitcoin and the blockchain.(Source http://qz.com/563967/goldman-sachs-wants-to-create-its-own-version-of-bitcoin/)
5 THE IMF _ The International Monetary Fund
The IMF issued a report praising the benefits of virtual currencies and stating they are here to stay.
the Managing Director of IMF Christine Lagarde said:
“Virtual currencies and their underlying technologies can provide faster and cheaper financial services, and can become a powerful tool for deepening financial inclusion in the developing world. The challenge will be how to reap all these benefits and at the same time prevent illegal uses, such as money laundering, terror financing, fraud and even circumvention of capital controls.”
6 What the big banks say about the tech
The Blockchain is the underlying technology behind the cryptocurrency that is exciting the world’s major banks it has been heralded as a potentially disruptive force in finance by major institutions, which claim that bitcoin and other cryptocurrencies are just the “opening act” to something bigger.
Barclays said in May that bitcoin created a more “elegant solution than our current payment system” in many ways but it also “fell short” in a number of areas. The British bank said that it envisages a number of other cryptocurrencies will continue to emerge that won’t have the flaws of first generation bitcoin, it said in the note.
So it’s not predicting the end of cryptocurrencies but sees a place for them in the future of blockchain.
The first big area cryptocurrencies could work well in is bank transfers and remittances, according to Barclays, as it could make it cheaper and even “reduce the capital requirements for banks, as it would reduce considerably the counterparty risks.” Source for the info –http://www.cnbc.com/2015/12/31/blockchain-what-the-big-banks-say-about-the-tech.html The second area of interest is the use of blockchain in securities exchanges with Barclays saying the technology can be “been abstracted to carry any sort of asset which can be represented digitally.”
UBS has been one of the most open banks about its plans with the blockchain. It has a team called “Crypto 2.0” in London conducting research on the technology.
The Swiss investment bank said it has explored more than 20 use cases of blockchain and is incubating the best ideas. One of the experiments it carried out was with so-called “smart contracts” which it developed into a “smart bond”. This involved using the blockchain to recreate a bond’s issuance, interest calculation, coupon payments and maturation processes.
In an October issue of Deutsche Bank’s Flow magazine, the German institution said it had explored an “innovation lab” to investigate the potential of the blockchain.
Deutsche Bank highlighted that the adoption of the blockchain would face “significant legal and regulatory barriers” but recognised that it could be massively disruptive to banks.
As you can see the Central banks are really moving with the Blockchain technology and i can see them all launching their own cryptocurrencies as well.
Times are changing and we best be ready for the overhaul that is coming our way to our monetary system and the way we transact money forever!!
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