[2016-07-06] Firstpost: Why banks want Blockchain

Why banks want Blockchain

http://tech.firstpost.com/biztech/why-banks-want-blockchain-323952.html

Blockchain technology has been dubbed as the most important invention since the internet itself in financial technology circles. It has the potential to completely redefine the way transactions take place. According to Let’s Talk Payments, $ 180 million was invested in Blockchain technology globally in 2015. Banks are one of the leading investors in the technology and their investment is said to reach $400 million by 2019 from $ 75 million in 2015. R3, a fintech company has brought together 42 leading banks from around the world to form a consortium in order to develop a framework for applying Blockchain technology. But why are banks so enthusiastic about a technology that was developed to form the basis of Bitcoins, a cryptocurrency that is often used to keep money away from such institutions as banks and governments?

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