http://bitnewz.net/Articles Capacity increases for the Bitcoin system -- Bitcoin Core
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Software maker Factom raises seed funding to back growth
Factom Inc., a data management software maker, is using technology developed for the bitcoin industry to enable highly regulated companies to track ...
Bank of America is trying to load up on
patents for the technology behind bitcoinTrading desks like these might look completely in a few years, thanks to blockchain technology. (REUTERS/Remote/Pawel Kopczynski - RTX1NWXV) ...
Bitwage Founder: Bitcoin Inserts a Level of Trust Between Banks That Did Not Exist Before
Bitcoin Can Disrupt Intermediary Banks
“A bank in South Africa is sending payments to a bank in Argentina. They send $10,000 to the bank in Argentina. Well, how does the bank in Argentina know that these $10,000 are sent. How does it know that bank in South Africa actually had that $10,000 to begin with? There’s a lack of trust. A long time ago, they maybe put a bunch of gold on a boat and shipped it over. Luckily, we don’t have to do that anymore, but an email doesn’t quite suffice.”
The Correspondent Banking System Has High Costs
“They’ve created a lot of rules and regulations and people have to help maintain these rules and regulations, which has created a lot of costs and delays. The most perfect system they’ve created is this thing called the correspondent banking system, which involves five, six, or seven intermediaries.”
A New Trust Layer for Banks
“This is all because these banks don’t trust each other. They have private ledgers; they’re not showing each other their ledgers. So what Bitcoin is doing by having this public ledger is inserting a level of trust that just did not exist before. And by inserting that trust you are now disintermediating the [intermediary] banks.”
http://insidebitcoins.com/news/bitwage-founder-bitcoin-inserts-a-level-of-trust-between-banks-that-did-not-exist-before/36272