[2015-11-13] ToI: Banks likely to adopt new technologies rather than be overrun

Banks likely to adopt new technologies rather than be overrun

http://timesofindia.indiatimes.com/tech/tech-news/Banks-likely-to-adopt-new-technologies-rather-than-be-overrun/articleshow/49769351.cms

New technology firms are battering all kinds of companies, but banks will remain as financial intermediaries, due to the regulations and duties governments have put on them, says a proponent of the technology behind the bitcoin cryptocurrency.

"Regulation keeps them in place. Regulation requires them to perform certain functions," said Mark Smith, chief executive of Symbiont.io, a startup that has emerged from Bitcoin 2.0 and MathMoney f(x) Inc to build a securities trading platform using blockchain technology like that behind bitcoin.