[2015-12-23] Bitcoin Blockchain Tech Can Save Banks Billions in Fines

[ironbit]

Bitcoin Blockchain Tech Can Save Banks Billions in Fines Since the 2008 financial crisis, twenty of the world’s largest banks including JPMorgan, Citibank and HSBC have paid over US$235 billion in fines. Interestingly, the majority of the fines derived from the banking system’s inefficiency and failure to keep track of sold mortgages and insurance products. As…

http://www.altcointoday.com/bitcoin-blockchain-tech-save-banks-fines/

[richardsNY]

I don't think that's enough for the banks to embrace the blockchain of Bitcoin. They will create their own blockchain where they can still fully control everything. They will never give up on that.

[aso118]

I doubt if it was just inefficiency. The banks profited a lot from those mortgages and maybe system efficiency and failure to keep track are just convenient excuses.
They probably made more money from those products than what they paid in fines.