Bitcoin Forum
October 30, 2020, 07:48:45 AM *
News: Latest Bitcoin Core release: 0.20.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: [2017-10-21] Five ways banks are using blockchain  (Read 2228 times)
GetBABB
Newbie
*
Offline Offline

Activity: 42
Merit: 0


View Profile WWW
October 21, 2017, 07:06:02 PM
 #1

Quote
Barely a day goes by without a fresh announcement about how banks are seeking to use blockchain technology to transform sizeable chunks of their business. 

Combining shared databases and cryptography, blockchain technology allows multiple parties to have simultaneous access to a constantly updated digital ledger that cannot be altered. 

The technology, which underpins cryptocurrencies such as bitcoin, was initially treated with scepticism by banks. However, this has changed dramatically. Blockchain is the hottest buzzword in the sector, even if the recent flurry of cryptocurrency fundraisings via "initial coin offerings" is attracting intense regulatory scrutiny. 

Blockchain firms raised more than $240m of venture capital money in the first six months of 2017, much of it from banks, including $107m raised by R3, the New York firm owned by 40 of the world's biggest lenders. That follows an almost doubling of venture capital investment in blockchain firms last year to $367m, according to KPMG's Pulse of Fintech Q2 report.

Many of the new ventures by banks involve them setting up a consortium of like-minded companies or carrying out a "proof of concept" to test the potential of the new technology. In almost all cases there is little to show in terms of commercial significance. 

So which the areas of banking stand a serious chance of being transformed by blockchain? The Financial Times has spoken to almost a dozen bankers, consultants and analysts to come up with five areas of the industry most likely to see an effect. 

https://www.ft.com/content/615b3bd8-97a9-11e7-a652-cde3f882dd7b
1604044125
Hero Member
*
Offline Offline

Posts: 1604044125

View Profile Personal Message (Offline)

Ignore
1604044125
Reply with quote  #2

1604044125
Report to moderator
1604044125
Hero Member
*
Offline Offline

Posts: 1604044125

View Profile Personal Message (Offline)

Ignore
1604044125
Reply with quote  #2

1604044125
Report to moderator
PLAY NOW
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1604044125
Hero Member
*
Offline Offline

Posts: 1604044125

View Profile Personal Message (Offline)

Ignore
1604044125
Reply with quote  #2

1604044125
Report to moderator
elite2291
Member
**
Offline Offline

Activity: 164
Merit: 10


View Profile
October 23, 2017, 05:33:27 AM
 #2

it's going to be interesting to see how banks work with blockchain. Not sure how they can stay banks unless they will cater to people that can't/won't understand crypto.
LoyceV
Legendary
*
Offline Offline

Activity: 2016
Merit: 7087


Thick-Skinned Gang Leader


View Profile WWW
October 23, 2017, 05:54:57 AM
 #3

You forgot to mention what those 5 ways are:
Quote
1. Clearing and Settlement
2. Payments
3. Trade finance
4. Identity
5. Syndicated loans

Most ways are obvious, but I wouldn't want to use any bank that uses #4:
Quote
Dozens of start-ups are working on building blockchain systems for customer identification, including Cambridge Blockchain, Tradle, Credits and Blockstack.
This would mean my personal information is stored forever, which isn't allowed by privacy regulations anyway.

Nameless27
Sr. Member
****
Offline Offline

Activity: 322
Merit: 253


View Profile
October 23, 2017, 07:16:17 AM
 #4

You forgot to mention what those 5 ways are:
Quote
1. Clearing and Settlement
2. Payments
3. Trade finance
4. Identity
5. Syndicated loans

Most ways are obvious, but I wouldn't want to use any bank that uses #4:

I do agree with you @LoyceV my identity for me is worth it, that I don’t want it to be compromised by a shady banking records that can be used by bad elements that root beyond the vault of our banking system. I know how it’s done, for I heard from one of my friend that works directly on banks, the information can be viewed by employees on the bank and that is not good for you and for your family.

Banks. I do think they’re using it but on personal basis but not yet on bank transactions. It is not be audited and legally bind if so because Blockchain transaction is not on the law itself.
GetBABB
Newbie
*
Offline Offline

Activity: 42
Merit: 0


View Profile WWW
October 24, 2017, 04:22:21 PM
 #5

You forgot to mention what those 5 ways are:
Quote
1. Clearing and Settlement
2. Payments
3. Trade finance
4. Identity
5. Syndicated loans

Most ways are obvious, but I wouldn't want to use any bank that uses #4:
Quote
Dozens of start-ups are working on building blockchain systems for customer identification, including Cambridge Blockchain, Tradle, Credits and Blockstack.
This would mean my personal information is stored forever, which isn't allowed by privacy regulations anyway.

Regarding sharing one's identity with corporations (Facebook or Google) or banks, the current system allows them to do whatever they want with our information since they are the owners of the data.

But with BABB, the blockchain based bank, you own your personal data, so this is controlled by you. And this may only be shared with regulated institutions and with third parties with your consent.
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!