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Author Topic: [2017-12-31]2017 in review part III - Technology  (Read 11 times)
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December 31, 2017, 02:22:29 PM

Dowbit International would like to wish you a happy New Year! 2017 was a whirlwind in cryptocurrency news and 2018 will likely be no different. In part I and II of our year in review, we compiled the news highlights from the investment landscape and the world’s reaction to cryptocurrencies. In part III, we will look at what is fueling the revolution: the technologies behind cryptocurrencies.

Blockchain revolution
And what better topic to start than blockchain itself? The technology has taken the world by storm and has dominated the startup, fintech, and general technological market this year.

Blockchain has come to stay, there is no doubt. The technology has come a long way, but there is still a lot more to go. In September, the European Central Bank and the Bank of Japan claimed that blockchain was still too immature to adapt, and even claimed that the technology will completely disrupt the banking sector.

But not all banks think that way. Fujitsu is one good example of that. The Japanese giant has joined other big players in the banking sector to develop blockchain-based money transfer solutions. The trend was very strong in the Asian banking sector, as we also saw SBI Holdings forming a partnership with other Japanese and Korean banks to develop blockchain-based cross-border payment systems. What’s more, they will conclude testing the new technology in January. Even VISA launched its own blockchain system for international payments.

Another major player in this market was IBM. The company has joined with several global banks to develop blockchain-based payment systems. One of these solutions was being developed in partnership with UBS and was based on IBM’s Hyperledger Project.


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