The blockchain is enjoying popularity among the largest banks in the world. Some have gone public on their interest of embracing the technology, while others have chosen to keep it amongst themselves. The bottom line is everyone is talking about it. In fact, nine major banks have already partnered with R3CEV, a distributed ledge startup. Thirteen more have joined to bring the revolutionary technology to Wall Street.
The banks are investing money in the startup to study the blockchain tech. They are committed to collaboratively apply and evaluate the technology to the global financial system. Industry standards need to be secure, scalable and adoptable, and the blockchain is the solution to transform financial technology platforms. Many finance leaders recognize this fact and that is why they are welcoming the technology with open arms.
- Speaking to CoinDesk, Alex Batlin of UBS considers blockchain as one of the biggest unions of business and technology today. He thinks that the partnership between startups and bigger companies can work well as they complement each other. Earlier this year, the Swiss investment bank surprised many people when it announced its plans to open a blockchain research lab, which will be based in Canary Wharf district, London.
- Head of Citi Ventures innovation network, Debra Brackeen also announced that the company is testing the blockchain technology. She believes that there is reason for banks and other financial institutions to be looking at the revolutionary technology.
- Mariano Belinky, managing director of Santander InnoVentures, also spoke to CoinDesk about the cryptocurrency technology. He believes that the blockchain will be adopted sooner than expected – perhaps, even faster than the adoption of digital currency.
- Former senior executive of JP Morgan, Blythe Masters, also spoke about the potential of the blockchain technology in various occasions. She believes that the technology can solve many of the issues plaguing the financial industry today. While the distributed ledger technology can disrupt certain business models, it can also empower existing ones by lowering costs, reducing risks, and increasing efficiency.
- The chief economist of the Bank of England, Andrew Haldane, described blockchain as having real potential.
The collaboration between banks and R3CEV will work on the development of standards for using the blockchain technology within the financial industry. They will develop prototypes and proofs-of-concept as well. If these finance leaders recognize the potential of the technology, you should too. Blockchain will lead digital transparency and trust revolution. It will be the new digital foundation for business.