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Banking’s back end is a mess. It is antiquated, increasingly unprotected and costly to maintain. So global banks want to start fresh with Blockchain, the technology that underpins Bitcoin.
You can’t blame the pinstripe and wingtip set for being giddy about Blockchain. It has game-changing potential. Blockchain is the cryptographic, distributive ledger system that makes Bitcoin work. It sets up a series of permanent, transparent checks and balances that in theory eliminate the possibility of fraud and the need for pesky third parties that charge a fee to clear transactions. That is the best of both worlds for an industry besieged with cyber criminals and transaction costs that swell with every new financial regulation. Blockchain offers a way forward bankers are anxious to choose.Read Complete Article