Banks get interested in blockchain technology


It was not so long ago when the major banks around the world declared in one voice that it is extremely unwise to invest in Bitcoin, which is meant to sink into oblivion. However today the most serious financial organisations are gradually getting interested in Bitcoin and looking for the possibility to apply blockchain technology. Let's take a look at the list of banks that may soon become pioneers in work with digital money.

BNP Paribas

According to the International Business Times, online media outlet, the French bank is considering adding Bitcoin to the list of currencies the bank operates with. Although the whole process is at testing stage now, the bank representative has confirmed that the blockchain technology may be applied if it makes transactions faster and cheaper.

Société Générale (SocGen)

Actually there is no official statements regarding the possibility of operation with Bitcoin. However, the bank had an opening job for IT-developer who specializes in cryptocurrency, particularly in Bitcoins. Although the French bank does not comment on that, we can assume that it is interested in creating software to work with cryptocurrency.

Citi Bank

The bank is known by its recommendations given to the British government regarding creation of the state cryptocurrency. Citi Bank, which is included in the eight largest banks in the world, has always been known for its special interest in the new technologies of the banking sector and the Bitcoin itself. More recently, the bank representative said that cryptocurrency Citicoin is being tested with the help of three blockchains which were created for this purpose.

Bank of New York Mellon

The bank tried to apply the peering model in a client-server system. Besides the bank already launched its digital money - BK Coins, which are designed for use by bank employees within the system.

UBS

Swedish investment bank has already announced the opening of a blockchain technology lab. This announcement immediately followed the presentation on the benefits of blockchain technology in the banking sector. The work of the center will focus on filling the gap between the banking system and the latest financial technologies. The initiators of this decision believe that blockchain could help to develop the banking sector.

Barclays

Last month, the British multinational bank announced its intention to test Bitcoin technology. The Safello Swedish exchanger will cooperate with Barclays Bank for this purpose. The goal is to find out how blockchain can strengthen the financial sector. The bank assures that blockchain can fundamentally change the system of SWIFT payments.

Goldman Sachs

Last year, one of the largest investment banks in the world has published a report on the possibilities of blockchain technology. Although in the report Bitcoin was considered as a valuable asset, not a currency, it was noted that cryptocurrency changed the whole process of money transactions in a positive way.

DBS Bank

This May the bank has organized a conference dedicated to blockchain technology in Singapore. The event had a prize fund ($ 33,000) and it was intended to figure out all possible ways of using blockchain to improve the work of banks.

Banco Santander

The largest bank by market capitalization of the eurozone is seriously considering the implementation of blockchain technology. At present some testing is held which results will be announced later, but the attitude concerning Bitcoin of the bank management is already known: the bank has estimated that due to blockchain technology it will be possible to reduce infrastructure costs by $15-20 billion per year already in 2022.

Standard Chartered

Anju Patwardhan, the Chief Innovation Officer, has shared her views on the blockchain technology on LinkedIn, noting that this will help to reduce the cost of the card maintenance and money transfers. Although earlier, she, like many others, was pretty sure that Bitcoin will never be used along with fiat money.

As you can see, even those who didn’t believe in anything related to Bitcoin, have already changed their opinion in a relatively short period of time. These actions of the large financial organizations make fans of decentralized money uneasy, but it is a serious proof that Bitcoins, as well as blockchain technology, has a big future.

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