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Blockchain: Unexpectedly Quick Adoption by Banking and Finance
Banks are taking blockchain, a digital public ledger not even ten years old, very seriously. 90 percent of US, UK and European banks are investigating the technology, according to research by Accenture. US banks have been especially active. JP Morgan, Wells Fargo and Bank of America Merrill Lynch have all filed patents relative to the technology.
An IBM survey noted that “the industry is hurtling toward blockchain adoption faster than many expected.” 15 percent of banks say that they will be using blockchain-based solutions by 2017.
Adam Ludwin, chief executive officer of Chain, said that “it looked at first like Bitcoin didn’t have any relevance to this world [of finance]. It’s slowly but surely working its way back to the same objective, which is financial system stability. In particular, blockchain networks increase transparency — giving policy makers real-time visibility into transactions of all kinds — payments, capital markets, etc.”
Likhit Wagle, Global Industry General Manager at IBM Banking and Financial Markets, said that “to start, first movers are setting business standards and creating new models that will be used by future adopters of distributed ledger technology. We’re also finding that these early adopters are better able to anticipate disruption, fighting off new competitors along the way.”
