Archived Here's how one of the world's biggest banks wants to use bitcoin technology [Business Insider] (businessinsider.com)
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Archived Here's how one of the world's biggest banks wants to use bitcoin technology [Business Insider] (businessinsider.com)
submitted ago by BashCo
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[–] BashCo [S] ago
Takeaways:
Banks run on systems that were in some cases built decades ago and as a result are slow, costly and cumbersome. The blockchain — the program that lets people send bitcoin to each other and records those transactions — doesn't have these legacy issues.
[B]itcoin is faster, cheaper and more transparent than sending traditional currencies.
Belinky reeled off international money transfers, trade finance, syndicated lending and collateral management as some of the areas where blockchain technology could be applied.