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Beyond the Bitcoin phenomenon, the true revolution behind digital currencies is the development of the so-called Blockchain technology. Its relevance can be seen in the agreement reached this month by nine major banks.
Goldman Sachs, JPMorgan, Credit Suisse, Barclays, Commonwealth Bank of Australia, State Street, RBS, BBVA and UBS are committed to creating a common standard to boost the development of Blockchain technology applied to financial services.
The key to this union is the New York startup R3CEV, headed by a group of trading and technology executives. The idea of establishing standards and protocols to promote collaboration among the banks is the brainchild of this startup. Data will be stored outside the bank's firewalls and analyzed and matched against other counterparties.
The challenge is to become a utility in the financial industry to speed up the adoption of Blockchain technology. According to the Financial Times, “it is seen as a way of instantly updating payment ledgers in multiple locations without a single, centralized authority”.
“This partnership signals the first significant commitment by the banks to collaboratively evaluate and apply this emerging technology to the global financial system," said Dave Rutter, chief executive of R3CEV.
Source: Financial Times y Bloomberg
More information on Blockchain:
- Blockchain, the key to understanding the future of Bitcoin
By BBVA Innovation Center