The roaring success of cryptocurrencies has sparked tremendous interest in Blockchain, the novel technology underpinning Bitcoin and similar other cryptocurrencies. Banks and corporations are investing massively into Blockchain technology, in the quest for low cost and effective solutions to complex and costly logistical problems.
Bank of America CEO Brian Moynihan revealed that the bank has over forty patents in the Blockchain space and lauded Blockchain as a revolutionary technology that had greatly simplified complex transactions. Likening the tech to existing decentralised records like motor vehicle registries, the CEO remarked that application of Blockchain solutions had greatly cut down processing times for transactions where verifying asset ownership and transfers otherwise would prove to be a harrowing task. The CEO also pointed out that over 50% of customer transactions with the Bank of America were already virtual, whether it be ordering online or wiring money between bank accounts, excluding in store purchases with credit cards. This, the CEO contended, proved that the future of money is digital.
It is noteworthy that big corporations have already sunk a lot of money into developing Blockchain solutions or have contracted ready made solutions through cryptocurrency/Blockchain entities as Ethereum and Ripple. JP Morgan, one of the world’s biggest financial service providers and investment bankers, revealed last year that it had used Blockchain technology to transfer billions of dollars between branches. Blockchain transactions are becoming commonplace now as more and more banks adopt domestic Blockchain solutions for the convenience, cost benefits and huge amounts of time saved. Blockchain technology has revolutionised the world of finance and numerous other sectors beyond doubt. Now it’s not a question of if, but when, Blockchain becomes the global standard.
Source – Bank of America CEO on Blockchain
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