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Banks Unveils Interest in Blockchain Technology

Published Thu, Jan 27 2022 09:34 am
by The Silicon Trend

Blockchain Identity
 

Banks Unveils Interest in Blockchain Technology

In 2016, when a debate rampaged across the internet regarding the identification of bitcoin digital currency founder, executives at a major bitcoin conference said, "we've moved on." The reason behind such a message is that the currency has largely been replaced by blockchain technology, obtaining the interest of financial institutions, investors, and tech giants.

 

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Blockchain tech operated by developing permanent public ledgers for transactions, making it difficult to change, cheat or hack the system. The VP of Blockchain Technologies at IBM Corp - Jerry Cuomo, said that if there is a 100% choice in the blockchain, then bitcoin would be only 1% of it, thus making the whole 99% have broad applications.

 

Over the past year, several Wall Street companies led by Goldman Sachs have revealed their dedication to obtaining blockchain as a revolutionary tech for clearing and tracking transactions. A principal at New York-based Deloitte Consulting - Joseph Guastella, said that bitcoin is the only blockchain-enabled application in production. Though it may not be relevant in specific ways as a currency, it is actually suitable as a proof case for blockchain tech.

 

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In 2016, the bitcoin transaction volume had a sudden decline during a bitter split over technical modifications in the protocol required to maximize the system capacity that generated them. Though the crypto doesn't have formal governance, it relied on a central developer group for direction and is sharply divided over the modifications.