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 The reason behind such a message is that the currency has largely been replaced by blockchain technology, obtaining the interest of financial institutions, investors, and tech giants.
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.
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.