• user 7:35 pm on May 27, 2016 Permalink Reply
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    Technology behind Bitcoin is coming to high finance faster than predicted

    Bitcoins underlying is a potential disruptor to the way core businesses have been working. This is the reason why it has been catching everyone’s attention, especially those involved in the financial services industry. The blockchain technology is in fact driving most innovation by companies in the present time. Start-ups to well-established companies are involved or interested in putting the blockchain technology to use and benefiting from it in some way or the other.

    The idea of applying blockchain technology outside of the realm of has gained a lot of interest from forward-thinking companies in the past year or so. Blockchain applications are also called “distributed ledger technology” because they remove the need for a centralized database and, like Bitcoin, give every transaction in a particular system a cryptographic hash that can be checked by any member of the group.

    In a report published in December, “Beyond the Hype: Blockchain in Capital Markets”, McKinsey said there is great promise in distributed ledger technology but expects that development will require cooperation among market participants, regulators and technologists.

    IBM, Intel, Cisco, J.P. Morgan and several other big are among those making a big bet on blockchain. The companies have joined forces to create the Open Ledger Project with the Linux Foundation, with the goal of re-imagining supply chains, contracts and other ways information about ownership and value are exchanged in a digital economy. The Open Ledger Project is described as a development library that will allow businesses to build custom distributed ledger solutions, without needing to rely on open, public blockchain such as those offered by bitcoin and Ethereum. To show its commitment towards the development IBM has open sourced a significant chunk of the blockchain code it has been working on, putting its weight behind the Linux Foundation and its hyper ledger project.

    R3 (R3CEV LLC)  leading a consortium of 42 financial companies in research and development of blockchain usage in the financial system. The full list of banks signed up are: Banco Santander, Bank of America, Barclays, BBVA, BMO Financial Group, BNP Paribas, BNY Mellon, CIBC, Commonwealth Bank of Australia, Citi, Commerzbank, Credit Suisse, Danske Bank, Deutsche Bank, J.P. Morgan, Goldman Sachs, HSBC, ING Bank, Intesa Sanpaolo, Macquarie Bank, Mitsubishi UFJ Financial Group, Mizuho Financial Group, Morgan Stanley, National Australia Bank, Natixis, Nomura, Nordea, Northern Trust, OP Financial Group, Scotiabank, State Street, Sumitomo Mitsui Banking Corporation, Royal Bank of Canada, Royal Bank of Scotland, SEB, Societe Generale, Toronto-Dominion Bank, UBS, UniCredit, U.S. Bancorp, Wells Fargo and Westpac Banking Corporation.

    Last week a consortium of 11 giant banks including UBS and Credit Suisse announced that they had completed their first trial run of the idea of using software inspired by the digital currency Bitcoin to move assets around more efficiently was successful.

    While all this development was going on Bank of America is trying to steal a march on the latest developments in the technology behind digital currency bitcoin by loading up on blockchain-related patents. BOA has already filed for 15 blockchain-related patents and is currently in the process of drafting another 20 to be submitted to the U.S. Patents and Trademark Office (USPTO) later this month.

    Applying the blockchain concept to the world of Finance and IOT offers fascinating possibilities. Right from the time a product completes final assembly till the delivery , payment and service.Blockchain have a part for each process involved in business to make it more efficient, faster and reliable.

    Auxesis a startup from IIT Bombay is a blockchain application development company going to release Btc2Bid for its European partners. We welcome entrepreneurs, managers having ideas related with the Blockchain for a cup of coffee to realize your ideas into products.

    Thanks for reading you can also find me at facebook.


     

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