Banks are racing to harness blockchain technology as it is thought that it could cut up to $ 20bn in debt and transform the way the economy works . The technology gives banks the opportunity to streamline stock trading and speed up settlements . “ We could go the way that file transfer technology changed music , allowing new businesses like iTunes to emerge , ” said Michael Smith , Chief Operations and Technology Officer at Barclays .
Banks are racing to harness blockchain technology as it is thought that it could cut up to $20bn in costs and transform the way the industry works. The technology offers banks the opportunity to streamline stock exchanges and speed up settlements. “We could go the way that file transfer technology changed music, allowing new businesses like iTunes to emerge,” said Michael Harte, Chief Operations and Technology Officer at Barclays.