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 banks have been working on a number of projects with the aim of using blockchain, which has no central authority or governing body, for financial transactions. and would you put your life savings on the blockchain?” says ING’s Mr Buitenhek. “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.
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 banks have been working on a number of projects with the aim of using blockchain, which has no central authority or governing body, for financial transactions. “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.