South Korea 's KEB International Bank is the country 's first bank to test a blockchain system for its accounts and payments , claiming it is not far off implementing it for commercial use . At the two-day Inside Fintech Conference and Expo, kicking off on Dec. 8, major leaders in the field will attend, including Tim Swanson, R3’s director of market research; Avril Parkin, Thomson Reuters client technology director; Simon Dickson, former head of the UK Crowd Funding Association and Jae Kwon of the U.S.-based blockchain start-up Tendermint. Blockchain 's transparency and encrypted networks are expected to improve security and reduce costs for banks and customers . However , it is highlighted that existing regulation may need to be changed to accommodate the new technology in banks ’ electronic financial services . On average , venture capital funding in bitcoin and blockchain firms grew by 294 % p.a . between 2012 and 2015 according to a CoinDesk study .
South Korea 's KEB International Bank is the country 's first bank to test a blockchain system for its accounts and payments , claiming it is not far off implementing it for commercial use . Blockchain 's transparency and encrypted networks are expected to improve security and reduce costs for banks and customers . However , it is highlighted that existing regulation may need to be changed to accommodate the new technology in banks ’ electronic financial services . On average , venture capital funding in bitcoin and blockchain firms grew by 294 % p.a . between 2012 and 2015 according to a CoinDesk study .