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 . “You should be taking this technology as seriously as you should have been taking the development of the Internet in the early 1990s,” she told a recent audience. “ 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 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 .