Big Banks Get Into Bitcoin

Big Banks Want to Adopt Bitcoin Tech for the Financial Sector

Mariella Moon | September 16, 2015

Whenever you make a Bitcoin transaction, it's recorded on a public ledger called "blockchain." Now, a handful of big banks have partnered (PDF) with New York firm R3 to adopt the cryptocurrency's database system for use in finance. These nine banks, including Goldman Sachs, JPMorgan Chase & Co. and Barclays, will help the firm develop standards and agree on the underlying architecture that the sector will use. After that, they will decide where the software can be applied and then test it out to be sure. Due to the way blockchain works, it has many potential applications: for instance, it could speed up the process of tracking ownerships or the transfer of assets between two people.

Source: http://profitbitcoin.com/4391b/IBM_plans_to_harness_bitcoin_for_its_own_payments_platform

<more at http://www.engadget.com/2015/09/16/big-banks-want-to-adopt-bitcoin-blockchain/; related links: http://static1.squarespace.com/static/55f73743e4b051cfcc0b02cf/t/55f7fb12e4b0baa11c763bd2/1442315026654/PRESS+RELEASE+Global+banks+form+partnership+with+R3+-+FINAL.pdf (PRESS RELEASE. Global banks form partnership to apply distributed/shared ledger technology to financial markets. Financial innovation firm R3 to spearhead crypto technology solutions for the multi-trillion dollar financial services sector. September 15, 2015) and http://www.engadget.com/2015/03/13/ibm-blockchain-payments-system/ (IBM's planning to harness bitcoin for its own payments platform. March 13, 2015)>