Banks to use Bitcoin tech blockchain next year

bitcoinIn a previous insight Bit of good news: Bitcoin currency hits a 2015 high we explored how Bitcoin has steadily been gaining speed. Indeed last month news broke that the digital currency registered its highest 2015 value.

Now, however, a report carried out by TABB research claims that banks could be integrating the tech underpinning the cryptocurrency Bitcoin into elements of their organisations as early as 2016.

Bitcoin utilises blockchain technology that permits transfer of financial assets over secure, encrypted networks. This, consequently, removes the need for any third-party intermediary – thereby saving time and costs.

TABB’s report alleges that blockchain solutions could be implemented into syndicated loans as early as the second quarter of 2016.

“Blockchain’s adoption across capital markets and for a range of use cases is a matter of ‘when, not if’” the report said. “Over the next 12 to 24 months we will see early adoption grow.”

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