While the digital cryptocurrency Bitcoin has had its ups and downs in the consumer market, financial institutions are still invested in the the technology behind it -- and are looking to use it with different transactions.
Called blockchain technology, the innovation is a digital ledger or record of events. The instant, transparent nature of blockchain technology makes it ideal for transfer of money across international borders -- and this is what has peaked financial institutions’ interest.
“It’s much quicker and potentially much more secure, hence you have a lot of banks thinking, ‘Could we in some way use distributed network, like blockchain, in this way?’” says Holden. What are these new innovations need to state. The next year will see significant momentum in this space.
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