Blockchain and the Financial Institutions
Blockchain technology was front and centre last week, as it has been for much of 2015 — and the trend doesn't look to slow.
From global forums and conferences to major banking institutions, tech startups and venture capitalists, the subject of blockchain technology ran rampant throughout mainstream and industry-specific media outlets.
"The past twelve months have been an exciting time for the Blockchain with practically every major bank in the world looking into its possible applications," said Alec Ross, former innovation adviser to Hillary Clinton, in an interview for TechTarget.com.
But Ross' assertion shouldn't come as a surprise to those who understand the strength of the technology. The movement toward a blockchain-styled ledger will erode costs associated with cross-border infrastructure, regulatory compliance, and securities trading. The estimated benefit is to the tune of billions of dollars.
"It's something we really believe is going to change the world," said Faura.
The shift is occurring already. This week, as with others in the months previous, startups related to digital currency and blockchain technology have been able to acquire funding from venture capitalists the world over.
At the World Economic Forum held in Davos, Switzerland (Jan. 20-23), blockchain technology was a central topic and touted as one of the core technologies of the Fourth Industrial Revolution.
If there's anything to learn from this past week it's to not expect digital currency and related technology to slow in progression as its no longer being viewed as fringe tech but the inevitable next step.