tirsdag 2. februar 2016

SWIFT - Will banks use Blockchain, the technology behind Bitcoin?

Yes they will.

At least they have decided to put a lot of energy and investment into finding out if they can use it. Nordea and SEB in the Nordic are members of the DLG (Distributed Ledger Group) together with some 40 other banks, including Goldman Sachs, Citibank, BBVA and Santander. There are other groups of banks as well.

Blockchain may completely revolutionize the whole banking industry.

It might enable you to pay your invoices at close to zero cost and in seconds. Even payment cross borders of countries will be low cost and almost instant. The technology also enables contract to be shared and securely signed between banks and customers, so called “smart contracts”. “Smart contracts” might also include a Java Script type of macro, for example “First change ownership of the asset, then do the payment”.

I will come back with a better description on the Blockchain technology within a few weeks. 

For now I will just inform you that I will be on a Blockchain panel at SWIFT Nordic conference in Oslo early March.  

Have a look, agenda day 2:



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