The adoption of bitcoin technology has grown beyond the initial expectations. While it is already known that some of the major banking and financial institutions have already started their work on blockchain technology. But what wasn’t known until now was the fact that a majority of the Central Banks across the world, responsible for their country’s monetary policies are experimenting with the distributed ledger technology.
The increased interest in blockchain technology among the central banks was revealed by the representatives of the banks participating in a recently held 3-day event on Policy Challenges for the Financial Sector. Organized in Washington DC by the World Bank, International Monetary Fund and the US Federal Reserve. The event included a special section dealing with the blockchain technology.
The event saw over 90 central banks from around the world participate in it and discuss their initiatives with blockchain technology. These banks have been working on blockchain technology-based applications for the banking industry without any publicity. The event also included participation from the likes of Jeff Garzik, the founder of Bloq, Fredrik Voss – the Vice President of Nasdaq, Tom Jessop from Goldman and Sachs and Adam Ludwin from Chain.
The banking sector has been very interested in blockchain technology to replace the existing networks and systems with a much faster, economical and secure option. The international banking consortium on blockchain technology, consisting of over 40 major banks from across the world intends to replace the existing SWIFT network with blockchain based solution for faster overseas transactions. Similarly, it is already known that the use of digital currency technology in their operations will help the banks to save a lot of money otherwise spent on meeting the regulatory and compliance requirements.
Given all these advantages, the central banks would definitely want to capitalize on it and they will definitely do so in the coming days.
Bitcoin Core Roadmap Unveils Signature Optimization Plan
Bitcoin Core developers released a new technology roadmap today that charts the project's planned transition from its current digital signature algorithm to a more advanced alternative.
Bitcoin Has Grown beyond Volatility Issues
The volatile nature of Bitcoin and other cryptocurrencies has worked both ways. Traders peg their hopes on volatility to make money while those who prefer investing long-term dread the price fall.
Report: Bitcoin Social Media Scams Are On the Rise
The rise in popularity and price of bitcoin has led to greater instances of scams perpetrated through social media, according to a new report.
Released by ZeroFOX, the report categorizes these new
BATS Objects to Bitcoin ETF Ruling, Plans to Appeal Decision
BATS Global Markets, a global stock market exchange based in the US, plans to appeal the March 11 decision of the Securities Exchange Commission to turn down the approval of the Winklevoss twins’
Blockchain is Overhyped and Not Quite Applicable: VC Andrew Parker
Andrew Parker, a partner at Spark Capital, a New York-based venture capital firm which transformed various early-stage startups including Twitter, Tumblr, Stack Exchange and Foursquare into
Forking is Easy, Maintaining Bitcoin Unlimited is Hard: Andreas Antonopoulos
Bitcoin and security expert Andreas Antonopoulos noted that the execution of a hard fork solution like Bitcoin Unlimited isn’t necessarily the difficult stage of development. The challenging task is
Canadian Regulator: Blockchain & Fintech Needs Open Data Access for Development
Canada’s largest securities regulator has stated that open access to data is fundamental to developing fintech solutions like blockchain technology, in a white paper, reports Reuters.
(+) Investment Recommendations: March 23rd
Bitcoin, Daily Chart
The long-term picture is still clearly positive for the most popular cryptocurrency, despite the recent volatile correction. The major trend channel is still in play, with