newsmax.com / Barry Elias / 04 Sep 2015 12:50 AM
Bankers are going bonkers for the bitcoin blockchain.
Go figure. Several years ago, the financial industry was abhorrently opposed to the introduction of bitcoin, a virtual currency that would revolutionize the way we conduct our banking business. Fearful of a massive professional upheaval, the financial cognoscenti steeled themselves in undermining this virtual currency.
Fast forward a few years, and ironically, Wall Street is now the largest proponent and investor in this space and the momentum continues to grow.
The financial industry has taken exceptional note of the possible applications of the blockchain distributed ledger methodology that underpins the bitcoin technology. Essentially, the blockchain functions as a trusted “third party” to verify the validity of a digital asset transfers. However, this third party is comprised of the entire universe of bitcoin market participants, rather than a centralized authority subject to unpredictable behavior. Digital miners independently confirm that all the ledger transactions are bona fide, for which they are compensated.
The blockchain method is now being viewed as a way to digitize any good or service so its ownership can be