Blockchain adoption by traditional financial institutions will not happen anytime soon. At least, that is the message their official spokespeople are converting to the world. But according to IBM, there has been a rush to embrace distributed ledgers and integrate them into core systems. Things are looking positive for Bitcoin technology, even though banks will not embrace the open standard.
According to IBM, nearly 15% of all banks around the world are planning to integrate blockchain technology by 2017. That timeline is in stark contrast to the message financial institutional been conveying themselves as of late. Most of them do not see a first mover advantage when it comes to blockchain technology and prefer the wait-and-see approach.
The Race For Blockchain Integration Is Underway
However, the roll-out of commercial full-scale blockchain applications may happen a lot sooner than people think. Although the year 2017 is almost upon us, IBM expects a lot of banks to have services ready by then. This means there is still a lot of work to be done to make distributed ledgers “play nice” with legacy technology.