Banks, tech companies pierce on from bitcoin to blockchain

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Reuters | May 4, 2016, 12.49 PM IST

Bitcoin is by distant a largest doing of blockchain technology.Bitcoin is by distant a largest doing of blockchain technology.

NEW YORK: As a discuss raged opposite a internet Monday over either a puzzling owner of a bitcoin digital banking had finally been identified, executives during a vital bitcoin discussion in New York had a elementary message: we’ve changed on.

That’s since bitcoin, a digital currency, has mostly been supplanted by blockchain, a record that underlies it, as a categorical seductiveness of investors, record companies and financial institutions.

“If there is a 100% event in a blockchain, bitcoin, or a banking , is usually 1% of it,” pronounced Jerry Cuomo, clamp president, Blockchain Technologies during International Business Machines Corp.

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“So there is a whole 99% that has extended applications opposite a extended industries.”

Over a past year countless Wall Street firms, led by Goldman Sachs, have announced their joining to posterior blockchain as a intensity insubordinate record for tracking and clearing financial transactions.

The blockchain record works by

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