Big Banks Are Hopping On Bitcoin’s Blockchain Bandwagon

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The brief story of Bitcoin and a blockchain proves that a second peek can really change one’s perception. From being a plant of doubt and critique given a entrance in 2009, Bitcoin has come a prolonged way. And it hasn’t been alone; it has brought with it a ‘blockchain’ – one of a prohibited topics of discuss among distinguished banking institutions.

These are a same institutions that launched sardonic attacks on a judgment of cryptocurrency, noticing it as a hazard to a normal banking ecosystem. Though they haven’t embraced Bitcoin, they are infatuated with a blockchain.

The doubt afterwards becomes: Why are large banks preoccupied by it? Just like banks and financial institutions, that say a record of all exchange in a executive management in sequence to certify tenure and transparent transactions, Bitcoin has a blockchain. But the blockchain uses distributed bill technology, that eliminates a need for any such executive authority.

According to a paper for Fintech 2.0, “distributed ledgers can be open, verifying unknown actors in a network, or they can be sealed and need actors in a network to be already identified. The best famous existent use for a distributed bill is a cryptocurrency Bitcoin.”  

Use of this record can boost a correctness of

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