Big Banks Think Bitcoin Technology is the Future

The uber-libertarians who created Bitcoin don’t like banks, and big banks, for the most part, don’t like Bitcoin. Yet, despite this general sense of mutual disdain, many banks are very, very interested in the technology behind Bitcoin (even if they think the actual currency can take a hike).

Huge and important institutions like the Bank of England and the People’s Bank of China have expressed a sincere interest in adopting the blockchain method of recording and completing transactions, and applying themselves, The New York Times reports.

In theory, blockchain technology — which is also known as distributed ledger — could allow these banks to track every cent along every step of its journey for every transaction in real time.

Research by the Bank of England suggests this level of control and accuracy and efficiency could add up to 3 percent to a country’s economic output, and deputy governor at the People’s Bank of China, Fan Yifei, wrote an op-ed in Bloomberg praising the technology.

A pile of Bitcoins.A pile of Bitcoins.

An IBM report from last month found that 15 percent of big

Read more ... source: TheBitcoinNews

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