BNP Paribas: Bitcoin Could Make Financial Companies Redundant

The bitcoin block chain could potentially upend the existing post-trade infrastructure and make financial companies redundant, according to an analyst at BNP Paribas Security Services, an international bank. Johann Palychata, a research analyst at the company, makes this observation in the current issue of bank’s publication, Quintessence. This article marks the first time a major bank has acknowledged bitcoin’s disruptive potential of the existing post-trade infrastructure, according to financial observers.

Palychata’s article constitutes a “huge admission for one of the world’s biggest banks” regarding bitcoin’s potential to make existing companies redundant, according to Oscar Williams-Grut in today’s Business Insider.

Palychata’s article, titled “Bitcoin: What you didn’t know but always wanted to ask,” describes bitcoin as a new technology for the banking world: “The internet of money.”

Bitcoin Has ‘Solved a Technical challenge’

“Bitcoin has solved a technical challenge and the currency it hosts has been successful so far,” Palychata writes.

After giving a history of bitcoin and an explanation of how it works, Palychata explores what would happen if

Read more ... source: CryptoCoinsNews