Bob Wigley, the former chairman of Merrill Lynch Europe, Middle East and Africa, has confirmed joining Blockchain, a UK-based Bitcoin wallet company, as an advisor.
In a journal published on the Blockchain’s blog, the financial veteran admitted being drawn towards Bitcoin from a very long time. He further recognized the digital currency technology as something that actually defines the true meaning of FinTech, and stated:
“FinTech means using the internet and constantly developing internet access devices, combined with their now pervasive penetration amongst consumers, to create more convenient and less expensive ways to undertake financial transactions.”
Bitcoin was launched in 2008 by a pseudonymous developer, known by the alias of Satoshi Nakamoto, as a mean of making payment without the intervention of banks and other centralized institutions. Instead, transactions are confirmed by a widespread network of computers which, in return, receives a certain transaction fee.
The backbone of this framework is a decentralized database — a public ledger known as blockchain — that records and lists all the confirmed transactions. Earlier, many leading financial giants, including Nasdaq, NYSE, etc., have confirmed investing into the Bitcoin and blockchain technology for the innumerable benefits it offer over the traditional settlement methods.
Wigley also confirmed that