Nine of the largest investment banks in the world are planning to develop a common standard based on the block chain. Thus, the technology behind the cryptocurrency Bitcoin could soon have a huge impact on the international financial business. The participating banks include Goldman Sachs, JPMorgan, Royal Bank of Scotland, UBS and Credit Suisse.
To implement its plan, the banks have teamed up with the New York startup R3. Together they want to develop prototypes and protocols based on the blockchain. The plan: Based on the blockchain technology it is for the banks possible to safely store data outside their closed networks, where they can be analyzed if necessary and compared.
Exact plans for use of the blockchain does not yet exist. The participating banks will initially concentrate their development efforts in this area only under the direction of R3 to jointly develop concepts and test. By coordinating their efforts, the banks want to save money on the one hand, on the other hand, of course, develop a common standard.