Problems of Wall Street’s Approach Towards Blockchain Technology

Global banks, financial institutions and organizations have begun to research about the potential applications of the blockchain technology that may restructure traditional financial and banking systems.

Over the last few months, multinational banks including Citibank, JPMorgan and UBS have built research teams and startup acceleration labs to acvively develop prototypes of blockchain based applications and run pilot tests on their existing platforms.

UBS for example, has announced their plans to build a transaction settlement platform based on a blockchain to enable banks and financial institutions to record transactions and payments in a transparent and encrypted public ledger effortlessly.

British multinational banking and financial services company Barclays has also launched a startup accelerator called Barclays Acclerator to support blockchain and fintech related startups. The bank has already incubated three blockchain startups including Safello, Atlas Card, and Blocktraces.

“There is so much pull and interest on this right now. That comes from a recognition that, ‘Wow, we can use this to change the fundamental model of how we operate to create our future,’ said Derek White, chief digital officer at Barclays, which currently conducting around 20 experiments of the blockchain technology and blockchain based applications.

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