The London-based financial giant, Barclays is embracing Bitcoin and Blockchain technology to improve its financial service offerings. The company is creating working relationships with the alumni of its Barclays Fintech Accelerator program and one among them is Safello.
Safello is a Swedish Bitcoin exchange that was part of the recently concluded Barclays Fintech accelerator program. After finishing the demo day along with nine other teams earlier this week, Safello became one of the seven teams that are working closely with Barclays Bank to explore further opportunities.
Safello is now working closely with Barclays Bank to explore the different applications of Blockchain technology in banking and financial operations. As per the agreement entered by Safello with Barclay, it will be working on proof of concepts by attempting to run conventional banking processes on the Blockchain.
Blockchain is the backbone of Bitcoin network. It is a decentralized ledger that stores Bitcoin transactions and other non-transactional data. It is already being used for proof of existence, smart contracts, intellectual property management etc. Also many banks across the world have also started exploring the possibility of incorporating Blockchain technology into their everyday operations.
According to the Santander report