Following the launch of Ethereum Project’s Frontier developer release, UBS and Barclays have started experimenting with the open-source distributed computing platform. This network provides an incentive called ether, which is similar to bitcoin.
A source from Barclays told IBTimes that they are front-runners in exploring this kind of technology, as very few individuals are aware of how this could transform the banking industry. “You are talking about 100 or 200 people that are building stuff with this and some of them are from banks,” the source said. “It’s the beginning. It’s not even the end of the beginning. It’s the beginning of the beginning.”