Since the beginning of 2015, a growing number of financial establishments and banking groups have adopted the Bitcoin blockchain technology to create decentralized financial applications and platforms.
Multi-billion dollar banks have been conducting collaborative research and co-developing blockchain-based experimental applications to explore the potential and technical advantages of the distributed ledger technology in the finance sector.
Visa Europe, a membership association and cooperative of over 3,700 European banks and alternative payment services providers which operate Visa branded products further emphasized that 2015 has turned the blockchain technology into a vital technology which the industry cannot live without.
“It is no longer a choice anymore. Recent news speculating about the identity of its creator and the formalisation of virtual money as a commodity, just makes it more real than ever before,” said the organization.
The blockchain technology and its decentralized and transparent nature has significant advantage over existing financial and remittance applications. It is secured by an unprecedented level of computing power generated by millions of miners in the network settling and clearing transactions.
Such feature of the blockchain technology enables anyone in the network to send payments instantaneously, with extremely low fees. Due to the Bitcoin blockchain network’s low transaction fees, an increasing