Why bitcoin tech could change everything for banks

“What if I told you that bitcoin was just the opening act … with the blockchain ready to take center stage,” Goldman Sachs said in a note in December, adding that the technology could “change everything.”

Goldman Sachs noted a number of industries and uses that the blockchain could be applied to including voting systems, vehicle registrations, wire fees, gun checks, trade settlements and cataloguing ownership of art works.

“By removing the need for a middle man, one lowers potential security concerns from hacking to corruption as well as speeding up manual processes that are antiquated and can take too long,” the investment bank said.

mm

TheBitcoinNews.com – leading Bitcoin News source since 2012

Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. The information does not constitute investment advice or an offer to invest.