Nine of world’s biggest banks are interested in using Bitcoin’s technology

Bitcoin probably makes you think about digital currencies and new types of money. But what’s most interesting about Bitcoin is not the money, but the underlying technology. This technology, called blockchain, could transform the world in the next decade. What is blockchain? Read a good explanation of it in this Economist article. The innovative thought behind blockchain is that two people or organizations can exchange stuff without using an expensive middleman, like a bank. Big banks are trying to understand this, and they are rushing to investigate if they can also start using blockchain to transform the way we exchange goods and money. Nine of the world’s biggest banks including Goldman Sachs and Barclays have now joined forces with a New York-based financial tech firm to create a way for using blockchain technology in the current markets.

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Nine of world’s biggest banks are interested in using Bitcoin’s technology

Bitcoin probably makes you think about digital currencies and new types of money. But what’s most interesting about Bitcoin is not the money, but the underlying technology. This technology, called blockchain, could transform the world in the next decade. What is blockchain? Read a good explanation of it in this Economist article. The innovative thought behind blockchain is that two people or organizations can exchange stuff without using an expensive middleman, like a bank. Big banks are trying to understand this, and they are rushing to investigate if they can also start using blockchain to transform the way we exchange goods and money. Nine of the world’s biggest banks including Goldman Sachs and Barclays have now joined forces with a New York-based financial tech firm to create a way for using blockchain technology in the current markets.

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