European banks risk lagging Wall Street in blockchain race
The blockchain technology behind bitcoin was designed to do away with banks. In an ironic reverse, investment banks are now racing to make it work for them - but cash-strapped European players risk falling behind their Wall Street rivals.
Blockchain was developed eight years ago, enabling transactions using the digital currency to be processed and settled on a public network without the need for a third party.
Now banks are seeking to apply it to private networks they run, to save costs by reducing settlement times and automating systems that are still paper-based, like in trade finance.... read more
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