Published on September 16th, 2015 | by bitcoin0
Nine of the Worlds Biggest Banks Form Blockchain Partnership.
Nine of the world’s biggest banks, including Goldman Sachs and Barclays, have joined forces with New York-based financial tech firm R3 to create a framework for using blockchain technology in the markets, the firm said on Tuesday.
It is the first time banks have come together to work on a shared way in which the technology that underpins bitcoin — a controversial, Web-based “cryptocurrency” — can be used in finance.
Over the past year, interest in blockchain technology has grown rapidly.
It has already attracted significant investment from many major banks, which reckon it could save them money by making their operations faster, more efficient and more transparent.
Once that has been agreed on, Rutter said, the first use of the technology might be the issuance of commercial paper on the blockchain.