Building a better block-chain

Dan Connell, managing director, market structure and technology practice, Greenwich Associates, co-authored his firm’s report Bitcoin, the Block-chain and Their Impact on Institutional Capital Markets. He’s been watching the banks watching the block-chain.

William Essex: Do banks see the block-chain as a threat or an opportunity, and how are they dealing with it? Dan Connell: Some banks are further along in their investigation, even testing and implementation, of digital-ledger technology, and some are still curiously watching. Banks continue to struggle with operational cost control, and block-chain technology has the potential to deliver significant efficiency.WE: I get the impression that a lot of banks are looking at the block-chain, but almost blocking out Bitcoin itself. DC: I think you’re right in that. WE: And I wonder whether banks want to develop block-chain-based solutions internally, or in a co-operative space, or both? DC: I think both. The significance of block-chain-type technology really exists when it becomes a market utility rather than intra-bank. Banks are investigating internally but keeping a very close eye on market developments and the significant names that have associated themselves with the technology – that are...continued

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