Banks are scared of blockchain: Law experts

Blockchain – the technology that underlies cryptocurrencies such as bitcoin – is grabbing the attention of banks, says a prominent local law firm.
Blockchain technology acts as a digital distributed ledger to confirm batches of transactions for the likes of bitcoin.
Blockchain technology, though, has also been used by other cryptocurrency technologies like Ethereum.
Ethereum taps a worldwide network of computers to enable coding of smart contracts that, for example, can unlock payments if certain conditions are met by the parties involved.
But it is the underlying blockchain tech of these cryptocurrencies that has the potential to disrupt the banking sector by taking over functions such as verifying payments.

This post was published at MyBroadband on August 12, 2016.

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