Bank of NY Mellon Next to Toy with Blockchain Technology
- Bank of New York Mellon has become the latest addition to the Bitcoin bank party, revealing plans to look into the use of blockchain technology.
Bank of New York Mellon has become the latest addition to the Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term bank party, revealing plans to look into the use of Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology, according to Wall Street Journal.
Sources familiar with the industry have previously told Finance Magnates that several banks are quietly looking into how they can make use of blockchain technology. Some are even interested in bitcoin’s prospects as a currency or investment. But very few have publicly disclosed their interests, the sources said.
Recently, however, plans have become more public. UBS announced its opening of a blockchain research lab in London. Bank of NY Mellon is trying it out "to see the applicability of [Bitcoin] in our businesses," according to CIO Suresh Kumar.
He did acknowledge that there are challenges in adapting towards open source technology in general, and Bitcoin's protocol in particular. Senior developer Arun Battu explained that whereas banks typically operate through client-server relationships, the decentralized Bitcoin protocol effectively makes every supporting node a server. Kumar explained:
“There is a big mindset change that comes with many of these new technologies. So if we can find a way to make it tangible, in a controlled environment like our internal employee recognition program, then we have a great opportunity to help our businesses better understand the potential value.”
It will be interesting to observe if/how many other banks disclose such plans in the near future now that their competitors have already begun to 'cool the pot'.
Bank of New York Mellon has become the latest addition to the Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term bank party, revealing plans to look into the use of Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology, according to Wall Street Journal.
Sources familiar with the industry have previously told Finance Magnates that several banks are quietly looking into how they can make use of blockchain technology. Some are even interested in bitcoin’s prospects as a currency or investment. But very few have publicly disclosed their interests, the sources said.
Recently, however, plans have become more public. UBS announced its opening of a blockchain research lab in London. Bank of NY Mellon is trying it out "to see the applicability of [Bitcoin] in our businesses," according to CIO Suresh Kumar.
He did acknowledge that there are challenges in adapting towards open source technology in general, and Bitcoin's protocol in particular. Senior developer Arun Battu explained that whereas banks typically operate through client-server relationships, the decentralized Bitcoin protocol effectively makes every supporting node a server. Kumar explained:
“There is a big mindset change that comes with many of these new technologies. So if we can find a way to make it tangible, in a controlled environment like our internal employee recognition program, then we have a great opportunity to help our businesses better understand the potential value.”
It will be interesting to observe if/how many other banks disclose such plans in the near future now that their competitors have already begun to 'cool the pot'.