Oliver Bussmann, CIO of Swiss Bank, highlights that blockchain is a game-changer for the financial sector. Its decentralized ledger can store documents securely, making them tamper-proof after publication. This technology, which underlies Bitcoin, has gained attention from corporations, banks, and governments.
The Bank of England has recognized blockchain as a significant innovation with far-reaching implications. However, concerns about Bitcoin's association with the dark web have hindered open discussions about its potential.
Currently, many banks rely on outdated technology called Automated Clearing House (ACH), which delays transactions for 2-4 days. Integrating blockchain into banking could enable instant, cost-effective, and secure transactions.
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