31 Dec '15, 6am

Why bitcoin tech could change everything for banks

Why bitcoin tech could change everything for banks

UBS has been one of the most open banks about its plans with the blockchain. It has a team called "Crypto 2.0" in London conducting research on the technology. The Swiss investment bank said it has explored more than 20 use cases of blockchain and is incubating the best ideas. One of the experiments it carried out was with so-called "smart contracts" which it developed into a "smart bond". This involved using the blockchain to recreate a bond's issuance, interest calculation, coupon payments and maturation processes. UBS said in this scenario there was no need for pre and post trade intermediaries as the software on the blockchain was specifically configured to automatically handle the flow of information and money between the issuer and the buyer. The test required the creation of a virtual coin which it called "bondcoin", which enabled the transfer of value between the p...

Full article: http://www.cnbc.com/2015/12/31/blockchain-what-the-big-ba...

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