19 Mar '17, 6pm

Is Google Working on its Own Bitcoin? Why Blockchain Doesn't Suit Conventional Banks

Blockchain is only one of many technologies within Bitcoin which powers its peer-to-peer protocol. It essentially is like a database that stores, secures and facilitates transaction data for Bitcoin users. Over the past few years, leading banks and financial institutions have focused on building Blockchain-based systems including cross-bank payment facilitation tools, inter-ledger protocols and multiple layer financial solutions. Billions of dollars have been allocated for the development of so-called “private Blockchains or ledgers ” and banks are yet to demonstrate the commercial success of the Blockchain. One major reason why banks continue to struggle to adopt the Blockchain and demonstrate its usability within the financial industry is the regulatory conflict which arises due to the decentralized nature of Blockchain. By money transmission and financial policies, bank...

Full article: https://cointelegraph.com/news/is-google-working-on-its-o...

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