Banks and financial institutions essentially serve as deposits and as safe centers for currency transfer and the blockchain - as a digitized, secure and tamper-proof registry - can provide the same function.
72 countries, 47 different currencies and 44 bank endpoints: these are the first issues of Blockchain World Wire, the initiative launched by IBM in recent days and currently being gradually released for each country.It is a global payment network, based on the STELLAR protocol (XLM), designed for the world of regulated financial institutions and designed, above all, to "redefine access to money for people and companies worldwide", as the same IBM explains in the site dedicated to the initiative.It is a blockchain-based solution that establishes a network for real-time management of currency exchange, payment, reconciliation and remittances across borders
The Swiss UBS and the British Barclays are already experimenting with it as a way to accelerate backoffice and management functions.
Some banking professionals say that there could be savings, globally, for the sector, reaching up to $20 billion a year in administrative expenses.
Not surprisingly, global banks are among the main investors in startups operating in the blockchain technology sector.
The company R3 CEV, has already obtained the accession of about fifty banks to its consortia, created to develop customized solutions enabled by the chains of blocks for the financial sector.
A group called Thought Machine has developed the Vault OS operating system, which employs a private blockchain technology coupled with some distributed cryptographic registers to allow any bank to provide secure end-to-end financial systems.