• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers
Why Banks Are Focusing on Blockchain Rather Than Bitcoin

Why Banks Are Focusing on Blockchain Rather Than Bitcoin

newsbtc by newsbtc
8 years ago
in Cryptocurrency Market News
Reading Time: 2 mins read

While bitcoin has been struggling to shrug off its negative association with money laundering and criminal activity, its underlying blockchain technology has garnered a lot of attention from banks. Blockchain refers to the public ledger of transactions for the cryptocurrency, which is verified and updated by computers solving complex algorithms.

For banks, using the blockchain could create a more stable record-keeping system. For example, Bank of New York Mellon created its own digital currency, BK Coins, and built an employee recognition application that rewards IT staff with the tokens, which can be redeemed for gift cards and vouchers.

Blockchain Technology Applications

CBW Bank, an innovative community bank in Kansas, is working on a risk management system that incorporates bitcoin-related technology while USAA has a team of researchers looking into the potential of the blockchain.

For these institutions, the use of a verified and secure database can enhance the efficiency of payments and securities handling. In particular, banks could develop a variant of blockchain technology that would live in their own data center or private cloud, or be run by a central authority.

“The blockchain can fundamentally reduce costs and provide real-time service,” said Chris Skinner, chairman of the Financial Services Club networking group in the U.K. “But on the other hand bankers want to make it centralized, which runs counter to the concept of blockchain.”

Entries in a blockchain can’t be edited once written and the maintenance and storage would be performed by a network of computers, making theft or hacking virtually impossible.

CBW Bank is already working with Ripple Labs, which developed the Ripple protocol similar to the blockchain, to integrate their risk-scoring analytics in existing channels such as ACH or debit cards. “We’re using some of these protocols and delving into details on how to understand the gaps and risks of that and integrate them into our risk management system. Once we do that, then we’ll start to create applications around it,” shared Suresh Ramamurthi, the chairman and chief technology officer of CBW Bank.

Tags: banking technologybitcoin bankbitcoin blockchainblockchain technologyNews
Tweet123Share196ShareSend
newsbtc

newsbtc

Related Posts

Cardano Ada cryptocurrency coin close-up, in front of a price chart

Cardano (ADA) Declines As Market Recovers Amid Security Charges

4 hours ago
The Future of Tokenization: Exploring HedgeUp (HDUP),  Ripple (XRP), and Ethereum (ETH)

The Future of Tokenization: Exploring HedgeUp (HDUP), Ripple (XRP), and Ethereum (ETH)

11 hours ago
Investing Strategies for HedgeUp (HDUP): Long-Term Hold or Short-Term Trading?

Investing Strategies for HedgeUp (HDUP): Long-Term Hold or Short-Term Trading?

11 hours ago
HedgeUp Smashes Stage 3 of Presale While Shiba Inu Faces Challenges Amid Market Volatility

HedgeUp Smashes Stage 3 of Presale While Shiba Inu Faces Challenges Amid Market Volatility

11 hours ago
LDO

LDO Leads Top Coins, Registers 6% Gains In One Day

13 hours ago
Optimism

Now That Optimism ‘Bedrock’ Hard Fork Is Done, What Can We Expect?

15 hours ago

Premium Partners

Play Finance

Now Trending

  • Potential 20x+ Crypto Presales 2023

    1 week ago
  • Willing to buy new crypto: Here are the best 10...

    1 week ago
  • Best Crypto Meme Coin Presales in 2023

    1 week ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • Bitfinex and GoCrypto announce the listing of the GoC token

    12 hours ago
  • Fetch (FET) and InQubeta (QUBE) Overtake AltSignals in the...

    12 hours ago
  • Atomic Wallet Hack Reiterates Importance of AI Cryptos To...

    14 hours ago
  • How to Save On Trading Fees Using the Best Analytic...

    15 hours ago
  • Missed out on Miladys (LADYS)? Don’t Fade Uwerx...

    17 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.