Banking Industry: Nine of the World’s Biggest Banks Form Blockchain Partnership

Nine of the world’s biggest banks, including Goldman Sachs and Barclays, have joined forces with New York-based financial tech firm R3 to create a framework for using blockchain technology in the markets, the firm said on Tuesday.

It is the first time banks have come together to work on a shared way in which the technology that underpins bitcoin — a controversial, Web-based “cryptocurrency” — can be used in finance.

Over the past year, interest in blockchain technology has grown rapidly. It has already attracted significant investment from many major banks, which reckon it could save them money by making their operations faster, more efficient and more transparent.

Read more: Nine of the World’s Biggest Banks Form Blockchain Partnership | Re/code

Cryptocurrency: Top 10 Bitcoin Statistics - by Jon Matonis

The concept of a decentralized cryptocurrency without political borders can be challenging at first. Bitcoin forces us to adjust the way that we think about money and value transfer. Fortunately, the Bitcoin community has been excellent at consolidating informational data through a loosely-integrated group of dedicated volunteers.

Note EU-Digest: Of all the virtual currencies out there, BitCoin is probably the most interesting from a technical perspective - and the least interesting from the business point of view. BitCoin is a peer-to-peer virtual currency that uses cryptography to control the creation and transfer of money. Obviously they are not liked by the financial community. There is also a pending lawsuit for lost deposits against Bitcoin  which is presently based in Britain. 

Read more: Top 10 Bitcoin Statistics - Forbes