Blockchain is the future

FastCompany is running a story on the future of Bitcoin in the financial services sector. If you have read much about it, there’s a quiet revolution going on that uses the distributed files system that underwrites bitcoins to make a secure, executable files that can be used for encoding self-executing agreements. This technology has exciting potential to change the financial services industry. The article explains….

Financial technology firm R3 announced last month that it’s working with 22 major financial institutions, including Barclays, Goldman Sachs, Deutsche Bank, and Mitsubishi UFJ Financial Group, to develop and test software and standards the banks can use to build blockchain-based services. The firms have looked at a number of potential use cases—from issuing and settling the transfer of securities to transferring the rights to loans—but they’re focusing first on devising lower-level protocols on which those services can be built, says R3 CEO David Rutter.

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