Bank-based blockchain projects are going to transform the financial services industry

Cryptocurrencies are constantly evolving, with popular currencies such as Bitcoin and Ethereum maintaining their popularity despite recent market corrections.

At the core of both technologies is the cryptographically secure digital ledger known as the blockchain. It’s a digital ledger where cryptocurrency transactions are recorded chronologically and publicly. Indeed, as the popularity of cryptocurrencies has grown, so has the banking industry’s interest in blockchain for fintech, with an increased and focused push on bank-backed blockchain projects.

Some of the largest projects underway include the IBM-backed Hyperledger Fabric project, the Utility Settlement Coin, and R3’s blockchain consortium, signifying a growing acceptance in institutional policy to support blockchain growth.

How does it work?

 

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