Banks and other financial institutions are adopting blockchain technology “dramatically faster” than initially expected, with 15 percent of top global banks intending to roll out full-scale, commercial blockchain products in 2017, IBM said on Wednesday. Reuters reports: The technology company said 65 percent of banks expected to have blockchain projects in production in three years’ time, with larger banks — those with more than 100,000 employees — leading the charge. IBM, whose findings were based on a survey of 200 banks, said the areas most commonly identified by lenders as ripe for blockchain-based innovation were clearing and settlement, wholesale payments, equity and debt issuance and reference data. Blockchain, which originates from digital currency bitcoin, works as an electronic transaction-processing and record-keeping system that allows all parties to track information through a secure network, with no need for third-party verification.

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Source: Slashdot – Banks Adopting Blockchain ‘Dramatically Faster’ Than Expected