Large Banks Including Barclays To Use Bitcoin Digital Currency

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Barclays and other big banks to begin using Bitcoin and Blockchain technology and the digital currency age arrives

Nine of the worlds biggest banks, including Barclays and Goldman Sachs, are going to trial the use of Bitcoin technology in an effort to allow them to better track the use of digital currency. 

Using the Blockchain system that logs how and where virtual coins are spent, the banks want to utilise the technology to prevent fraud and allow trading systems to become more transparent.

BBC News reports:

The project to test blockchain-like technology is being led by financial technology firm R3 which has signed nine banks up to the initiative.

The other seven are JP Morgan, State Street, UBS, Royal Bank of Scotland, Credit Suisse, BBVA and Commonwealth Bank of Australia.

Technical meetings with the banks had prompted discussion of how it could be used within banks’ trading arms, said David Rutter, head of R3 in an interview with Reuters.

For Bitcoin, the blockchain acts as a globally-distributed ledger that logs transactions. Everyone involved with the virtual currency contributes to the way the blockchain verifies each deal. The sheer number of people involved makes it very hard for one bitcoin user to get fraudulent deals verified and approved.


Sean Adl-Tabatabai
About Sean Adl-Tabatabai 17987 Articles
Having cut his teeth in the mainstream media, including stints at the BBC, Sean witnessed the corruption within the system and developed a burning desire to expose the secrets that protect the elite and allow them to continue waging war on humanity. Disturbed by the agenda of the elites and dissatisfied with the alternative media, Sean decided it was time to shake things up. Knight of Joseon (