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CNBC News reported that Bank of America is loading up on blockchain-related products.
CNBC News reported that Bank of America is loading up on blockchain-related products.
According to the news:
Bank of America is trying to steal a march on the latest developments in the technology behind digital currency bitcoin by loading up on blockchain-related patents.Blockchain works like a huge, decentralized ledger for the digital currency bitcoin which records every transaction and stores this information on a global network so it cannot be tampered with.
Major financial institutions — including the Bank of England — have released a number of notes over the last year on the potential of the technology and have created teams within their organizations to look into how to develop the cryptocurrency.
Catherine Bessant, the chief operations and technology office at Bank of America, commented:
Blockchain’s very intriguing and for us it’s a balance between not wanting to be Neanderthal but not wanting to put something out in a commercial application where the commercial application is still very unclear as a technologist, the technology is fascinating.