Bitcoin Banking Implementation

Bitcoin Banking Implementation

By | 2018-05-24T17:33:44+00:00 May 24th, 2018|

Bitcoin and blockchain has long been touted for potential use within the financial sector and despite a lot of talk and interest from financial institutes and Governments there had not been a lot of implementation of the technology as it was still in the testing phase. However implementation of the technology is now taking place with numerous financial institutes and companies directly implementing block chain technology and its use.

Blockchain implementation

One major turn of events was a Muslim Imam who declared Bitcoin’s to be a “halal” form of currency as they met all the requirements for them to be considered currency which saw the price of the Bitcoin jump by more than a $1000 as this is significant news, opening up the Bitcoin market to the Middle Eas which is still a largely untapped market for block chain technologies and to 2.3 billion Muslims around the World. We have seen the implementation of such technology as The Shacklewell Lane Mosque has began accepting donations for Zakat which is money given to the poor and needy in cryptocurrencies by partnering up with Combo innovations. Bitcoin and block chain currencies are ideal for making international donations as the cost of handling and transferring such donations is minimal meaning a significantly larger portion of the donations reaches the poor and needy.

Another example of blockchain implementation is the Tel Aviv Stock Exchange has moved to implementing block chain technology by working with Accenture and The Floor to develop block chain securities to operate the Tel Aviv Stock Exchange. Blockchain technology will help streamline its financial processes and will help make trading faster and cheaper as block chain can help remove the middleman from the equation, giving higher and greater returns, plus the security traders desire. Making it a win win situation for the exchange and investors.

Lastly the last major announcement is that IOTA and the UN have agreed to work together to find out how blockchain can help the UN become more effective and efficient in the future. Considering the fact the UN handles billions of dollars and has numerous projects such as the United Nations Office for Project Services (UNOPS) which has projects worth $1 billion dollars a year ranging from tackling poverty to peacekeeping, the UN is looking for solutions to make its use of money more efficient and blockchain seems to exactly what the UN is looking for.

Conclusion

2018 is an exciting time for blockchain technology as throughout 2016 to 2017 a lot of pilot studies and the use of blockchain was studied but implementation was scarce but now on a daily basis more and more companies and governments are announcing the use of blockchain technologies to handle cash, thus effectively using them as a second currency. Realizing their true potential and use, making it one of the most useful pieces of fintech during the 21st century.

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