Big blockchain investment by Bank of America. CEO of Bank of America, Brian Moynihan, recently stated that he supports the investments in blockchain technology as well as Bitcoin and other cryptocurrencies. On being asked whether he was worried about cryptocurrencies, he responded that cryptocurrencies are essentially an amalgamation of different technologies. The distributed ledger technology is actually a secure technology which can be verified by anyone.
He further added that the distributed ledger technology can be used for a variety of different purposes including a registry of motor vehicles. The only thing he is concerned about is the cross-border transactions as verification of the cross-border transactions is actually pretty difficult.
According to him, the concept of blockchain-based verification is actually interesting as it will verify the ownership as well. He further added that his company has more than 40 patents on the blockchain space.
According to him, the virtual payments will actually be digitized in the coming few years. He believed that with the help of blockchain technology, there will be a 2nd wave of digitization of the money.
The blockchain technology gaining more momentum
Currently, more than the underlying technology, the blockchain technology is gaining more and more momentum. There are many start-ups as well as companies which are using the blockchain technology in order to operate. With the increasing utilization of the blockchain technology, many of the banks like Bank of America are actually starting to invest in the blockchain space. This is the reason why there are more than 40 patents by Bank of America in the blockchain field.
The journey from creating a patent to creating a proper platform which can be used by the consumers is a pretty significant one. This journey cannot be completed in a shorter frame of time as well. This is the reason why in spite of many banks investing a significant amount of money in the blockchain technology, still the front end services are not based on blockchain technology.
Can blockchain replace the cloud?
Over a period of time, it remains to be seen whether banks are actually able to use the blockchain technology to a greater extent. If blockchain technology replaces the cloud as well as the digital technology which most of the consumers use these days, you can be sure that the consumers will also be able to feel the power of blockchain. Many of the start-ups are also in the race to create blockchain-based platforms for actual consumers. Till that point of time, the banks will be just researching to incorporate the blockchain technology into a usable form.