According to research firm CB Insights, financial services firms are looking into the blockchain and cryptocurrency as a way to move towards a more secure financial infrastructure, which is seen as a solution to many of the issues facing the industry.
“The technology is being deployed in many industries across industries, from banking and payment systems to healthcare, and has been used to solve issues in a variety of industries,” said CB Insight’s CEO John de Gucht.
“In particular, the blockchain could be used to help companies and governments better manage the value of cryptocurrencies and blockchain-based assets, which are often viewed as ‘futures’ or ‘next big things’.”
The company also said that a “cryptocurrency token” called “crypto-USD” is being created to be used in an online marketplace for digital assets.
“Cryptocurrencies are used to create value, not to speculate on the future or to create speculation on other companies or assets,” said de Gocht.
“As such, the use of cryptocurrency by financial institutions and businesses should not be seen as speculative or as an investment vehicle.”
Banks are not alone in their interest in blockchain technology.
“The financial industry has been investing heavily in blockchain solutions over the past decade,” said Richard Gagnon, chief technology officer at digital currency exchange, CoinDash.
“Many banks and other financial institutions have been looking into blockchain solutions for years, and the industry has evolved over the years to meet the growing needs of their businesses.”
“Blockchain has many advantages over traditional financial institutions,” he added.
“Blockchains can offer new ways to securely record and process payments, make transactions more efficient and speed up payments.
The technology has the potential to improve financial services in all industries, including finance and the healthcare industry.”
Digital currencies are not limited to financial services companies.
They can be used for any type of digital asset or service, whether it is a blockchain, blockchain-enabled currency or an alternative digital asset like bitcoin.
Blockchain technology is also being used by some businesses to improve their online presence.
The company said that it was working with a leading online advertising company, Airtel, to develop blockchain-powered content.
“Airtel has already invested in blockchain in the UK and is looking to expand its presence in India in the coming months,” said Gagnons co-founder, Naveen Agarwal.
“We are working with other major companies to make sure we provide the right products and services that are relevant to their customers and are also available for consumers to use.”
Blockchain-based payment platform Coinbase has also invested in digital currency.
“We believe in blockchain and believe that the technology will ultimately allow us to move faster and to build more value for our customers,” said co-founders Jason Karp and Patrick Murakami in a statement.
“This is especially true for payments where time is a premium.”