Banks, financial and tech companies are buying the use of blockchain technology in their business. Some of these companies include BTCJam, Stori, ProofofExistence, Microsoft corporation. In one year, BTCJam a P2P lending company has lent up to $15 million in Bitcoin to the public. Another company uses blockchain for executing contracts.
Some of the reason while most companies are adopting the use of Blockchain is because it reduces mistakes, expenses and enhances the streamlining of internal operations unlike our traditional method of handling businesses income. In some banks Blockchain has removed the involvement of Humans beings in processing physical cash. Instead of the delay in payment processing in our banks and other businesses, Blockchain set-ups a smart contract that is triggered when certain conditions are met.
Blockchain activity in the financial world
In 2016, Bank of New York, Banco Santander, Deutsch Bank AG, and Mellon Corporation came together to create a certain kind of utility settlement coin(USC) which become a new decentralized resource used to buy securities and was recorded in the Blockchain industry. Barclays Bank along with Canadian Imperial Bank of Commerce, HSBC Holdings PLC, Credit Suisse Group AG, MUFG and State street Corp also joined this four first major banks in 2017 and is looking forward to releasing a commercial wonder in 2018.
Even upon this major goal, security is still very important and remains a concern to central banks such as Bank of Canada, Bank of England, and Federal Reserve. However, Banks want to maintain a close system where they can control their currency and so are not interested in an open source technology for identity.
Riot blockchain is the least in the market of blockchain. Riot blockchain is new to the world of blockchain technology and has its Market cap at $86.12 Million and current shared price at $10.35. Riot blockchain hopes to use Ethereum and Bitcoin to gain access and exposure into the blockchain market.
360 blockchain is the first in the market of Blockchain investment with Market cap at $30.69 million and current shared price at $0.27. This company is going to provide financial services to both public and private companies without excluding merchant banks, finance advisory, consulting and business services.
Other companies in the list of blockchain market include BTCS, BTL Group, Coinsilium Group, DigitalX. Global Blockchain Technologies, exeBlock Technology, HIVE Blockchain , Marathon Patent Group, and