Blockchain optimism thrives even more
Officials around the world continue to express optimism about the blockchain, with the United States ahead of others. Recently, the Vice President of the Federal Reserve Bank of Boston, Jim Cunha, stated that blockchain could become a new SWIFT. SWIFT is the international payment system that ensures connection of shop terminals and ATMs to banks, banks with banks and other cases when the transfer of money is involved.
The U.S. Treasury, in turn, is already testing a distributed ledger-based innovation that could help track assets even more precisely and quickly. Distributed ledger, as seen from the news on the blockchain technology, is amongst one of the most attractive blockchain features. Every terminal in the system gets a ledger of transactions, it’s updated instantly, but if someone wants to conduct a fraud scheme and enter the data contradicting the previous information, the system will just not allow the change to be made, instantly checking previous records.
Meanwhile, the representatives from the U.S. Commerce Department are planning to back blockchain in their meetings with Arab banks from October 1-5. Similar initiative by the government in Singapore is described in the media. The Info-communications Media Development Authority (IDMA) has decided to cooperate with large Singaporean banks to test blockchain technologies for compliance with the “Know Your Client” principle, one of the most important rules in the modern business world.
Recent corporations that showed interest in the blockchain are BP (the oil giant) and Oracle (makes servers and server software). Both these corporations would not invest in something unless they are sure of success. Mark Cuban, the prominent investor, tells he likes the technology as well.
As one can see from the previous news on the matter, blockchain, unlike cryptocurrency, does not have many skeptics. Even the conservative Russian government, while recently forbidding a big clearing center to hold deals in cryptocurrency, is interested in blockchain and is already conducting various experiments with this technology.