The traditional banking industry is finally waking up to the potential and importance of Blockchain – and there are signs the financial and logistical revolution that underpins cryptocurrencies is being more fully appreciated.
The European Banking Authority’s Dirk Haubrich said in an interview published earlier on Friday: “We looked at Blockchain four years ago… and had a rather negative view. But there are lots of other use cases that have been emerging since then, like trade finance and… clearing of payments.
“Many of the risks that we’ve identified at the time for virtual currencies probably don’t arise for those use cases but we need to have a closer look, which we haven’t done yet.”
PayPal’s Mark Brant said Blockchain would continue to evolve. He added: “For it to become widely used there need to be scale use cases on either the consumer side or the merchant side or both. We’ll continue to follow that and experiment with it and keep abreast of it, and continue to look to see whether there is a clear gap in the market that we can exploit with it.”
While Blockchain technology offers new ways of carrying out transactions, other innovations could help to boost the security of financial dealings. One such development is the increasing use of biometrics in banking. Already, many of us use our fingerprints to unlock our smartphones, and there are a range of potential applications.
“There’s voice biometrics, there’s fingerprint biometrics, there’s iris biometrics, I think there’s going to be many more invented,” Niall Cameron, global head of corporate and institutional digital at HSBC, said. (Source: CNBC)