Blockchain Is Banks' Secret Sauce
The technology used in digital currencies has the potential to replace thousands of transaction verification and processing jobs.
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Here's some good news for bank shareholders: Profits are about to rise. Sorry to inform the hundreds of thousands of people who work in the various transaction-verification processes, but that will come at the expense of your jobs.
UBS, Deutsche Bank, Santander and Bank of New York Mellon are teaming up to develop a new form of digital cash to clear and settle financial trades using blockchain technology, the Financial Times reports. This development has the potential to unleash the kind of profit growth that widespread use of computers had on the industry.