Banks and other large financial institutions
Posted: Thu Feb 13, 2025 6:51 am
Blockchain is a distributed ledger technology—a database that can be distributed across a network of different sites, geographies, or organizations. The security and authenticity of assets stored in the ledger is ensured cryptographically using keys and signatures.
Are gradually adopting blockchain to carry out some of their most intensive processes, such as securities settlement and clearing (cashless payments between countries, companies, businesses and banks for goods, securities and services sold to each other).
Last September, Accenture introduced the ability to edit and modify individual blocks of transactions without compromising the integrity of the entire blockchain. The process is built using a “chameleon hash,” which decodes the desired block and then uses an adaptive algorithm to recreate the entire blockchain — so that other computers won’t notice the difference. The editing feature in Accenture’s view is primarily aimed not at cryptocurrency systems, but at private blockchains, which many banks are experimenting with.
Accenture recently published a study that by 2025, blockchain albania whatsapp data help investment banks cut infrastructure costs by $ 8-12 billion annually. In late January, it was reported that Cisco, Bosch, Foxconn, and several other companies had formed a consortium to address the use of blockchain technology to improve security and enhance Internet of Things products.
This is not the only blockchain consortium; other tech firms, including IBM and Hitachi, are part of the consortium, which is run by the Linux Foundation. Beyond tech, there are banking consortiums. R3 CEV has about 40 banks. Seven other major banks have teamed up to create a new blockchain platform called the Digital Trade Chain (DTC).
Are gradually adopting blockchain to carry out some of their most intensive processes, such as securities settlement and clearing (cashless payments between countries, companies, businesses and banks for goods, securities and services sold to each other).
Last September, Accenture introduced the ability to edit and modify individual blocks of transactions without compromising the integrity of the entire blockchain. The process is built using a “chameleon hash,” which decodes the desired block and then uses an adaptive algorithm to recreate the entire blockchain — so that other computers won’t notice the difference. The editing feature in Accenture’s view is primarily aimed not at cryptocurrency systems, but at private blockchains, which many banks are experimenting with.
Accenture recently published a study that by 2025, blockchain albania whatsapp data help investment banks cut infrastructure costs by $ 8-12 billion annually. In late January, it was reported that Cisco, Bosch, Foxconn, and several other companies had formed a consortium to address the use of blockchain technology to improve security and enhance Internet of Things products.
This is not the only blockchain consortium; other tech firms, including IBM and Hitachi, are part of the consortium, which is run by the Linux Foundation. Beyond tech, there are banking consortiums. R3 CEV has about 40 banks. Seven other major banks have teamed up to create a new blockchain platform called the Digital Trade Chain (DTC).