Bitcoin use in the financial industry has countless potential. Not only can Bitcoin allow for a more fluid and transparent banking system, attention has been drawn to the Blockchain technology itself which can be a useful tool for banking institutions. The Barclays banking group (Africa) becomes the first giant to support the development of a financial application of the Blockchain technology. Having also joined the Blockchain consortium it seems this commitment may bear fruits.
“We see huge potential for financial institutions in Africa to embrace disruptive technologies like Blockchain, and use them to empower individuals and improve the lives of their customers. However, its true value will only be realized if we work together to co-develop and share solutions to common problems,” Baker said.
Barclays becomes the latest to join the R3 consortium which includes the likes of Santander credit Suisse and even Citi Bank. The R3 consortium has currently started on various projects that involve the Blockchain including one which allowed around 40 banks to transfer fixed assets between each other. Considered a disruptive technology by Barclays, the company aims to harness its power to not only helped the unbanked but create a network between banks via the Blockchain technology. In Africa the company Absa will be the primary deliverers of the projects conducted, being the main subsidiary of Barclays in Africa.
To conclude the sheer power and finance ploughed into the R3 consortium clearly Blockchain technology is here to stay. To experience the open ledger yourself all you need is some Bitcoin. Via the NairaEX exchange you can buy Bitcoin at the best rates in Nigeria. The Blockchain can be accessed with your wallet forming a key part of the Bitcoin experience. Whether you’re an individual or a business the power of the Blockchain can revolutionize the way you make transactions!