The idea of a integrating a block chain verified distributed ledger as a cyber security hardened and verifiable record keeping mechanism continues to draw adherents. While the future of Bitcoin has been called into question, use case scenarios for the blockchain/distributed ledger technology remain a hot area of investigation.
According to reports from Reuters and the Wall Street Journal, R3 CEV, a consortium of 42 financial companies investigating the use of blockchain technology, has carried out it biggest and most wide-ranging test to date. Over a two week period in February, 40 banks conducted trials using blockchain solutions from five different companies including Ethereum, Intel and IBM with cloud infrastructure provided by Amazon, IBM and Microsoft.
The appeal of decentralized verification to accelerate transactions and payment surety will sustain positive investment growth in blockchain technology for the foreseeable future, with a clear focus on exploration of alternative methodologies of how distributed ledgers are underwritten and maintained.
Overview by Joseph Walent, Senior Analyst, Emerging Technologies Advisory Service at Mercator Advisory Group
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