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When blockchain technology burst into the scene, its capacity was not known to many industries but only to the financial industry. Even though the technology was new, entities in the finance world knew that there was a revolution coming up with Blockchain technology like the mind.
The arrival of Blockchain technology in 2008 has made things tremble in the financial sector. Traditional financial institutions have been critical of many problems and many have seen Blockchain technology as the right solution to these problems. Blockchain will soon become the number one enemy for banks, due to the clamor and the real potential that surrounds it.
The development of Blockchain has quickly exploded and the tension between technology and banks will turn into romance. Blockchain's banking business is gaining ground in the world of finance as traditional banking institutions around the world, aiming to make banking services for their customers much easier and cheaper.
A 2016 study by IBM found that banks were embracing distributed registers at a faster pace than expected. This turning point in events was inevitable, given the speed with which Blockchain technology was gaining ground. To sweeten this love story, a recent study by Juniper Research also stated that broad adoption could save banking institutions over $ 27 billion each year by 2030.
The Blockchain banking sector now seems destined to conquer the financial world and recently received a strong impetus after the state legislature of Wyoming in the United States, on November 30, passed a law allowing the integration of the blockchain technology with traditional banking practices and processes. This new bill will constitute a new category of banks called "special deposit banks" in the United States, which will allow banks to legally offer blockchain-based services and assets to customers, again under federal and state laws applicable to any other bank.
Although the blockchain banking sector has seen many significant events uncovered, which favor their adoption, this recent news further elevates the idea to another level. On 14 May 2018, HSBC and IND became the first banks to make a real transaction on a blockchain. 14 European banks also completed the first test phase in a blockchain inter-bank operation last year.
Crypto innovators who have been waiting to manage accounts and access banking services involving blockchains have now seen that the case has exploded while the passage of this bill has been warmly welcomed by many big names in the financial world.
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