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How blockchain allows financial service providers to trust each other


In 2018, and beyond, the blockchain will become one of the largest focal points for digital transformation. TechRepublic's Dan Patterson met with Tim Coates, advisor at Synechron, to discuss how financial service providers use blockchain technology.

Since the blockchain is a distributed ledger technology that allows nontrusting counterparties to trust each other, it's useful because "banks and so many other industries have this business model where they hold their own version of the truth," Coates said. "Often the best way to get around that is to trust someone in the middle to hold that single version of the truth."

Blockchain could create different business models in banking and improve the accuracy of data and reduce costs, he said.

SEE: Quick glossary: Blockchain (Tech Pro Research)

One of the challenges banks face in trying to implement this new type of technology is cohabiting the new systems with the old. Though these old systems aren't broken, they have been...(continued)

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