The big fat cats in the financial services industry are at the cusp of a major transformation and the aim according to them, is to enable transparent, secure and efficient financial services at lower cost.
They have already set up teams, they are doing experiments, they are investing time and big money and they don’t want to be left behind.
Here’s a quick look at some of the big names in the financial industry who are actively investing in the blockchain technology:
Goldman Sachs
Goldman Sachs has been occupied with putting resources into blockchain related innovations, and co-drove a $50 milion venture round in bitcoin firm Circle this year.
Barclays
Barclays banded together with the peer-to-peer payments app Circle, which runs incompletely on bitcoin's blockchain system, in April 2016. The key association demonstrates Barclays is not kidding about the innovation. It additionally legitimizes the Circle offering, close by its obtaining of an e-cash permit from the UK Financial Conduct Authority, permitting the organization to hold pound sterling, encourage installments and run a money trade.
Standard Chartered
The multinational bank Standard Chartered is reportedly investigating the technology, engaging with startups on the topic.
UBS
UBS Set up an innovation centres in London’s startup hub, Level 39, explore how UBS can work with third parties to find use cases.
Santander
Head of innovation at Santander Julio Faura, recently announced that the Spanish bank is working on a number of use cases for blockchain internally.
Visa
Investing $30 million in blockchain development platform Chain aimed at targeting the enterprise market. Visa has likewise been taking a gander at the more extensive capability of the blockchain, and is supposedly dealing with an advancement lab to examine the innovation further. It as of late employed a previous Google researcher to lead blockchain research groups at its San Francisco office.
Citibank
Citi is one more of the financial specialists in Chain. In any case, this is not the first occasion when it has demonstrated enthusiasm for blockchain frameworks. The US bank has likewise been creating blockchains inside to test its "Citicoin" as a technique for cross-border payments.
NASDAQ
The company has been working with Chain for quite a while, collaborating with the startup for a standout amongst the most aggressive tasks by a main monetary administrations firm in this way. It arrangements to utilize the blockchain outside of a test situation in the not so distant future, speeding and improving the issuing and exchange of shares to secretly held organizations.
BBVA
Spanish lending giant BBVA has been quick to highlight the potential outcomes of the blockchain, and has put resources into bitcoin firm Coinbase as it gets the opportunity to grasp with the tech.
US Fed and the Bank of England
The central banks have highlighted the potential of the technology and are reportedly looking into it deeply.
Apart from the above list here are other banks or institutes that have either partnered with or expressed interest in exploring blockchain – JP Morgan, Morgan Stanley, Credit Suisse, Lloyds, BNP Paribas, Bank of America Merrill Lynch, HSBC, Deutsche Bank, RBS, Rabobank, ABN Amro Bank, ING Bank, Westpac, Commonwealth bank, ANZ Bank, DBS Bank, Societe Generale, LHV Bank, Fidor Bank, CBW Bank, Cross River Bank, USAA Bank and Western Union.