Financial sector expands use of blockchain databases

Banks and financial markets are adopting blockchain distributed database software for their payments and lending services at a pace faster than once expected, according to a survey of 400 such businesses globally.

Blockchain software is the basis of bitcoin, first developed in 2009, and acts as an automatic public ledger for transactions, primarily financial transactions.

The survey, conducted by a research division of IBM, found that 15% of the banks and 14% of financial market institutions intend to implement full-scale, commercial blockchain-based services in 2017.

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