Since 2015, the blockchain technology upon which popular cryptocurrency bitcoin is built, has caught the attention of major players in the financial services sector who are increasingly investing resources into research on the technology. Today, R3, a distributed database technology company leads a consortium of more than 70 of the world biggest financial institutions in research and development of blockchain database usage in the financial system.
Although, American multinational finance company Goldman Sachs dumped R3’s blockhain group last year, it was purely a business decision and had nothing to do with blockchain, as the bank’s investments in recent times have shown. The bank joined IBM in February 2016 to lead a $60 million investment in Digital Asset Holdings. It was also a lead investor in a $50 million round closed by Circle, a digital payments startup, in 2015.
Goldman Sachs is not the only big member of R3. Since its founding in 2014, R3 has attracted membership from BBVA, Credit Suisse, Bank of America, Citi, among others.
Forward thinking financial institutions would not want to be left out of the blockchain technology-led revolution. Here is what professional services firm PwC thinks they should be doing with blockchain in 2017.