CIO of Switzerland's largest bank on Bitcoin

  Which current technology has the best chance to shake up the financial world? According to Oliver Bussmann, chief information officer (CIO) of Swiss [...] https://www.pinterest.com/pin/1085437947660215829/

  Which current technology has the best chance of shaking up the financial world? According to Oliver Bussmann, CIO of UBS Switzerland, it will be blockchain technology - the foundation of the bitcoin currency.   According to Bussmann, it is not giants such as Google, Facebook or Apple and their e-payment wallet applications that will play a major role in the financial services sector in the coming years. The leader in this industry will be blockchain technology.   The blockchain is an open, publicly accessible ledger that contains all bitcoin transactions conducted since the creation of this cryptographic, decentralized currency.   Using all the capabilities of the blockchain we will be able to digitize, codify and archive almost any type of traditional document, business transaction or financial operation. The records thus archived will form an integral part of a permanent and virtually impossible to forge electronic data record.   Oliver Bussmann:   I believe, and this is my personal point of view, that blockchain technology will change not only the way we make payments, but also all issues related to trading and contracting of all kinds."   According to Bussmann, blockchain technology also has great potential to simplify and reduce the cost of all kinds of banking operations, but it needs a solid boost in the form of a strong and widely respected brand:   If someone with a really strong brand and [financial] security makes it [blockchain] a trusted [socially] service, the whole sector will follow. That's my personal prediction."   UBS AG is a banking corporation with operations in more than 50 countries, formed by the merger of Union Bank of Switzerland and Swiss Bank Corporation. It has main branches in Basel, Zurich, and also in New York. It is involved in private banking, investment banking and securities trading.   According to London-based consulting firm Scorpio Partnership, USB AG currently manages $1.96 trillion in capital.     The bitcoin.co.uk portal does not give permission to reprint this article.   Tags AG bank banking bitcoin Blockchain blocks Bussmann finance chain Oliver