Banks could integrate the technology underpinning cryptocurrency bitcoin into some parts of their business as early as next year, according to a new report.
Bitcoin utilises blockchain technology which enables the transfer of financial assets using cryptographically secured networks, and consequently removed the need for a third-party intermediary.
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The report by TABB research said blockchain solutions could be rolled out for syndicated loans as early as the second quarter of 2016.
"Blockchain’s adoption across capital markets and for a range of use cases is a matter of 'when, not if'. Over the next 12 to 24 months, we will see early adoption grow," the report said.
But we're still a while away from full implementation. Cases such as derivatives may still take at least two to five years, while functions such as cash transfers are still at least a decade away.