BLOCK CHAIN GETS THUMBS UP FROM BANK OF CANADA
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Hello everyone
We like good news. The Central bank of Canada, Toronto Stock Exchange operator TMX and a non profit company called Payments Canada have been doing tests with instantaneous security settlements. After testing they have concluded that it is efficient and can be used with cost savings.
Another test was finished this week using blockchain and resulted in savings of up to 70 percent with improved transaction speeds. This is a huge concern for banks obviously. J.P. Morgan filed a patent this week for a peer to peer payment system which would use the block chain for intra- and inter-bank settlements.
We will watch this space as banks won't sit back and watch their business disappear.
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