The Blockchain Rush: UBS will open a Blockchain Research Lab in London.
Yes, It’s a rush, as we reported one month ago about IBM, also the Swiss banking giant UBS is thinking about the Blockchain as a technlogy solution for major currencies.
UBS is actively acting to make it real, while IBM is in stealth mode.
As the Wall Street Journal reported, UBS is starting up a Lab at Canary Wharf-based fintech accelerator space Level39 to bring together banking professionals and technology experts.
Lab members and invited guests will experiment with how blockchain can be adopted to process a wide range of financial transactions in a more efficient and cost-effective way.
As we said, while many in financial services have expressed an interest in the underlying technology behind bitcoin, UBS’s is one of the first banks to go public with their plans.
The right ecosystem requirements, backed by the government, that is the key!
Last month the U.K. government announced that it would commit £10 million to support research in digital currencies technology (download the Pdf here), while last September the Bank of England recognized blockchain’s potential, saying that the technology could have “far-reaching” implications.