How blockchain, the technology behind Bitcoin, could turn traditional banking on its head

August 5, 2015 at 11:41 (Uncategorized)

Financial Post

Banks were supposed to be frightened of Bitcoin. Last year, in a commentary for Fortune called “Why banks fear Bitcoin,” MIT business professor Trond Undheim wrote that “banks are afraid of Bitcoin because it would force them to innovate.”

[np_storybar title=”Information overload stymies Canada’s banks in mobile payments battleground: ‘Things are changing so quickly’” link=””]
Justin Sullivan/Getty Images
As banks aim to stake their ground in the burgeoning mobile payments market, a U.K.-based software company says its efforts in Canada are being stymied by the hazards of innovation.

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The mysterious inventor of Bitcoin, Satoshi Nakamoto, specifically challenged the idea of trusting banks as one of his justifications for creating the currency. “Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve,” he wrote in 2009. “We have to trust them with our…

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