In BriefSantander Bank has announced it will be digitizing public cash using Ethereum blockchain.
Bitcoin is blockchain, but blockchain is not just bitcoin. Because of its association with bitcoin, the use of blockchain has been subject to dissenting opinions — especially when it comes to banks using them.
Spanish banking giant Santander may become the first in the industry to explore digitalization of public cash using the public Ethereum blockchain. Roman Mandeleil, Ether.camp founder and Ethereum Java client developer, revealed the project during a panel talk at Devcon2 today. Officials at Santander have confirmed the announcement, making the bank the first to issue digital cash on a live public blockchain.
This is not the first time Santander has opted to use blockchain. In May of this year, it began testing blockchain technology in accepting international payments.
Questions about security, of course, are to be expected. Both Mandeleil and Santander are working towards smooth transactions, and even encouraging other banks to follow suit. After legal papers are arranged, Santander’s dip into blockchain will become official.
For more on the technology behind blockchain and how it works, check out the video below: