VMware, a cloud infrastructure and virtualisation service provider, has unveiled its blockchain proof-of-concept at Money 20/20 conference.

The company presented how it is actively participating in advancing blockchain technology to provide secure, reliable, and scalable blockchain platforms for a variety of customers in the financial services industry.

Michael DiPetrillo, senior director of blockchain technologies, VMware, said that the research and development team has been working to advance enterprise blockchain technology to solve some of the existing problems around speed to finality, scalable fault-tolerance, and security.

"The work our research team has done over three years has produced a full blockchain environment with many industry firsts in the consensus, ledger and smart contracts layers. Unveiling this initial proof of concept is a huge step forward in our blockchain journey and one we are excited to share with our customers," he said. "We will continue to work with our customers and partners across industries to deliver solutions that help them address what's needed not only for today but in the future as well."

At the conference, VMware also shared the results of a recent survey of banking professionals that explores how technology will shape the future of the banking industry. The survey revealed banks are increasingly making efforts to digitize their businesses and expect emerging technologies, such as IoT, biometric authentications, and blockchain, to make a substantial imprint on the industry within five years.

According to the survey results, over 50 percent of banks with $100 billion or more in assets expect to have commercial implementations of the following major categories of emerging technology: mobile apps, APIs/open banking, artificial intelligence (AI), augmented reality, biometric authentications and blockchain -- in the next five years. Also, 67 percent of respondents from banks with $100 billion of assets or more are currently implementing blockchain technology.