How the World’s Biggest Financial Firms Are Increasingly Investing in Blockchain Technology

To say that blockchain technology is taking over the world is no exaggeration. Many industries have now been invaded by this upstart of a tech trend, including some of the world’s biggest financial firms. These are huge financial institutions that are becoming increasingly invested in blockchain technology in one way or another.

One example of just how blockchain technology seems to be growing in influence is how five of the world’s largest public companies are now invested in it in some form, Cryptoglobe reports. The publication cited the Forbes Global 2000 list, 2018 edition, for its piece.

In its feature, Cryptoglobe notes how the Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB), JPMorgan Chase, Berkshire Hathaway, and Agricultural Bank of China (ABC) are all adopting blockchain technology. In the case of ICBC, for example, the financial giant has apparently filed a patent that would use blockchain technology to make certificate issuance more efficient.

JPMorgan Chase actually has the Blockchain Center of Excellence (BCOE), which developed the open-source platform Quorum. Its focus is on Ethereum and making private transactions through it faster.

Even billionaire Warren Buffet’s company Berkshire Hathaway is getting involved through its BNSF Railway subsidiary. Earlier this year, the railroad firm announced that it was joining the Blockchain in Transport Alliance group. This is despite the fact that Buffet is one of the harshest critics of cryptocurrency.

More financial firms are also making it easier for interested investors to get into blockchain technology, CNBC reported. The publication noted that there are 10 new funds that expose investors to blockchain and provided a list of said funds. It would appear that some of these options are also connected to companies like IBM, which has a more direct link to blockchain technology.

It would seem that these funds have more to do with cryptocurrency than any other aspects of blockchain technology. However, it’s still undeniable that the trend is on the rise, even mirroring how the internet simply took over the world a few decades ago.