Td bank acknowledges public blockchain for asset tracking – thetokenwire data recovery recuva

Coindesk.Com reported that TD bank canada could use public blockchain to track assets digitally. TD bank described the possibilities of using a public distributed ledger to gain real-time information about asset trade. The detailed blocks of data will contain information about their latest value in different currencies, all the transactions and the assets being sold.

The application was filed in september 2016 and bank has not revealed any progress since then. It should also be noted that blockchain work for a big bank has mostly limited itself to private ledgers. The filing has acknowledged public blockchains and the authority it provides an individual in approving ongoing transactions.Public blockchain

The application reads, “one advantage of blockchain [sic] based ledgers is the public nature of the blockchain architecture that allows anyone in the public to review the content of the ledger and verify ownership.

Going further, such a ledger would allow anyone to verify that a transaction occurred, while using a decentralized platform increases redundancy, thereby [minimizing] risk of falsification of ledgers.”

In similar news, bankinnovation.Net reported that banks are actively searching for options to use public blockchains. It can be an over abused topic for some as banks have been interested in blockchain technology since its advent. Blockchain technology has been promoted as the solution to every possible problem a banker can face.Bank canada

CEO of chain, adam lidwin, stated in bank innovation 2018 held in san francisco, that blockchain is nothing more than a database. But, databases become important when we add the importance of customer data in evolving banking experience to the equation. A database having the capabilities promised by blockchain can easily turn banking experience upside down.

Chain also told about the growing use of blockchain technology among significant banks in the world including his firm “visa.” currently, many banks are working over private and simpler distributed ledgers used between familiar parties. On the other hand, some banks want to tap the idea of public blockchain like TD bank canada.Blockchain technology he said, “some of [the banks] are dipping their toe into these public networks, which I personally think is really the exciting and most important part of the future.

According to news in ctvnews.Ca, TD bank canada is also interested in financing the cannabis sector. Bharat masrani, chief executive TD bank, said the bank would consider investing in cannabis industry after recreational marijuana gets legalized in canada later this year. The bank sees pot legalization an “important data point.” the bank would assess every cannabis client on its merits, but they should not have any presence in the US where marijuana consumption is a federal crime.Bank canada

TD bank will have to deal with negative comments coming from other institutions that see it as a time-consuming system. As of now, the bank has not come up with a solid plan to use the platform public blockchain. It would be interesting to see whether TD bank’s idea delivers on expectations or becomes stale news.