Infosys Launches Blockchain Banking Solutions; Will McDonald’s Accept Bitcoins From 2018?
Earlier, SBI, ICICI Bank and YES Bank too had launched similar blockchain based banking solutions in India.
Infosys has just released a comprehensive banking solution package, which uses blockchain for performing major banking operations.
This comes days after Axis Bank launched their blockchain based cross-border payments solutions which reduces time from 3-5 days to mere 3-5 seconds.
Will every bank soon adopt blockchain in the next few months?
Meanwhile, after value of bitcoins crossed $10,000 yesterday, speculations are on that McDonald, world’s one of the largest fast food chain which serves 69 million customers daily across 100 countries, may soon start accepting bitcoins as a payment method.
If that happens, then it shall be the biggest boost for the usage of bitcoins, globally.
Will it happen?
Infosys’ Blockchain Banking Solutions Is Now Live!
Infosys Finacle which is part of EdgeVerve Systems, a product subsidiary of Infosys, has announced the availability of their blockchain based banking solution package called ‘Finacle Trade Connect’.
Already 11 banks across India have pledged to use this new blockchain based banking solution from Infosys, as it promises more security, safety and features to carry on core banking activities.
Sanat Rao, Chief Business Officer, Infosys Finacle said,
“Finacle Trade Connect holds much promise to help banks ease pressing concerns internally, as well as those faced by their business customers, with advantages increasing exponentially with more banks collaborating.”
Some of the core banking solutions which can be now done using Finacle’s blockchain banking solution includes (but not limited to):
- Bill Collection
- Letters of Credit
- Open Account for Trade
- C2C Transactions for Trade
- B2C transactions for Trade
- PO Financing
- Invoice financing
As per Infosys, their blockchain banking solution will:
- Provide higher automation
- Increased transparency
- Real-time availability of data
- Enable better decision making for the management
- Open up newer business opportunities for both banks and customers
Will McDonald Accept Bitcoins in 2018?
As per data from Coindesk Bitcoin Price Index, the value of bitcoins has surpassed the critical threshold of $10,000, thereby signalling a new era of cryptocurrency.
This means that the value of bitcoins increased by 10X in just one-year. Value of other major cryptocurrencies such as Ethereum or Ether also increased in the same proportion.
The news spread like wildfire among bitcoin enthusiasts, as stories of optimism and hope started floating all around.
In the same vein, few analysts and business observers have claimed that McDonald’s may start accepting bitcoins as a mode of payment, as early as 2018.
To start with, online bookmaker Betway from UK has predicted that there 50:50 chance that McDonald’s will start accepting bitcoins by 2018, and that the value of bitcoins will surge past $20,000 in the next 3-4 months. Infact, within hours of breaching $10,000 mark, the value surpassed $11,000.
At the time of writing, one bitcoin was equal to $10,581.
Microsoft, Paypal, Intuit and other major companies have already started accepting bitcoins as valid payments method.
Note here, that RBI has warned Indians against using bitcoins.
Should Indian Govt. recognize bitcoins now? Do let us know by commenting right here!