Considering that the period without any constructive action has lasted too long, there is a strong determination among Bitcoin enthusiasts to take the initiative and promote a new version of a supplement to the blockchain world. This version competes with the original and proposes an irreversible adjustment of the rules of the software governing Bitcoin. The aim is to enhance control over the network and facilitate more transactions.

To achieve the incorporation of additional protocols, enthusiasts will focus on integrating Bitcoin with fiduciary currencies. In practice, Bitcoin continues to attract significant interest. The technology on which this currency was built is becoming a key factor in the investment strategy of major banks. Savings could reach as much as $12 billion per year by 2025 through the optimization of certain functions. Banks and financial markets are increasingly interested in this technology.

In this environment, as national currencies are put into competition, leading to the inevitable abandonment of many of them, various conceptions of settlement means and new disciplines of monetary creation may be proposed for judgment. User actions will determine the most satisfactory solutions.

The ongoing debate between virtual currencies, goods, and state currencies will be decided by the users themselves. Nevertheless, this process is likely to leave no chance for inflationary currencies and will pose challenges to those who remain in discretionary hands.

In 2015, thirteen international financial institutions, including Bank of America, Morgan Stanley, Citi, Commerzbank, and Société Générale, joined an initiative to adopt and use this practical blockchain application that could revolutionize their business. The implementation plan is expected to be realized by 2024, and under these conditions, blockchain has emerged as a potential resource for banking institutions whose authority was diminishing.

This initiative was launched due to the significant benefits of public blockchains like Bitcoin, where there is no barrier to entry, allowing anyone to create a service on the blockchain platform. It is challenging for organizations in the financial sector to ignore the subject since blockchain technology theoretically enables all types of transactions at a cost two to three times lower than current bank transaction costs. It operates on a decentralized network, eliminating the need for connected infrastructure and administrative costs.

Specifically, with confidence, anyone can establish a Bitcoin bank that accepts deposits and issues credits in bitcoins, disrupting traditional banking credit activities by breaking down entry barriers. Undoubtedly, studies on applying blockchain to finance continue to make this technology a new target.

According to a study published by Accenture, there are reasons for optimism for banks planning to implement elements of the blockchain platform in their future transactions. This movement is estimated to save up to $12 billion each year, particularly through the application of this technology to back-office functions.

This article is part of the academic publication Dividing by Zero by Ana Nives Radovic, Global Knowledge 2018