To Study Blockchain, the Technology Behind Bitcoin, USAA Appoints a Team of Researchers

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To Study Blockchain, the Technology Behind Bitcoin, USAA Appoints a Team of Researchers

As Bitcoin technology is becoming a curious subject for many, particularly, the authorities, the government agencies, etc. they are trying to know it. The new to the list is USAA, a San Antonio, Texas-based financial institution serving current and former members of the military. The organization is studying the underlying technology behind the digital currency Bitcoin.

In his statement, Alex Marquez, Managing Director of corporate development at USAA, admitted that the company and its banking, insurance, and investment management subsidiaries hoped the Blockchain technology can play vital role. For instance, it could help decentralize its operations such as the back office.

According to Alex Marquez as USAA has resources and a large team that can research the potential of the Blockchain, an open ledger of a digital currency’s transactions, he wants them to explore the technology. A major feature in the Blockchain ledger is that it is accessible to all users of Bitcoin, every data can be verified.

Alex Marquez also says that the company has serious interest in the Blockchain as it thinks the technology would have an impact on the organization. He is of the opinion that as the group has a large number of people working on this show how serious it is about the potential of this technology.

Nonetheless, USAA wants to explore the potential available in Blockchain technology so that it can cater the requirements from its customers in banking, insurance and other sectors. Currently, there are 10.7 million current or former members of the military whose assets this company owns and manages. The total worth of the assets is around $213 billion.

Other Banks and Financial Organizations Researching Bitcoin Technology as Well

Marquez however clears that USAA had no plans to dabble in the Bitcoin as a currency what it wants from Blockchain is to understand the technology that is becoming a hot topic among a lot of banking institutions. Many of the banking organizations trying to integrate Bitcoin tech into their systems for it brings several rich features like fast and low-cost transactions.

USAA does not want to stay aloof when BNY Mellon and UBS have announced initiatives to explore the Blockchain technology. The latest decision to study Blockchain is a measure step towards the same goal. However, USAA is still in early stages of its research and has yet to identify how it will implement the technology for the purposes it has.