Toronto-Dominion Bank (TD), the Canadian parent conglomerate of one of the largest banks in the United States, is dismissing a future for bitcoin as a viable currency, but it’s confident that blockchain technology will have a future.
Executives at TD said to the Globe and Mail last week that the bank is not prepared to dive headfirst into investing in bitcoin, or any other cryptocurrencies, for that matter.
Such a statement is not out of the ordinary coming from a commercial bank. We have examples such as Bank of America, has expressed caution over investment in cryptocurrencies – which they have perceived to be erratic, risky investments compared to what would usually be found in their portfolios. Also, the European Central Bank has declared that they have no plans to issue cryptocurrencies in the future.
TD’s expression of skepticism over bitcoin as an investment option may come as a surprise to many readers. Analysts are now predicting that bitcoin’s decline is about to end at around $6000, with its price soon to bottom out. That means that bitcoin investors may be about to make some relatively decent returns if the cryptocurrency makes a strong comeback any time soon.
However, TD banking officials are probably trying to avoid bitcoin and other cryptocurrencies because of their immense susceptibility to having their values manipulated by the power of marketing and trends, rather than sheer utility.
TD’s blockchain ventures date back to 2016
Blockchain technology, on the other hand, is more appealing to the bank for its utility and cross-industry practicability.
The bank has expressed particular interest in exploring blockchain over the past two years. TD was the first Canadian bank to join the Chamber of Digital Commerce in July of 2017. The Washington D.C. based chamber is a global trade group that aims to promote the adoption of blockchain technology. The chamber’s public policy advocacy focuses on demonstrating blockchain’s capacity for expediting transactions and making them more secure.
TD has had a patent registered with the US patent office as far back as 2016. The patent was submitted to protect a blockchain-powered point-of-sales system that they likely already have in the works, or at least the bank wants to own intellectual property regarding blockchain P-o-S innovation.
In April, it came out that the patent may be used to create a public distributed ledger to help P-o-S computers track transactions. However, there still has not been any news as to what concrete developments the patent might lead to.
If anything, it seems clear that TD, like other commercial banks, will not be ready to embrace cryptocurrencies like bitcoin any time soon. On the other hand, though, the bank is clearly in the process of embracing blockchain technology.
I’ve recently started a website, the info you provide on this website has helped me greatly. Thanks for all of your time & work.
Fantastic article. Awesome.
My coder is trying to convince me to move to .net from PHP. I have always disliked the idea because of the expenses. But he’s tryiong none the less. I’ve been using WordPress on a variety of websites for about a year and am nervous about switching to another platform. I have heard good things about blogengine.net. Is there a way I can transfer all my wordpress posts into it? Any kind of help would be really appreciated!
I have learned some new things from your web page about pcs. Another thing I’ve always assumed is that computers have become an item that each house must have for many reasons. They provide convenient ways in which to organize households, pay bills, shop, study, pay attention to music and also watch tv series. An innovative technique to complete these tasks is a laptop. These computers are mobile, small, robust and lightweight.
Youre so cool! I dont suppose Ive read something like this before. So good to search out someone with some original thoughts on this subject. realy thank you for starting this up. this web site is something that is needed on the web, someone with a little originality. helpful job for bringing one thing new to the web!
Ridiculous story there. What occurred after? Thanks!|
I’ve been surfing online more than three hours today, yet I never found any interesting article like yours. It’s pretty worth enough for me. Personally, if all website owners and bloggers made good content as you did, the internet will be a lot more useful than ever before.
Keep working ,impressive job!
I am really inspired together with your writing skills as smartly as with the layout on your weblog. Is this a paid subject or did you modify it yourself? Either way stay up the nice high quality writing, it’s rare to see a great blog like this one nowadays..|
Heya i’m for the first time here. I found this board and I find It truly useful & it helped me out much. I hope to give something back and aid others like you aided me.