“Swiss banking giant UBS is to open a technology lab in London to explore how blockchain technology can be used in financial services.
The lab, set to open this month and occupy a dozen desks at Canary Wharf-based fintech accelerator space Level39 – a hub in London for financial technology startups– will bring together technology experts from the bank and the wider fintech community, UBS said.
Lab members and invited guests will experiment with how blockchain — the underlying technology behind bitcoin — can be adapted to process a wide range of financial transactions in a more efficient and cost-effective way, the bank said.
The lab will aim to develop new technologies that deal with industry-wide issues, such as the need to manage and analyze vast amounts of data, or better evaluate risk.”
Source: UBS to Open Blockchain Research Lab in London – Digits – WSJ
