Nine of the World’s renowned Banks, including JPMorgan, Royal Bank of Scotland, Goldman Sachs and Barclays, are collaborating with New York-based financial tech firm R3 to create a new framework based on Bitcoin’s blockchain. The Banks are planning to develop and implement a. blockchain-like Technology where distributed/shared ledger standards are going to replace (for better, of course) the current ledger transactions. The Existing Infrastructure used by Financial institutions like Banks is Archaic, Slow, and Costly, with hardly any innovation in the past three decades.
Source: https://thehackernews.com/2015/09/bitcoin-blockchain.html