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I've heard that blockchain technology has been used extensively by financial institutions when making international transactions to eachother, with speed and transparency and cryptographic security being financial incentives. How could the same practice be used profitably by countries/states, nations, or individuals, not just banks?

For instance, could the UK avoid tariffs on trade with EU countries after Brexit by trading with a "tangle" technology pegged to gold?

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Ripple is not used by financial institutions. Some banks have signed up for a pilot of the blockchain technology offered by the same company, but they are not using nor have any incentive to use the crypto currency.

Blockchain technology could improve the speed and transparency of international bank transfers.

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  • $\begingroup$ Thank you @jaamor, though what I meant to write is they use the ripple blockchain, and what they use as currency is obviously not fiat. sorry but I've edited my question BTW is a bank not a financial instttn? $\endgroup$ – Glint May 23 '18 at 1:10
  • $\begingroup$ Banks are FIs. From my understanding blockchain use is mostly in proof of concept stage rather than mainstream adoption right now. $\endgroup$ – jaamor May 23 '18 at 20:12

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