According to Wall Street Journal, Synchrony is the first credit-card issuer to participate in the group of more than 70 banks, vendors and other companies. The company expects to focus first on using blockchain to settle payments; furthermore, blockchain could “be a sea change” in how financial transactions are processed, according to company’s representatives.
By participating in a consortium, Synchrony Financial can help influence the development of the technology. So far, the company has not hired any software developers with specific backgrounds in blockchain but has selected technology architects from existing staff to work on the projects.
Finding blockchain experts has been difficult for financial services and other companies because there are relatively few technology professionals with deep experience with the emerging technology. Wall Street companies are vying with established and startup technology firms for such talent, prompting some to demand big compensation packages, the site continues.
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