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100 banks are seeking to update their system with the blockchain technology via the bitcoin wallet Blockchain, Blockchain's CEO Peter Smith told CNBC.

 

Many of these financial institutions are tier-one banks which look for more efficient solutions for their services, Smith added. His prognosis is that the first bank will adopt the technology underpinning the digital currency bitcoin no later than in three years.

"We are doing some proof of concept with a few banks but I think it's going to be a really long road," he said. "I think the road to transformation for these big institutions is really political and I also think that (the banks') technology itself has some growth to do," he explained.

Blockchain.info founded in London in 2011 is one of the most popular bitcoin wallet providers in the world. In August 2015 the number of registered wallets reached 4 mln, leaving Coinbase behind with only 3.8 mln walles. The company currently counts over 150,000 transactions per day.

CoinFox is closely watching the growing interest of banking giants around the world to bitcoin and the blockchain technology. Last week Santander Innoventures, a $100 mln investment fund created by the Spanish bank group Santander, announced a $15,000 prize for the best blockchain banking development. The R3 global consortium of banks, which is developing blockchain framework for markets, currently includes 25 leading financial institutions.

Sonya Belova