Bitcoin May Not Go Mainstream, But Blockchain Will

The challenges associated with using a cryptocurrency have kept much of the public from rushing to adopt bitcoin. Issues related to trust and security have plagued the digital currency after several widely publicized scams painted bitcoin as a tool for criminal activity. However, while the general population has been slow to adopt digital currencies themselves, blockchain, the system bitcoin runs on, could have a place in everyday life.

Banks have been receptive to the possibility that blockchain could vastly improve their outdated systems.

has already jumped on board the concept by setting up a research lab in London that focuses on how blockchain can be used in banking. Now,

is similarly exploring how blockchain could revamp its business with a research team called Crypto 2.0. The Spanish bank believes there is potential for using blockchain to do things like facilitate international payments and develop smart contracts.

Head of Santander's fintech investment fund InnoVentures, Mariano Belinky told

that the bank could develop a working prototype system that would facilitate real-time international payments in a matter of months, but that it would likely take much longer to pass such a system through the financial sector's strict regulations. The bank says it would also need to partner with a few like-minded banks across the globe in order to make the new system viable, but has already been in talks with several other institutions about the possibility.