Magnetic tape looks to find a new life at banks in a cloud-based world

IBM, which recently set a new world record for tape storage, says a lot of its financial services clients use the medium for storage as its cheaper and safer than other digital storage options. Others are skeptical of tape’s long-term prospects.

First invented to record audio in the 1920s and used for storing computer data since the 1950s, the term “magnetic tape” has not been used very often within the capital markets. Bank executives, technology vendors, and their PR firms throw around industry buzz words such as “cloud,” “NoSQL databases,” and “data lakes”. But the quaint-sounding tape, is often neglected in discussions about critical financial infrastructure technologies, despite still being widely used to store data by many

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