Dozens of banks and exchanges are beginning to experiment with the technology.
Edelen, CEO of PropelGrowth
Originally developed to facilitate Bitcoin
transactions, many in financial services think blockchain or
distributed ledger technology could revolutionize transaction
processing. The ledger could make data collection faster, more
transparent and resistant to tampering.
According to Larry Tabb, "The
interest in blockchain from the financial community has been
tremendous. The thought of decentralized trust, greater
transactional transparency, an immutable transaction record,
compacted settlement periods, and the freeing up of capital as
we reduce settlement counterparty risk has many both outside
and inside the capital markets salivating."
Dozens of banks and exchanges are
beginning to experiment with the technology. More than 40
financial institutions have joined the R3
consortium to collaborate on creating standards and
developing solutions. Meanwhile, Digital Asset Holdings,
led by Blythe Masters, has raised $60M from 13 global banks
plus IBM and the Australian Stock Exchange (ASX).
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