Post-Trade Giant NSD: Blockchain 'Useless' If Not Legally Binding
After nearly two years of experimenting with blockchain, the National Settlement Depository (NSD), Russia's central securities depository, believes it now knows what incumbents must do to reap benefits from the tech. The largest securities depository in Russia, the NSD has found that there are only a few cases where blockchain solutions can provide benefits over centralized alternatives, and that there are two criteria it uses for determining a 'good' distributed ledger use case. According to the NSD's director of innovation, Artem Duvanov, the first is that blockchains should only be used....
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The Blockchain creates and records all digital currency transactions using mathematics. The Bitcoin blockchain uses the computing power on Earth to solve these math problems that confirm transactions made using the digital currency Bitcoin. As many are familiar with the cryptocurrency Bitcoin, many people still don't understand blockchain's other uses. The blockchain saves aspects of each transaction made using the currency; small transactions can be made in which information is stored. This allows for the possibility of signing and permanently recording legally binding documents.....
Modern scholars agree that one of the earliest systems of writing appeared in Sumer in the late 4th millennium BC as a way to keep account of inventories and record transactions. Humanity sure has come a long way from signing records on clay tablets. Now a new service called Blocksign allows anyone to sign legally binding documents and preserve records on the blockchain. This technology is very disruptive and has the potential to render notaries and other record keeping industries – obsolete. Blocksign is a service that lets people digitally sign legally binding documents and preserve a....
Post-trade financial services giant DTCC has announced it is to host a blockchain event next month in New York City. Called the Blockchain Symposium, the day-long event will explore the business applications of blockchain technology for financial market infrastructures and the industry. The firm told CoinDesk in an email: “The aim of the program is to cut through the hype, discuss collaboration and use cases, and imagine what innovations the future may bring.” The 29th March event will feature Blythe Masters, CEO of blockchain startup Digital Asset Holdings, and J Christopher Giancarlo,....
Metaverse use case growth is on the rise around the globe as of now. For example, the UAE previously made it possible to legally binding documents in a virtual space, and many others, like Apple, have been building their own metaverse strategy. In this slew, Japan builds a metaverse-based educational and therapeutic process to encourage […]
Blockchain technology has the potential to drastically change the way business is done, mainly in accounting and contracts. Large businesses make contracts on a daily basis. Contract law is a wide field of study and essential to understanding how to run a successful business. What happens if the other party breaches a contract? Does a contract need to be in writing to be legally binding? These are things business owners and decision makers need to know. Smart assets are not widely used in modern business, but the benefits of integrating them greatly exceed the low cost of implementing....