Problems of Wall Street's Approach Towards Blockchain Technology
Global banks, financial institutions and organizations have begun to research about the potential applications of the blockchain technology that may restructure traditional financial and banking systems. Over the last few months, multinational banks including Citibank, JPMorgan and UBS have built research teams and startup acceleration labs to acvively develop prototypes of blockchain based applications and run pilot tests on their existing platforms. UBS for example, has announced their plans to build a transaction settlement platform based on a blockchain to enable banks and financial....
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Wall Street has been embracing the latest wave of Silicon Valley financial tech at a fast rate. Over the past several months, many Wall Street Financial companies have embraced the new wave fintech enterprises with remarkable speed. The blockchain an online ledger that tracks the movement of digital currency, but it can also be used to manage, register and secure anything else that has value. Wall Street companies seem to have seen the true potential of the blockchain technology and many are now rushing to invest and develop new applications with this new technology. Jamie Dimon, JP Morgan....
Wall Street has been keeping a close eye on the evolution of distributed ledger technology in recent years. The Wall Street Blockchain Alliance, launched in 2015, announced a certification program. The primary goal is attracting Distributed Ledger Technology developers. Education is an important aspect of blockchain technology. While the possibilities of....
The Wall Street companies may soon start using blockchain technology based services provided by DTCC. Blockchain technology in banking and fintech is not a new thing. The sector has been working on implementing the distributed ledger technology into its operations for more than a year now. As they make progress, the Wall Street clearinghouse has decided to hop on the bandwagon by adopting blockchain technology. According to reports, Depository Trust and Clearing Corporation – DTCC has announced its intentions to start using Blockchain technology on a trial basis. DTCC is a leading firm....
27 years on Wall Street to Bitcoin. An increasingly common evolution for former Wall Street executives. Blythe Masters was one of the most publicized to leave Wall Street to explore digital currency and blockchain technology. If her history at JP Morgan is any sign, she might be exactly the right person to fight in favor of blockchain technology. In a recent blog post at Ounce.me called, “Blythe, Master Of The Financial-Verse,” the history of Blythe Masters is detailed. As she built JP Morgan’s commodities arm, she once said her division’s competitors are “scared shitless of us” and said....
More and more banks are trying to explore the potential applications of blockchain technology in their operations. Some say that this could reduce clearing times and costs for trades while also providing a more secure approach to record-keeping. However, most banks are traditional in their approach and have a lot of homework to do when it comes to updating their systems, let alone understanding the complex blockchain technology. For Deutsche Bank Research analyst Thomas Dapp, banks need to first solve their legacy problems before adapting to new systems. Blockchain and Legacy Problems. "I....