DTCC Open to Business Model Changes in Face of Blockchain Disruption
The company that last year processed $1.6 quadrillion in securities has a lot to lose if it is cut out of the financial food chain. As a result, the Depository Trade & Clearing Corporation (DTCC) has been working diligently for the past several months to position itself at the center of a wide-range of experiments other companies are conducting with blockchain technology. Instead of fighting against the distributed ledger technology popularized by bitcoin, the DTCC has embraced the new tool and is doing what it can to help define the future architecture of the industry, even if that....
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In a letter to shareholders, the chief executive of major US clearinghouse DTCC wrote that the company seeks to be "at the forefront" of the development of blockchain and distributed ledger applications in the finance space. President and CEO Michael Bodson wrote in the letter that the company – which recently held a symposium on the technology and is working with industry startup Digital Asset Holdings on a post-trade blockchain trial – wants to play an active role in the exploration and adoption of the technology. Under a subsection entitled "Embracing Disruption",....
Trade settlement giant DTCC has released a new report that recommends industry stakeholders experiment with blockchain implementations while cautioning against the growing hype surrounding the technology. DTCC released its report more than a month after the firm announced its participation in an effort led by the Linux Foundation to develop an open-source blockchain initiative called the Open Ledger Project. The report, entitled "Embracing Disruption: Tapping the Potential of Distributed Ledgers to Improve the Post-Trade Landscape", offers a tempered endorsement of the technology....
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,....
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....
A blockchain-focused panel at Finnovasia yesterday drew so many interested FinTech professionals extra chairs needed to be brought into the auditorium. The panel session at the Hong Kong conference centered on how blockchain is changing banking in Asia, with the audience there to hear insights from UBS Asia-Pacific CTO Peter Stephens. BitSpark CEO George Harrap; and ANX CTO Hugh Madden, among other industry participants. Amongst the assembled panelists it was perhaps Stephens that drew the most attention from Finnovasia's attendees for his insights into how the financial services firm is....