Bitcoin and How Crypto will Transform the Financial World
On January 13, 2021, the US Office of the Comptroller of the Currency (OCC) announced that it had given conditional approval to Anchorage Trust Company, a chartered trust firm, to become Anchorage Digital Bank. This has made Anchorage the first cryptocurrency services provider to have received the national bank charter in the United States. The […]
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Who really understands what a blockchain is? Could you explain it to your mother? Chain CEO Adam Ludwin got down to fundamentals yesterday, as he explained his company’s intention to transform financial services by digitizing already-existing assets. Ludwin spoke on a Tuesday afternoon panel with at the Money 20/20 Conference in Las Vegas. Blockchains Transform Finance From the Bottom Up. Assets including U.S. dollars and Starbucks points could move on blockchains with greater efficiency and security, he said. “A blockchain is actually a new type of database,” he said, adding that it’s a....
To use radical new technology effectively, you have to be radical – otherwise, all you end up with is a retro-fitted version of the present system. The benefits of the new technology are watered down or overwhelmed by the need to maintain the practices associated with the old system – many of which only exist precisely because of its inefficiencies. The new technology can even seem less efficient than the old one, simply because it isn't designed for use with processes from the past. Blockchain and distributed ledger technology are radical. Together, they could transform the way finance....
Now that blockchain technology has been gaining more traction in terms of its practical applications, many experts have already commented on how it could transform the financial industry. Former JPMorgan executive Blythe Masters, who is now the CEO of blockchain technology firm Digital Asset Holdings, said that this could be used to help financial services institutions improve customer service. Masters also said that the first major application of blockchain could be in post-trade processing rather than payments, which has been mostly the realm of the cryptocurrency bitcoin. She added that....
PayPal CEO Dan Schulman has doubled down on his bullish stand on Bitcoin, crypto, and its underlying technology. In a recent interview with CTech, the executive talked about the future of finance, digital assets, and how the two will merge in the next era of the digital economy. Related Reading | Paypal Wants Its Own […]
Greg Medcraft, Chairman, Australian Securities and Investments Commission (ASIC) in a speech at Carnegie Mellon University underlined the importance of blockchain and how they can transform the capital market. In the speech, he cited four main points that he said, proved that blockchain has the capacity to help transform the capital market. Continuing in the same vein, the Chairman said that blockchain stands for efficiency and speed and has in it the potential to automate the financial system which will cut down the time duration that is needed for transactions. Secondly, he mentioned....