Welcome to the brave new world of enterprise blockchain, where corporations are embracing the technology underlying cryptocurrencies like bitcoin and using it to speed up business processes Blockchain50
O
According to Rob Palatnick, DTCC’s chief technology architect, the warehouse already keeps an electronic “golden record” of events such as maturity dates, payment calculations and other activities needed to clear and settle these securities daily. But each participant in a complicated credit derivatives transaction also keeps its own records, which must in turn be reconciled multiple times before the investment matures.
Welcome to the brave new world of enterprise blockchain, where corporations are embracing the technology underlying cryptocurrencies like bitcoin and using it to speed up business processes, increase transparency and potentially save billions of dollars. At its core, blockchain is simply a distributed database, with an identical copy stored on many computers. That facilitates transactions between individuals that don’t know or trust each other.
“The era of blockchain tourism has ended,” says Bridget van Kralingen, Senior Vice President for Platforms & Blockchain. “We’ve really seen blockchain move from being overshadowed by cryptocurrency to focus on real business problems and complex processes.”n 2009, when Satoshi Nakamoto, bitcoin’s pseudonymous creator, activated his network, its blockchain was the underlying accounting system that let anyone with bitcoin transfer money without the need of a middleman.
The project was called Hyperledger, and thanks in part to Masters’ connections, its backers read like a who’s who of finance and technology. Thirty companies are listed as founders, including ABN AMRO, Accenture, Cisco, CME Group, IBM, Intel, JPMorgan Chase, NEC, State Street, VMware and Wells Fargo. Hyperledger immediately established itself as the gold standard for corporate blockchain projects.
As the commercial potential of co-opting blockchain technology became more apparent, many cryptocurrency startups began to rethink their models. The French bank BNP Paribas, which has lent money to commodities traders since the 19th century, is considering using a ledger platform called Voltron to process letters of credit for traders. Northern Trust has begun administering private equity funds using Hyperledger Fabric. Broadridge Financial has been running pilots testing multiple distributed ledgers for its dominant proxy voting and shareholder communications business.
At this year’s SXSW conference in Austin, Texas, Bumble Bee unveiled an SAP-built supply-chain blockchain offering complete transparency to its customers. Soon you will no longer have to take Bumble Bee’s word for it when its assures you that the 12-ounce package of yellowfin tuna you just bought was caught by individual fishermen in the South Pacific and not by a factory ship.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Blockchain Goes To WorkCryptocurrencies may be in the depths of winter, but it’s early spring for new business applications using the technology underlying bitcoin. From eliminating paperwork, to monitoring hamburger patties the anti-establishment software is being welcomed in the executive suite.
Read more »
Blockchain Goes To WorkCryptocurrencies may be in the depths of winter, but it’s early spring for new business applications using the technology underlying bitcoin. From eliminating paperwork, to monitoring hamburger patties the anti-establishment software is being welcomed in the executive suite.
Read more »
97-year-old country lawyer still goes to work every dayWorld War II veteran James L. Bass Jr. says his job gives him purpose and focus: “When night comes, I know I put a day’s work in, and I can sleep well.”
Read more »
Like fake news, vote-buying goes online in IndonesiaElection watchdogs warn against ‘anti-democratic’ forces hijacking technology to subvert people’s will in April 17 polls
Read more »
Economy, conservative Islam in spotlight as Indonesia goes to the pollsIndonesians voted on Wednesday to pick a new president and parliament after a si...
Read more »
Stocks trade mostly higher as investors digest deluge of earningsU.S. stocks trade mostly higher Thursday as investors continued to analyze the flow of corporate earnings and a series of conflicting economic reports.
Read more »
Buttigieg goes from cordial to critical of Pence on campaignWASHINGTON (AP) — On the campaign trail, Democratic presidential contender Pete Buttigieg blasts Vice President Mike Pence's cultural and religious conservatism. But as the mayor of Indiana's fourth largest city, his tone toward the state's Republican former governor was more muted.
Read more »
Pentagon transgender ban goes into effectThe Pentagon's controversial policy banning transgender recruits from joining the military went into effect on Friday.
Read more »