The mainstreaming of bitcoin tech continues. Nearly 500 suit-clad Wall Streeters, regulators, professors, and tech execs gathered at the Depository Trust & Clearing Corp.’s attended first ever single-issue public symposium, on blockchain, Tuesday in midtown Manhattan. Earlier Tuesday DTCC, the bank-owned utility for settling trades, also announced its first test of an application of blockchain, for repo trades. Matt Harris, of Bain Capital Ventures, said he had never seen such high-powered talent drawn to back end of bank technology in his 20 years in the space. DTCC estimated that $500 million has been invested by VCs and banks in blockchain, which is touted to be a way to slash costs settling trades by creating one shared record protected by cryptography. Barclays PLC tech executive Lee Braine cautioned that a “perfect hype storm” had evolved. Still, the potential for big cost savings versus current systems stirs Wall Street’s passions. IBM’s Jerry Cuomo said his firm was using blockchain to try to reduce the 40% of its $44 billion in financing provided to customers that is tied up in disputes.
Wall Street goes big on Bitcoin tech
More of Today's Solutions
How this city in Illinois plans to stop homelessness by the end of the year
Less than a decade ago, more than 700 people were homeless in the small, 150,000 person city of Rockford, Illinois, about 90 miles northwest ...
Read MoreThis map shows what Indigenous land you live on
If you’ve attended a virtual lecture or presentation lately you may have noticed that the speakers initiated the event with an acknowledgment of which ...
Read MoreMore on beavers and rewilding
We decided to dust off and update this innovative solution to restoring habitats with the most industrious aquatic mammal: beavers. At The Optimist Daily, ...
Read More9 driving changes you can make to save more and burn less
Gas prices keep going up. While many of us can’t yet afford an electric vehicle, and we still need to get places, there are ...
Read More
