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
Overthinking is a learned habit, and therapists say you can unlearn it
BY THE OPTIMIST DAILY EDITORIAL TEAM "Just stop overthinking" is advice that tells you nothing useful about how to actually follow it. The mind ...
Read MoreA single dose of psilocybin gave smokers six times better odds of quitting th...
BY THE OPTIMIST DAILY EDITORIAL TEAM A new clinical trial from Johns Hopkins University produced results that surprised even the researchers behind it. Participants who ...
Read MoreRusty social skills? 5 ways to reconnect with socialization
Now that there are more opportunities to go out and socialize, you may be experiencing some mixed emotions regarding social events. You may have ...
Read MoreAI-powered blood test shows promise in early breast cancer detection
BY THE OPTIMIST DAILY EDITORIAL TEAM Early detection of breast cancer dramatically increases survival rates, but identifying the disease in its earliest stages remains ...
Read More
