Wall Street’s Settling House Points Industry toward the Bitcoin Blockchain

The Depository Trust & Clearing Corporation (DTCC), the post-trade clearing and settlement service that powers every single trade in the $22 trillion U. S. stock market has called for an industry-wide collaboration to adopt blockchain technology.
A new white paper issued by the DTCC has called for a coordinated effort among the financial industry to realize a ‘once-in-a-generation opportunity’ to modernize and empower its infrastructure with blockchain innovation, the technology that powers the cryptocurrency Bitcoin.
The paper, titled ‘Embracing Disruption – Tapping the Potential of Distributed Ledgers to Improve the Post-Trade Landscape’ can be downloaded here. [PDF] The white paper notes that while today’s systems used by financial markets have a proven track record of providing stability, reliability and certainty, they aren’t equipped for round-the-year processing and are ‘quite complex and siloed’.
In a statement via a press release, president and CEO of DTCC, Michael Bodson said:
The industry has a once-in-a-generation opportunity to reimagine and modernize its infrastructure to resolve long-standing operational challenges.

This post was published at Crypto Coins News on 25/01/2016.