There is a 'game changer' technology on Wall Street and people keep confusing it with bitcoin
Goldman Sachs says the technology "has the potential to redefine transactions" and can change "everything."
JPMorgan last month announced it was launching a trial project with the blockchain startup led by its former executive, Blythe Masters. Her company, Digital Asset Holdings, has secured funding from Goldman, Citi, ICAP, and a boatload of other financial firms.
If you're wondering what a blockchain actually is, or how its works, you're not alone. Autonomous Research, which calls the technology a "game changer," has released a report to answer all of your blockchain questions.
The important thing to understand is that it has nothing to do with bitcoin - at least for Wall Street's purposes. Blockchain is the technology behind bitcoin, but it has many other uses too.
Wall Street wants to use blockchains to simplify the way it processes transactions.
That may not sound very exciting, but if it works, it could eliminate back office jobs and costs. So it's worth paying attention to - especially if you're one of the thousands of people who work in bank back offices.
Here's how it works.
HP Elite Lounge
More from this author
- Shree Sai Spaces Creations and Wasankar Wealth man...
- Stocks Are Higher Amid Massive Deal News
- Apple Shares Up More Than 2% As iPhone Announcemen...
- More than 1 million people now pay for Tinder's pr...
- SBI cleans up its balance sheets by writing off lo...
- Thanks to her mom, 3-year-old London Scout is Inst...
- Two former Apple and LloydsPharmacy execs have lau...
The route NRIs take to profit via real estate
Let’s play, winners every day!
Crowdfunding in India’s booming property market
10 Hollywood Stars You Didn't Know Were Lesbian
Top Celeb Daily
The Amazing Story Behind Your Last Name. It Will Shock You
Taylor Swift's Outfits Leaves You To Your Imagination