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.
More from this author
- Shree Sai Spaces Creations and Wasankar Wealth man...
- Stocks Are Higher Amid Massive Deal News
- What's 'hot' and what's 'not' for tech in 2017
- The Apple Store is down!
- 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...
5 signs that you are in a toxic relationships
13-yr-old Ashwini needs help to fight Cancer!
10 Ridiculously Weird Things You Can Buy Online
10 Bollywood directors who are also great actors
Help family recover from a horrific accident!
10 Bollywood actors who became superstars after flop debut