There is a 'game changer' technology on Wall Street and people keep confusing it with bitcoin
Autonomous Research
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.
- RBI Governor Das discusses ways to scale up UPI ecosystem with stakeholders
- People find ChatGPT to have a better moral compass than real humans, study reveals
- TVS Motor Company net profit rises 15% to ₹387 crore in March quarter
- Canara Bank Q4 profit rises 18% to ₹3,757 crore
- Indegene IPO allotment – How to check allotment, GMP, listing date and more