Blockchains are ledgers (like Excel spreadsheets), but they accept inputs from lots of different parties. The ledger can only be changed when there is a consensus among the group. That makes them more secure, and it means there's no need for a central authority to approve transactions.
Blockchains control information and avoid duplication.
There's no need for a centralized authority to validate transactions when multiple banks, asset managers, or custodians can agree and validate them instead.
When blockchain transactions take place, smart contracts automatically execute themselves.
next slide will load in 15 secondsSkip AdSkip AdWhat does it really mean for Wall Street? It could eliminate back office costs — and jobs.
And it could create a huge amount of value for the top Wall Street banks. That's why they're so interested in the technology.
Here are some helpful definitions.