Wednesday, August 24, 2016

"Blockchain Bastardized by Banks’ Back Office, Reports FT"--UPDATED

Update below.
Original post:

From Barron's Tech Trader Daily:
The Financial Times’s Martin Arnold and Jane Wild today report on the latest status quo embrace of blockchain, the technology for financial ledgers that used to be synonymous with the fantasy currency Bitcoin, but that has increasingly become uncoupled from the coins.

Arnold and Wild report that UBS AG (UBS), Banco Santander (SAN), Deutsche Bank (DB), and BNY Mellon (BK), “are developing uses blockchain technology to create different coins that are each directly convertible into existing currencies deposited at central banks. In essence, it is a way of putting dollars, euros and pounds on the blockchain,” citing no one in particular.

Today’s article appears to be a follow-up to a piece published late yesterday by Arnold previewing today’s announcement by the banks. In that article, Arnold wrote that the bank believe there approach “will become an industry standard to clear and settle financial trades over blockchain, the technology underpinning bitcoin.”...MORE
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