After months of talk and hype, the world’s biggest banks have taken the first steps toward moving a significant piece of financial infrastructure onto a so-called blockchain — the technology introduced to the world by the virtual currency Bitcoin.
The company that serves as the back end for much Wall Street trading — the Depository Trust and Clearing Corporation, or D.T.C.C. — said on Monday that it would replace one of its central databases, used by the largest banks in the world, with new software inspired by Bitcoin. The organization, based in New York, plays a role in recording and reporting nearly every stock and bond trade in the United States, as well as most valuable derivatives trades.
IBM, which has been making a big push into blockchain technology, will be leading the project for the D.T.C.C. and aims to have it fully functioning by early next year.Read Complete Article