London Stock Exchange to start using blockchain
“London’s Stock Exchange is set to start using blockchain to improve transparency for shareholding information among unlisted businesses,” ITProPortal reports. This new use of blockchain is being implemented with the hopes of achieving a higher level of confidentiality and security for users that traditional exchange methods cannot offer.
Applying blockchain technology could slash $40 billion in costs for financial services: BIS research
Because of blockchain technology’s ability to act as a middleman and increase efficiency, it is predicted to lead to financial institutions saving over $40 billion per year in infrastructure, IT, operational, and third-party fee and administrative personnel costs, reports Shazlie Khan, an analyst at BIS Research. A data report on the effects of the use of a blockchain system concludes that “Blockchain presents the potential to revolutionize the pre-existing legacy systems by eliminating third-party intermediaries, creating transparency, streamlining due processes, and providing protection from malicious attacks, thereby enabling large internal and external cost savings.”
