Blockchain – Financial Markets Struggling?
At first read, this CoinDesk article implies through the quotes from the The Depository Trust & Clearing Corporation (DTCC) that held a private blockchain event in New York last week, that the financial market members are struggling to decide if and how blockchain will benefit the sector – “perfect hype storm” is an interesting comment from Barclays.
“We receive hundreds of millions of transactions every day, they go into the same exact systems, they validate within a second, it costs much less than a penny, and as [DTCC CEO] Mike [Bodson] indicated in his keynote, it runs in real-time as well. I’m not sure that is really the problem that needs addressing.”
DTCC said in a statement Tuesday that it will begin testing an application of blockchain, the digital ledger originally used to track ownership and payments of the cryptocurrency bitcoin, to help smooth over problems in the crucial but increasingly illiquid corner of short-term lending markets known as repurchase agreements, or “repos.”
I wonder if Microsoft’s Azure is going to be used by the DTCC for the repo test?