The financial services industry relies upon central authorities to connect nodes and establish rules. Costly legacy systems and large rosters of employees record transactions and monitor workflow. In
an increasingly “real-time” world, transaction settlement times extend into the days and sometimes
the weeks. Blockchain could simplify much of the financial system – eliminating costs and risks.
THE ABCs OF BLOCKCHAIN
A blockchain is a shared, decentralized, secure database. The technology originally underpinned virtual currency Bitcoin, which illustrated the power of connecting nodes without a central authority.
Shared ledgers aren’t new, but the concept of immutable entries has been made a reality by the
use of cryptography and increased computer processing power.