[2015-09-01] Bloomberg:Blythe Masters : "Blockchain Changes Everything"

RustyNomad

sr. member

Activity: 336

Merit: 251

At least one positive for bitcoin.

Quote

Masters plans to offer banks and other financial players both options: Digital Asset is creating an off-the-shelf private blockchain product and developing ways to connect its customers to the existing bitcoin system.

Most are just looking at the blockchain or rather creating their own in-house blockchains. Hopefully her work in this area will give bitcoin a boost with all the financial institutions.

aso118

legendary

Activity: 1918

Merit: 1012

★Nitrogensports.eu★

This could be big. If banks and financial institutions actually start using Bitcoin (rather than try to get their own blockchain), the price of Bitcoin could skyrocket. In the end, it depends on how open banks are.

Beefcake

full member

Activity: 279

Merit: 132

Beefcake!!!

I keep seeing stories like this. It is coming, the major barrier to wider adoption is price volatility. Think about it, if I just bought btc at 250, take a week to shop for anew laptop, and now they are worth 215, that is a problem.

We will not see wider adoption until the price is stable.

Denker

legendary

Activity: 1442

Merit: 1016

http://www.bloomberg.com/news/features/2015-09-01/blythe-masters-tells-banks-the-blockchain-changes-everything

Quote

Masters is betting that the blockchain, the breakthrough that permits people to buy and sell bitcoins without the need for an intermediary, can be used to streamline all manner of financial transactions. A June report backed by Santander InnoVentures, the Spanish bank’s fintech investment fund, estimated the blockchain could save lenders up to $20 billion annually in settlement, regulatory, and cross-border payment costs.

“You have front-end systems trading at warp speed, and nanoseconds of competitive advantage are being extracted, and yet the back end of Wall Street hasn’t been fundamentally overhauled in decades,” Masters says in an interview at her offices in Manhattan’s Flatiron District. “Firms are dealing with greater requirements for reporting, transparency, and dissemination of data. Costs have gone up and revenues have gone down. This technology really gets to the core of all those issues.”

By contrast, Ripple Labs, another San Francisco company, runs a self-contained network for financial institutions that doesn’t rely on bitcoin at all. Masters plans to offer banks and other financial players both options: Digital Asset is creating an off-the-shelf private blockchain product and developing ways to connect its customers to the existing bitcoin system.

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