More implausible than just about any other "blockchained banking" story. Same takehome: why?
A real blockchain enforces the validity of transactions, and the Forex market is the biggest (i.e. trade volumes) market in finance bar none (well, except the derivatives that represent multiple factors more money than exists. Yet. IRL lol). Why would the most fraudulent industry in the world, led by the fraudsters in chief Goldman Sachs, be interested in cleaning up their act, in their biggest business area? They made huge amounts of their money precisely because record keeping or statistics are so easily manipulated or distorted, it's a major part of their business model.
When lying and cheating are your raison d'etre, why would you want to suddenly start using a system that only tells the truth?
Topic: [2016-09-15]Goldman Sachs Files Patent for Blockchain-based Forex Trading (Read 316 times)
September 15, 2016, 01:35:37 PM
September 15, 2016, 12:18:39 PM
Vampire Squid making inroads, eh?
Maybe when all the derivatives collapse they'll have bigger things on their agenda than screwing around with "blockchain" walled-garden solutions.
Maybe when all the derivatives collapse they'll have bigger things on their agenda than screwing around with "blockchain" walled-garden solutions.
September 15, 2016, 12:00:34 PM
"By using such a private blockchain, Goldman Sachs is looking to venture into the world of foreign exchange. Or that is what their patent filing seems to indicate, as they will use a distributed ledger to process financial transactions. These transactions are all related to foreign exchange transfers, as mentioned in claims number 5 on the form.
It makes a lot of sense to use blockchain technology for foreign exchange. Trading currencies in its current form are both slow and costly, with a lot of middlemen involved. By using distributed ledgers, those middlemen can be removed from the transaction, increasing its efficiency and lowering the costs.
At the same time, the patent filing also mentions how the blockchain remains a risk factor. With its unprecedented transparency, anyone can see forex trades taking place in real-time. This explains the decision to use a private blockchain, as only eligible parties will see specific details of a transaction.
Moreover, private blockchains are a lot easier to manage when it comes to regulation. Conducting KYC and AL procedures on an immutable record is very straightforward. Additionally, regulators would be given access to this ledger at any given time, removing any friction associated with the process.
The big question is whether or not patents have a rightful place in the blockchain world. It makes sense interested players do not want their competitors to find out how the new platform works. But that doesn’t mean no one should be able to use it unless it involves some secret proprietary Goldman Sachs technology."
It makes a lot of sense to use blockchain technology for foreign exchange. Trading currencies in its current form are both slow and costly, with a lot of middlemen involved. By using distributed ledgers, those middlemen can be removed from the transaction, increasing its efficiency and lowering the costs.
At the same time, the patent filing also mentions how the blockchain remains a risk factor. With its unprecedented transparency, anyone can see forex trades taking place in real-time. This explains the decision to use a private blockchain, as only eligible parties will see specific details of a transaction.
Moreover, private blockchains are a lot easier to manage when it comes to regulation. Conducting KYC and AL procedures on an immutable record is very straightforward. Additionally, regulators would be given access to this ledger at any given time, removing any friction associated with the process.
The big question is whether or not patents have a rightful place in the blockchain world. It makes sense interested players do not want their competitors to find out how the new platform works. But that doesn’t mean no one should be able to use it unless it involves some secret proprietary Goldman Sachs technology."
September 15, 2016, 07:56:09 AM
Goldman Sachs Files Patent for Blockchain-based Forex Trading
Goldman Sachs is quite an intriguing financial institution. Even though they rejected Bitcoin and its technology for some time, they now want to go all-in on the blockchain. A new patent filing goes to show the group is working on blockchain-based forex trading. Quite an interesting development, although patenting it may not be the right course of action...
http://www.newsbtc.com/2016/09/15/goldman-sachs-files-patent-blockchain-based-forex-trading/
Goldman Sachs is quite an intriguing financial institution. Even though they rejected Bitcoin and its technology for some time, they now want to go all-in on the blockchain. A new patent filing goes to show the group is working on blockchain-based forex trading. Quite an interesting development, although patenting it may not be the right course of action...
http://www.newsbtc.com/2016/09/15/goldman-sachs-files-patent-blockchain-based-forex-trading/
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