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Bitcoin Won Over Wall Street

19.12.2015   
  The majority of people till now consider Bitcoin as a digital currency suitable only for illegal money laundering, selling drugs and hacking attackers who prefer not to show their income. But this is not the case; however, these aspects of human society indeed exist. Bitcoin and blockchain technologies are considered by economists, bankers and businessmen of all levels as the strong and promising financial instrument, which undoubtedly is capable of changing or even abolishing views and structures of various fields of human activities.
As is well known, Wall Street is the place where huge amounts of money are spent, it attracts numerous resources for technologies’ development; there is no place in the world with more funds devoted to this aspect. Bitcoin is the most advanced technology. Sounds ridiculous, but it seems that Bitcoin will streamline Wall Street.
The team led by Derek White (Chief Design & Digital Officer at Barclays) work on 20 experimental projects related to blockchain technologies, which in a very real sense are capable of changing the world of finances. According to this reputable manager, this technology discovered by mankind is able to radically change available models of employment market and views of the future of the mankind. With blockchain technologies keeping a record of closed deals, as well as the methods of closing all deals related to buying assets of all kinds (shares of stock and bonds), currency exchange, etc. became much easier and faster. Moreover, without a long line of mediators and speculators, deals can be closed at lower costs.
Almost all financial institutions directed attention to blockchain technologies. Major banks create developers’ teams for designing their own autonomous systems based on cryptocurrency’s technologies. International banks arrange councils to discuss common infrastructure based on this innovative technology.
It is quite clear that that the world undergoes a financial revolution. Only a couple of years ago, when Bitcoin was discovered and began to heat the imagination of advanced financial experts as something new with unstable changeable rate and chaos around its uprising compared with Dutch tulpenmanie of 1636, no bank authorities dared to consider it as a threat to their existence.
However, the largest trap for banking institutions became the fact that all the fuss around new currency has stopped very quickly. Of course, there were far-seeing companies, such as Dell, Overstock and some others, which accepted new technology and Bitcoin as payment for their products and services, however, there were so few of them.
Today Bitcoin is considered not only as an instrument of payment for goods, but as a digital, instant and what is more important, free  transmitter of valuables across the world. This fact merits attention, especially if you own considerable assets, and mediators like PayPal or Visa charge commission fees for transactions. For average people the percentage is unpleasant but insignificant; but when the amount of commission for mediatory services carries six zeros, you would automatically get interested in new technologies.
Blockchain technology is adopted and cultivated across almost all industries. It represents a practical, transparent and quick tool for record-keeping of cash-flows with no staff costs. All work is divided between participants who control the process as well.
Music magazine Billboard has adopted digital database based on blockchain technology to follow compensation of musicians. In Vermont the authorities called for blockchain research with respect to legitimate registration within state legislation. Such examples are to be found by the score, however, the most striking instance of blockchain technology’s recognition is its recognition by Nasdaq OMX. 
Up to this day the stock issue and further stock trade was realized via paper certificates’ issue. Conclusion of deals by such an ancient way could continue for months. Exchange of the existing system for blockchain technology will boost financial activity and radically change the concept of security trading.
Appealing to investors (July 2015), Nasdaq’s CEO, Robert Greifeld, noted that blockchain technology allows market functioning to become more efficient and secure, as well as fair and transparent, which in its turn shall make a difference in common interests.
Nasdaq QMX’s IT specialists plan to complete development of blockchain-based software before the year is out, so in the nearest time we may witness a revolutionary release!