The Depository Trust & Clearing Corporation (DTCC), the post-trade clearing and settlement service that powers every single trade in the $22 trillion U.S. stock market has called for an industry-wide collaboration to adopt blockchain technology.A new white paper issued by the DTCC has called for a coordinated effort among the financial industry to realize a “once-in-a-generation opportunity” to modernize and empower its infrastructure with blockchain innovation, the technology that powers the cryptocurrency Bitcoin.
The white paper notes that while today’s systems used by financial markets have a proven track record of providing stability, reliability and certainty, they aren’t equipped for round-the-year processing and are ‘quite complex and siloed’
In a statement via a press release, president and CEO of DTCC, Michael Bodson said:
The industry has a once-in-a-generation opportunity to reimagine and modernize its infrastructure to resolve long-standing operational challenges.
To realize the potential of distributed ledger technology in a responsible manner and to avoid a disconnected maze of siloed solutions, the industry must work together in a coordinated fashion.
https://www.cryptocoinsnews.com/wall-streets-settling-house-points-industry-toward-the-bitcoin-blockchain/
