[2016-10-04] Moneycontrol: How blockchain can transform finance

How blockchain can transform finance, even eliminate jobs

http://www.moneycontrol.com/news/business/how-blockchain-can-transform-finance-even-eliminate-jobs_7561441.html

One of the most exciting developments in the world of finance is the advent of cryptocurrencies such as bitcoin. These are digital currency that operates without central supervision and promise to change the way payments are made in the future. But the technology underpinning digital currencies, blockchain, has the potential to transform several aspects of the financial industry -- one of the being how brokerages carry out the clearing and settlement process for trades.

Currently, hundreds of thousands of people across the world -- many based out of India -- are employed in back offices where they verify, match and settle trades carried out across financial markets and asset classes in a timely manner. Using blockchain, this job can be done with far less people.