[2016-10-07] Moneycontrol: Blockchain promises to transform clearing and settlem

[polynesia]

Blockchain promises to transform clearing and settlement process

http://www.moneycontrol.com/news/business/blockchain-promises-to-transform-clearingsettlement-process_7359061.html

The advent of blockchain, the technology that powers digital currencies such as bitcoin, has been met by the financial industry with perceptions of being both a threat and an opportunity.

At core, a blockchain is a software that maintains a decentralized public ledger that records transactions and ownership of cryptocurrency. The way a digital currency such as bitcoin works is each transaction is recorded as a verifiable ledger -- a 'block' in the chain of entries.