DTCC Adopts Blockchain Technology

After months of speculation, the world's biggest banks have come together, under the umbrella of the Depository Trust and Clearing Corporation (DTCC) to embrace blockchain, the New York Times reports

The DTCC, working along with IBM, hopes to have the project fully functioning by early 2018 and the CEO of DTCC, Michael C. Bodson, sees this as "a real tangible step in what could be a very different future for Wall Street."

The blockchain technology to be used by the DTCC will differ from that of bitcoin. Rather than being open to the general public, the DTCC distributed ledger will only open to invited participants. The new ledger is slated to replace an existing database that records every credit default swap trade that comes through the DTCC.

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