Mastering Financial Services: R3’s New Distributed Ledger Tech

By April 8, 2016Bitcoin Business

Seeking to spur the adoption of distributed ledger technologies in financial systems , R3 and Microsoft start a strategic partnership .

We live in the era of digital transformation, when technologies are being introduced to various spheres of our lives, with the main goal being to radically improve our experiences. Aspiring to tame the digital transformation process which brings new challenges along with new opportunities, our primary goal is to develop and introduce new approaches to utilize this process to the maximum. Blockchain technology: Bringing the world of finance into the modern world

Sometimes, it’s not only about the technology itself, but also about the navigating the changing digital landscape.

To succeed in the process of digital transformation, partners are called on to build a trusted and collaborative network. This especially concerns highly regulated industries with big money and sensitive information at stake.

The way the software behind Bitcoin verifies and logs transactions is one of the key aspects that sparked interest in the use of blockchains by banking and financial institutions.

Every transaction is recorded in a public ledger, which is maintained by a network of computers around the world. Transactions are then verified by a cryptographic software ensuring the integrity and sustainability of history records. What is there for banking and financial institutions?

Banks want their blockchains to store not only transaction history of cryptocurrency , but other kinds of records, including transactions in conventional financial assets , such as currencies, bonds , or derivatives.

Besides, banks are seeking to explore the concept of “smart contracts”, in which updates to a blockchain can be added by simple computer programs, which for instance make possible to automatically payout when a particular transaction occurs.Banks also want to be sure that all data is stored safely, and the whole system is characterized by the highest […]

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