Since the revelation that Bitcoin was more than just something that was used on the darknet markets, interest has steadily been growing in Bitcoin and cryptocurrencies. A narrative has emerged where the block chain itself is the only value of the Bitcoin project. Many feel this is a dismissive and misunderstanding way to view the technology while others figure it doesn't matter how their interest in Bitcoin manifests, so long as it does.
A distributed, transparent ledger would certainly help an organization like the Nasdaq. It would aid in the settlement of trades, and it could help regulators keep an eye on the exchange. This would be an important new element for regulators, and both parties would likely appreciate it. For now, only the Nasdaq Private Shares market will be making use of the partnership with Chain, for companies that trade on it.
They'll be using technology designed specifically to avoid the need of banks. When banks start using this technology, it'll be even more interesting. The very systems that Bitcoin was designed to subvert now see value in it, and may derive value from it. Legitimately, there's no reason to stop them. After all, using a decentralized, transparent ledger would aid everyone who uses and works for a bank. There'd be a lot less room for error and more room for scrutiny.
Chain CEO Admin Ludwin said to Reuters:
We would rather have the block chain manage our shares than our lawyers - and God bless them, we love them, but they're expensive - and I am sick of poking around Excel trying to figure out who owns what.
What do you think? Is it good that traditional financial companies are now interested in Bitcoin technologies? Comment below and share above!
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