Wall Street Revolution
Who would have thought that a highly conservative Wall Street would normally be the place where the horror of new technologies would turn out to be a panic attempt to get them.
The WS bombers scared the blocker. And now they're trying to play ahead, intending to build a single transaction validation system for all market participants, writing Wired.
Criptoacic effects
There are few cases on Wall Street without mediation. The transactions are regulated, confirmed and accompanied by specialized firms. The largest is Depository Trust & Clearing Corporation or DTCC. It is from the mouth of her leadership for the first time among the large “permanents” Wall Street called for a unit to create a single saft based on blocks.
The reason for this was sensational Overstock, an online relayer, the world ' s first company to quote IPO with digital securities. Overstock operates on the basis of the blocker technology. In other words, information on securities, as well as the act of transfer of ownership, is recorded in a secure public registry box.
How does the blockage work? Each subsequent transaction is recorded in a block that stores information on previous transactions with specific securities. Any other repetition of these documents is ignored by the system, as they already appear in a specific unit. So the reliability of the transaction can be checked mathematically, there can be no more blocks in the chain than the transaction. Information in individual blocks cannot be edited, it is protected by cryptographic keys of access. And it's just impractical, you need to change all the information blocks. One or more keys of access will not be enough.
Such a system is based on Bitcoin and others crypt. At the end of last year, Overstock received authorization from the US Securities and Exchange Commission of the SEC on the issue of cryptos. The Ritailor ' s leadership then announced its intention to establish a block-based system of " alternative Trading System " or ATS. It should work under SEC rules.
On the market, it became a real sensation, which caused a crystally clean terror in companies like DTCC. If the block enters Wall Street, there will be no need for brokering transactions.
DTCC got it. If she doesn't try to hand it over, the locker makes it safe for herself and controlled, someone else will. And it will destroy the traditional Wall Street with thousands of successful intermediaries now.
