The Depository Trust and Clearing Corporation (DTCC) – a post-trade financial services company that maintains a master record for $48 trillion worth of stocks, bonds, and other assets – recently hosted the annual Fintech Symposium where cryptocurrency and blockchain took center stage.
Covering the event was Forbes, who published an article recapping the event, during which executives from Northern Trust, Fidelity Digital Assets, and Bakkt discussed the potentials of cryptocurrency and blockchain technology.
DTCC is in its final preparations for the launch of their own blockchain, which is designed to store information on $10 trillion worth of transactions annually. This distributed ledger technology (DLT) solution is of vital importance to the American finance sector, as it will contain important information about the financial markets.
As DTCC has been developing their blockchain and experimenting with the technology for some time, they kicked off the event with what seemed to be an update as to what’s possible, and what’s to come with blockchain technology.
Reading from a prepared statement, DTCC CEO Michael Bodson opened the event by stating:
“The potential of DLT is undeniable. But the question remains whether its enormous power to transform financial services will ever be fully harnessed. Personally, I have confidence in the technology, but our own experience with it reinforces that it’s going to take time and patience, and much more hard work and practice.”
Following Bodson’s opening remarks, Rob Palatnick, DTCC’s chief architect, reviewed plans to move records of $10 trillion worth of transactions annually to the DTCC blockchain. Dubbed “AxCore,” the blockchain is a fork of Ethereum designed for permissioned enterprise needs.
All in all, if this panel proved anything, it’s that enterprises are actively exploring blockchain-based solutions and discussing the potential of cryptocurrencies.
Did you attend the Fintech Symposium? When do you think we will harness the full potential of blockchain? Let us know in the comment section!
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