Bitcoin technology is heating up with big banks, exchanges and startups exploring how to use Bitcoin blockchain technology. NASDAQ is running a project using blockchain technology for private stock exchanges. Banks are getting together with the help of such startups like R3CEV to collaborate using blockchain technology to trade syndicated loans and corporate bonds. The foreign exchange market is also investigating ways to use blockchains to keep track of the $3 trillion traded daily.
The music industry, perhaps after learning lessons in disruptive technology starting with Napster, is looking at using blockchains for an artist equity trading system. PeerTracks is getting ready for their beta launch offering streaming music that will be free and likely a lot more fun than trading corporate bonds. The question is will it be profitable and for who?
Although the concept is the same including peer to peer networks with no central authority, the financial industry refers to the blockchain in more staid terms as a distributed ledger. Is the use of Bitcoin technology in other industries a good thing or a bad thing? How will the technology evolve with large financial institutions adapting Bitcoin technology for their own profit? Will we even know?
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