Blockchain has appeared to be in the limelight of multiple financial companies within the past year. This digital public database is redefining what is possible within the fintech ecosystem and beyond.
The reason of the focused interest towards blockchain is simple. The technology behind bitcoin is able to alter the fintech ecosystem, and change the way we perceive it. Moreover, it’s alredy transforming it worldwide.
“Exploring alternatives through blockchain makes all the sense in the world; it’s easier and faster operationally, and you get fewer mistakes,” says Daniel Pinto, head of JPMorgan’s investment bank.
The Australian Stock Exchange (ASX) is planning to develop new post-trade platforms on the blockchain technology hoping to become the first stock exchange in the world to use distributed ledger technology for public companies.
“Distributed Ledger Technology could provide a once in a generation opportunity to reduce cost, time and complexity in the post-trade environment of Australia’s equity market,” ASX Managing Director and CEO Elmer Funke Kupper said. “Moreover, it could stimulate greater innovation by ASX and other providers of services to issuers, investors and intermediaries.”
Recently, Goldman Sachs Group Inc. and IBM have joined the funding round to Digital Asset Holdings LLC increasing the final sum to $60 million. “The addition of Goldman Sachs and IBM as investors in Digital Asset will continue to help drive the global adoption of this transformative technology,” said Blythe Masters, CEO of Digital Asset in the statement.
Jerry Cuomo, IBM Fellow and Vice President, stated: “We are excited to jointly develop distributed ledger technologies that will allow our clients to transform their business, and further strengthen our partnership with Digital Asset. Blockchain holds real potential to transform a wide range of industries and IBM is committed to making it ready for business.”
Well, it’s necessary to say that blockchain is embracing more and more new fields. Some of them are likely to have the huge potential. So, UNICEF has announced the launch of its Innovation Fund that will provide financing for new startups aimed at enhancing the lives of children all over the globe. The organization has already invited blockchain startups to apply for funding. UNICEF has collected $9 million that will be used to help around 60 startups develop their projects. Each company will receive nearly $50,000.
“The purpose of the UNICEF Innovation Fund is to invest in open source technologies for children. We’ll be identifying opportunities from countries around the world including some that may not see a lot of capital investment in technology start-ups. We are hoping to identify communities of problem-solvers and help them develop simple solutions to some of the most pressing problems facing children,” said Christopher Fabian, UNICEF Innovation Co-Lead.