Blythe Masters Says Forget Bitcoin, Embrace the Blockchain

Blythe Masters, chief executive officer of New York technology startup Digital Asset Holdings, doesn’t care much about bitcoin.

“I never became particularly enamored with cryptocurrency,” Masters said at the Bloomberg Markets Most Influential Summit in New York on Tuesday.

Masters is interested in the blockchain, the technology underlying bitcoin, which is at the center of much hype as well as promise for transforming Wall Street trading. Blockchain technology, a shared, cryptographically secure ledger of transactions, could save major financial institutions billions of dollars on the cost of settling trades and other financial transactions, while improving efficiency and reducing errors.

“That’s a pretty long list of positive attributes,” said Masters. Digital Asset Holdings, which she joined in March, designs software that banks, exchanges and other market players can use to make financial transactions more efficient with blockchain technology.

Financiers have begun sizing up blockchain’s potential as a tool for markets. JPMorgan Chase Co., Barclays Plc and Credit Suisse Group AG have all joined startup R3 in developing protocols for using blockchain to speed execution and settlement of trades in markets including syndicated loans and repurchase agreements. 

A recent study found 94 percent of financial services professionals surveyed on Wall Street said blockchain– also called a distributed ledger

Read more ... source: TheBitcoinNews