Moody’s: Blockchain Technology is ‘Creating Competitive Pressure’

A new report from Moody’s Corporation details that there are currently over 120 blockchain-related projects involving Ethereum, Hyperledger, Microsoft, Bitcoin, and R3 CEV development.

Also read: KYC Dilemma: US Secret Service Seizes $13k from Coinbase Customer

120+ Businesses are Working on Blockchain Platforms

Moodys-Corp-logoIn Moody’s latest research offering called “Credit Strategy — Blockchain Technology: Robust, Cost-effective Applications Key to Unlocking Blockchain’s Potential Credit Benefits” the company details the many advantages of distributed ledgers and how businesses may overcome challenges.

The report lists the many applications being built, which range from capital markets, trade finance, and energy to government policies, and healthcare. The credit rating agency says capital markets can be improved by “providing a shared and synchronized blockchain among participants.”

Government agencies worldwide are also interested in this emerging protocol, according to the report, which noted the People’s Bank of China (PBoC) and its investment into digital currency and blockchain applications RD. Furthermore, distributed ledgers could transform traditional markets with better efficiency and security when it comes to record keeping and a “variety of mainstream processes and regulated industries.”

Robard Williams, Senior Vice President for Moody’s, stated in the announcement:

There is significant enthusiasm for the potential

Read more ... source: TheBitcoinNews