Blockchain technology has been enjoying the limelight these days, mostly due to the collaborative project by several major global banks exploring the use of the distributed public ledger in finance. While several industry players are racing to come up with a workable method to run these applications, UK startup Setl claims to have made a breakthrough in blockchain technology.
Setl is based in London and was founded by a group of hedge fund investors and trading executives just this year. It is currently in discussions with several established institutions in developing a prototype for a blockchain technology system that can be used for payments processing, comprising foreign exchange trading to consumer loans.
Blockchain Technology Protoypes
Apart from the R3 CEV collaboration among large financial institutions, online retail giant Overstock is also experimenting with the use of blockchain technology in trade settlement. Ripple Labs is also creating its own workable model of using the distributed ledger in various practical applications and is working with Westpac, ANZ, and the Commonwealth Bank of Australia.
Blockchain refers to the distributed public ledger of bitcoin transactions which is stored and updated by a vast network of computer solving complex algorithms in a process known as bitcoin mining.