Blockchain Weekly Recap 12-5-2015
Goldman Sachs Report Assesses Blockchain Strengths and Weaknesses
A new document from Goldman Sachs offers the bank’s latest assessment of the blockchain and its potential benefits for the financial sector. The paper was provided to the bank’s clients Wednesday, and asserts that the distributed ledger technology that empowers digital currencies such as Bitcoin and DNotes has the potential to usher in fundamental changes in just about every area of society.
The author focused much of his praise on the technology’s ability to eliminate middlemen through decentralization, provide greater transaction security, and lower costs. He also emphasized that the blockchain reduces risk and provides the type of real-time cost feedback that is often lacking with current systems. The report selected several case examples to demonstrate how this technology could improve operations in everything from document and regulatory management to the maintenance of asset records, certifications, and academic credentials.
While the document paints a generally favorable picture of blockchain’s potential benefits, it does target perceived weaknesses as well. For example, the scalability issue is discussed, with particular emphasis on how the blockchain’s current transaction speed limitations suffer in comparison to many of the systems currently in use. In addition, the report also takes aim at Bitcoin itself by declaring that the blockchain can exist without the digital currency.
CFTC Commissioner Suggests Blockchain Could Put Jobs at Risk
According to one Commodity Futures Trading Commission (CFTC) Commissioner, any serious move by the finance sector to adopt the blockchain might reduce the need for record keepers. That assessment was delivered by J Christopher Giancarlo as part of a Harvard School of Law guest lecture presentation in which he talked about the blockchain and Bitcoin. While acknowledging that open ledger technology could certainly spark revolutionary innovation within the financial industry, he noted that such change would not come without cost. In this case, that cost would involve the loss of an untold number of jobs that blockchain implementation would render obsolete.
Blockchain Agenda Conference to Open in Seoul
On December 9, Blockchain Agenda will open in Seoul for a three-day conference. The assembled digital currency and FinTech entrepreneurs and enthusiasts will be able to hear from more than four dozen guest speakers and attend various exhibitions of new technology. There will be tutorials covering digital currency and the blockchain’s role in investment and remittances, dozens of speeches from luminaries like Roger Ver, and sessions sponsored by the global FinTech Advanced Research Institute.
Axlacor Announces New Blockchain Breakthrough for Banks
UK-based Axlacor has recently announced a breakthrough that may provide banks with an efficient way to move their legacy bookkeeping into a new system that relies on blockchain technology. The new technology is called Axlacor Neon, and utilizes distributed ledger technology in a system that could assist banks with processing, storage, and analysis of a variety of data types.
The company’s CEO, Michael Kunstel, claims that Neon’s innovative technology is capable of helping banks process millions of transactions each second, while providing state of the art analytics for regulatory and compliance purposes. Neon will reportedly be capable of managing a variety of asset types that range from fixed income to forex and commodities.