Distinguishing Bitcoin from Blockchain, Which Has Economic Value? – Mish Talk

Wall Street built on Blockchain

Please consider As crypto declines, Goldman Sachs aims for a Wall Street built on Blockchain

Wall Street’s biggest banks have largely avoided investing directly in cryptocurrencies. But many are quietly working to integrate blockchain, the technology behind crypto, into commerce and other businesses.

Goldman Sachs already trades some bonds and other debt securities for clients on blockchain-based networks such as Ethereum, and the bank is building its own blockchain-based trading platform. JPMorgan Chase already has a platform in place, called Onyx.

Outside of banking, Walmart Inc. has used blockchain to track its supply chains. In real estate, some title companies have used it to record home ownership.

“Blockchain technology is going to rewire all financial services,” said Tom Farley, the former president of the New York Stock Exchange.

That said, Wall Street firms have been experimenting with blockchain projects for at least the past five years. Despite much hype, few have had a widespread impact on how financial transactions take place.

Others have thrown in the towel. A group of European insurance companies formed a consortium called B3i in 2016 to explore blockchain use in their industry. In July, the consortium shut down after failing to raise new capital.