Tough to tame: Euphoria surrounding early days of Wall Street’s interest in blockchain gives way to pragmatism, as companies realize that it will likely take years before it takes off
) announced a new blockchain system they said would make payments of private securities transactions more efficient. Nasdaq Chief Executive Adena Friedman called it “a milestone in the global financial sector.”
In a joint statement, the companies said the pilot was successful and they were “happy to partner” on other initiatives. Both companies are also working on other projects. Regulatory hurdles have often slowed down implementation, some executives said. Scrutiny is likely to only increase after Facebook’s plans drew global backlash from regulators and politicians.
“There is a recognition now that it is a journey, rather than something with a short time frame,” Ram said.Blockchain was created about a decade ago as a way to keep track of bitcoin transactions. As cryptocurrencies became more mainstream following a 2013 rally and crash in bitcoin’s price, consultants, analysts and other proponents said their underlying technology could be transformational, especially for the financial industry.
Some big companies have rushed in. International Business Machines Corp has around 1,500 people working on the new technology for use in several different sectors. In an ad released during the Academy Awards this year it called for the use of blockchain “to help reduce poverty”.
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