How does Wall Street want to change finance with the blockchains?

A revolution is currently being prepared in the world of finance. It could well be. In any case, there has been a rapprochement that cannot be neglected. A connection between Wall Street bankers and young avant-garde companies in New York, but also from Silicon Valley. At the heart of the debates: the Blockchains. What is it and what would be the impact on the financial world?

What are Blockchains?

A major event occurred on the New York side when entrepreneurs and bankers gathered following an invitation from The Economist, a financial magazine. Most of the speakers, to mention only the big names on Wall Street (Citigroup or JP Morgan) or the FinTech aces (Wealthfront, Kiva…), all had the same thing on their lips: “Blockchains”.

So, what is it? Originally, Blockchains was a computer network that was developed for “bitcoin”, the famous virtual currency. The objective was, at the beginning, to promote this digital currency that you can trade on AnyOption. From now on, Blockchains broadens its ambitions and aspires to bring about a real upheaval in finance at the global level. What is its objective? Eliminate the intermediaries whose role today is to validate the various transactions.

What can change with Blockchains

Blockchains would be a particularly interesting financial computer network. It would thus make it possible to remove “trusted third parties”. This implies total transparency of the various transactions taking place throughout the world thanks to interconnected decentralized computers.

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In the end, theft and fraud would become virtually impossible since all movements are tracked by hundreds of terminals around the world. This system would therefore make it possible to secure transactions that would, at the same time, be faster.

It is no longer necessary to pass through a clearing house or any other intermediary. It would even be possible to bypass international money transfer companies. Overall, this would reduce costs.

What future for the Blockchains?

Today, Blockchains is generating a great enthusiasm among financiers. Many specialists are already planning for the future. The objective: to create a link between Wall Street and Blockchains. This would mark one of the biggest changes in finance in recent years.

Some financial experts even estimate that Blockchains will be omnipresent within 10 years. For the moment, the technology is just beginning to break through. It should also be noted that the Blockchains are not (yet) operational, but this will soon happen. And it is quite possible that their application will extend beyond finance.