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Nasdaq's blockchain pilot


Nasdaq s blockchain pilot spells the beginning of the end for lawyers

Source: http://www.ibtimes.co.uk/nasdaqs-blockch...

Nasdaq OMX group has announced that it will use bitcoin's blockchain technology to facilitate the trading of shares in its stock market, signalling the most significant show of interest from Wall Street in the cryptocurrency and its underlying technology. 

Currently, companies rely on costly and inefficient lawyers to authenticate transactions by hand through informal systems, such as spreadsheets.The pilot project, launched in Nasdaq Private Market, has the potential to transform the way private companies conduct pre-IPO trading and, if successful, could mean the end to lawyers and other middlemen traditionally used to verify the sales and transfers of shares of private companies. 

The decentralised "trustless" nature of the blockchain means that direct transfer of ownership of shares can take place instantly without the risk of default, manipulation, or the additional cost of an intermediating third party.

Such a system has the potential to be rolled out across a wide range of industries, cutting the need for lawyers and other intermediaries. In theory, the bitcoin protocol could be used in almost any type of exchange between two parties - from property to wedding vows

Stashed in: economics, Bitcoin, Bitcoin

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Oh cool. I look forward to hearing what they learn from trying this!

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