Blythe Masters, in this Bloomberg Business article, explains how the blockchain technology (crypto 2.0) can revolutionise the world.
The ex-JP Morgan Chase & Co executive Blythe Masters is now the CEO of trading platform Digital Assets Holdings LLC. This is a blockchain-based software that aims to solve the inefficiencies of syndicated loans, U.S. Treasury repos, and equity shares in private companies.
An example of this is in the press release of Pivit using Digital Assets holdings blockchain technology
The software will enable banks, investors, and other market players to use blockchain technology to change the way they trade loans, bonds, and other assets.
“You have front-end systems trading at warp speed, and nanoseconds of competitive advantage are being extracted, and yet the back end of Wall Street hasn’t been fundamentally overhauled in decades,”
“Firms are dealing with greater requirements for reporting, transparency, and dissemination of data. Costs have gone up and revenues have gone down. This technology really gets to the core of all those issues.”
A June report backed by Santander InnoVentures, the Spanish bank’s fintech investment fund, estimated the blockchain could save lenders up to $20 billion annually in settlement, regulatory, and cross-border payment costs.
New startups are taking advantage of the blockchain to transfer and record assets in many ways, remittances, gold, diamonds, property, private shares including air miles.