Wall Street Pulls Back on Blockchain Projects

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According to sources, Wall Street is much more interested in the underlying system of bitcoin rather than the cryptocurrency itself. Blockchain seems to be of a significant interest to the global financial industry despite not being able to do much with the technology so far.

These include projects carried out by SIX Group, BNP Paribas SA, Depository Trust & Clearing Corporation (DTCC). Such projects were amongst the wave of blockchain tests proclaimed by the financial industry over the past few years.

As projects developed, firms pulled back for numerous reasons such as industry readiness or costs, stating that blockchain is still in its early day despite all of its potential.

SIX Securities Services, post-trade services provider, a unit of the group which runs Switzerland’s stock exchange, have also decided not to take a protoype for processing of securities build by DA into production according to Jürg Schneider, SIX spokesman.