Nasdaq Plans to Increase Bitcoin Blockchain Trials 

American Stock Exchange Nasdaq is planning to increase the number of Bitcoin blockchain trials this year, the finance news network FT reported.

According to the available reports, the New York group is hoping to initiate three-to-four trials within the next 12 months, a step that will improve the sluggish confirmation process on US securities markets to a wonderful extent. The decision meanwhile is speculated to be born out of a reason to stay ahead with NYSE which, just a few days back, launched the first exchange-calculated and distributed bitcoin index.

But Nasdaq’s Chief Executive Bob Greifeld gives a different reason behind the amplification of their  blockchain trials. In his comments to FT, he simply acknowledged the current sluggishness in financial markets and believed in blockchain technology to help reducing the time it takes to finalize deals on US securities markets.

The current finance infrastructure currently relies on either banks or clearing houses to validate the transactions — both centralized by nature. On the other hand, blockchain technology uses a mathematical computer formula to confirm the Bitcoin and other cryptocurrency transactions. By integrating this technology in other financial assets, one could simply transfer and validate a transaction without needing to pay third parties. It further records the transaction on a public ledger system, maintaining speedy data extraction in times of need.

“I am a big believer in the ability of blockchain technology to effect fundamental change in the infrastructure of the financial services industry,” Greifeld told FT. “Clearing houses are a wonderful invention, but if you have a public ledger that is trusted, you can evolve back to a bilateral (trading) world but proceed with instantaneous settlement. We currently settle at T+3. Why not settle in 5-10 minutes?”

Overall, a bullish news for Bitcoin and its supporters.

Source: newsbtc – Nasdaq Plans to Increase Bitcoin Blockchain Trials

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