After the rapid rise in the price of cryptocurrencies in 2017, a large number of large financial institutions became interested in blockchain technology. The successful launch of the CME and CBOE markets has proven that savvy investors are interested in trading the cryptocurrency market.
The New York Stock Exchange recently filed a request with the Securities and Exchange Commission to register cryptocurrency stock indexes. If the exchange receives commission approval, settlement data will be taken from the futures market previously launched by CBOE and CME. The American stock exchange Nasdaq also expects similar approval. On their website, they have published several aspects of blockchain technology that may seem most attractive to large businesses.
Security Of course, it is impossible to completely deny the threat of hacking, but blockchain technology is currently the best protection for data from cyber attacks. Considering that data is stored on millions of computers around the world, the system is almost impossible to break. “Even if an attacker were somehow able to shut down the entire network at once, undamaged computers, known as nodes, would continue to operate and check all records on the network, the data of which, by the way, cannot be changed.”
Proof of Ownership. Ethereum was the first to introduce smart contracts to the public, which allow you to add transaction parameters to a transaction. Thanks to reliability and complete transparency (anyone can view all information about a smart contract), such contracts effectively ensure mutual fulfillment of obligations. In its publication, Nasdaq pays most attention to the Trust Token’s application, which operates on the Ethereum blockchain. This application allows you to obtain a legal digital protocol on asset ownership.
No intermediary. The decentralized form of this technology completely eliminates the need for transactions to be approved or processed by a central authority or individual. “The absence of the need for an intermediary is a blessing, since each of them acts primarily in their own interests,” the site notes. “As we continue to implement blockchain technology in financial institutions, we will one day achieve a complete absence of the possibility of human error and more reliable and accurate databases.”
According to https://cointelegraph.com
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