Build­ing blockchain

San Francisco Chronicle Late Edition - - BUSINESSREPORT -

The world’s big­gest banks have taken the first steps to­ward mov­ing a sig­nif­i­cant piece of fi­nan­cial in­fra­struc­ture onto a blockchain — the tech­nol­ogy in­tro­duced to the world by vir­tual cur­rency bit­coin. The De­pos­i­tory Trust and Clear­ing Corp. will re­place one of its cen­tral data­bases, used by the largest banks in the world, with new soft­ware in­spired by bit­coin. The New York or­ga­ni­za­tion plays a role in record­ing and re­port­ing nearly ev­ery stock and bond trade in the United States, as well as most valu­able de­riv­a­tives trades. IBM, which has been mak­ing a big push into blockchain tech­nol­ogy, will lead the project, sched­uled to be fully func­tion­ing by early 2018.

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