Goldman Sachs Creates Microsite Exploring Blockchain
Financial heavyweight, Goldman Sachs recently published a microsite that explores the features of blockchain technology. The microsite is split into 5 chapters explaining what it is, how it works, real-life applications, the potential, and finally the takeaway.
One of the areas it touches on most is the security features of blockchain:
Blockchain is designed to store information in a way that makes it virtually impossible to add, remove or change data without being detected by other users.
Goldman Sachs made a tweet on July 1 embracing the essential elements of blockchain:
— Goldman Sachs (@GoldmanSachs) July 1, 2017
Even though Goldman Sachs hasn’t been keen on Bitcoin as a store of value, the institution has involved itself in few cryptocurrency related startups. They have invested in blockchain based financial services application, Circle and distributed ledger solutions company, Digital Assets Holdings.
Blockchain has been making waves in the financial industry as of late. Accenture issued a report stating blockchain technology could help the world’s largest investment banks cut their infrastructure costs by between $8 to $12 billion a year by 2025.
This is big news for the finance sector because of what this tech could do for banking. Increased transparency, lower costs, and faster processing times are all major factors.