Technology

Digital Chamber's New Collaboration Could Bring Blockchain to Wall Street

By / Feb 28, 2017

In a new strategic partnership with the Structured Finance Industry Group, the Chamber of Digital Commerce is making the case that securities could reap big benefits from using blockchain technology.

The Chamber of Digital Commerce (CDC), in its first few years, has put a lot of work into forging connections between cryptocurrency stakeholders and the broader financial world.

The latest step could get blockchain technology—the decentralized digital system that drives bitcoin and other digital currencies—closer than ever to Wall Street.

This week, CDC announced it was entering a strategic partnership with the Structured Finance Industry Group (SFIG), which represents structured finance companies on Wall Street. The organizations will collaborate with Deloitte on a white paper that analyzes the benefits of blockchain technologies for the creation and tracking of securities. Among the benefits of using the blockchain for this purpose: improved speed, a complete audit trail, and stronger security.

“The goal of the partnership is to bring the structured finance and blockchain communities together,” the groups stated in a news release. “The two organizations will collaborate on research efforts and publications, joint educational programs, and online forums.”

SFIG invited the chamber to take part in education sessions at its annual meeting this week in Las Vegas.

“Partnering with the chamber is a key part of our focus on being a central resource of forward-looking education to all market participants,” said SFIG Executive Director Richard Johns. “With this partnership we can create new, forward-thinking and educational opportunities for our members, enabling them to stay fully informed of how technology is impacting their business.”

CDC Founder and President Perianne Boring noted that securitization “is an ideal candidate for the efficiencies of distributed ledger technology.” She said her group is looking forward to working with SFIG’s members “to accelerate the understanding and adoption of blockchain technology in this sector.”

Ernie Smith

Ernie Smith is the social media journalist for Associations Now, a former newspaper guy, and a man who is dangerous when armed with a good pun. More »

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