Wall Street continues to have a tenuous relationship
with Blockchain technology. Large banks have recently made statements
both for and against the new technology, with some companies like Bank of America already pursuing patents.
Problem with privacy
Part of the struggle these financial platforms are having
with Blockchain technology is the issue of privacy. The key issue for
traders is to keep their positions a secret in order to keep other
traders and competitors out of the loop. While Blockchain technology
provides immutability, it does not provide complete security or
anonymity - keys for enterprise level financial adoption.
“Its ability to reshape vital financial market functions like clearing and settlement has always hinged on whether banks can keep customer and proprietary data secret. Zero-knowledge proofs, a theoretical possibility for decades, are now a reality, letting transactions be verified without the need to share any of the underlying data.”
