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IBM Infuses Support In Blockchain Startup Digital Asset

Among the latest companies to get their back behind digital names include the computer giant IBM and investment bankers Goldman Sachs Group, with a contribution of $60 million the Fintech start-up has already raised this year. As per the IBM fellow and blockchain vice president Jerry Cuomo , blockchain technology, the basic system that smoothens the bitcon trading and holds real potential to transform a wide range of industries.

Why IBM Made Such A Move?

“We are excited to jointly develop distributed ledger technologies that will allow our clients to transform their business, and further strengthen our partnership with Digital Asset,” he said. “IBM is committed to making it ready for business.”

Up till this year, the New York-based startup has acquired investment from the likes of Accenture, the Australian Securities Exchange (ASX), Citi, CME Ventures, Deutsche Borse Group, ICAP, JP Morgan, Santander InnoVentures, The Depository Trust & Clearing Corporation (DTCC), and The PNC Financial Services Group, Inc.

“ASX believes that Australia can be a world leader in the development of innovative post-trade solutions,” Elmer Funke Kupper, ASX managing director and CEO, said.”What you’re really doing with blockchain technology is enabling two parties to complete a transaction almost as efficiently as you possibly can because it’s automated, processed by someone who doesn’t really factor in overheads at the transaction cost, and it’s almost infinitely scaled,” he said. Likewise, David Whiteing, the CIO, said that blockchain could change the way we view not just payments, but business processes.

 

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