IBM blockchain expert: Blockchain is more secure than the existing financial system

Recently, James詹姆斯•沃利斯, a blockchain expert from IBM, went to Sydney to attend a seminar on the “Bitcoin Ecosystem” hosted by the Australian Securities and Investments Commission. Before the meeting, Wallis told Australian media that the recent progress made in blockchain technology has made it increasingly powerful. He said:

“Blockchain is already more secure than most of the current financial system. A lot of the computer science around blockchain technology is around encryption, and with the development of encryption, blockchain is now more secure than traditional systems.”

In addition to Wallis,布莱斯•马斯特斯, a former JPMorgan Chase executive and current CEO of blockchain company DAH, was also a speaker at the conference.

The Australian Stock Exchange (ASX) participated in DAH's $52 million financing in January this year, spending $14.9 million to purchase 5% of DAH's shares. DAH will build a new blockchain-based clearing and settlement system for ASX.

ASX CEO埃尔默•冯克•库波尔previously said that ASX will decide in 2017 whether to adopt blockchain technology to replace the traditional clearing and settlement system.

IBM is also an investor in DAH and is working with the Japan Exchange Group (JPX), one of Japan’s major exchanges, to test the potential of blockchain in the securities market.

While in Australia, Wallis also met with several major local financial institutions and companies. Wallis said: "I met a lot of people."

IBM is working on blockchain projects with a number of Australian companies, but Wallis declined to name them.

Voorhis said the benefits of using blockchain or distributed ledger technology for financial institutions such as banks and stock exchanges are "huge."

“It is foreseeable that blockchain technology has great potential to save operating costs for the financial industry. There will be many projects around blockchain, which means huge revenue prospects for many different companies.”

Experts in the blockchain field such as Wallis believe that developing a standard infrastructure platform is key to the widespread application of blockchain. This is also the purpose of IBM joining the Hyperledger project led by Linux, which aims to develop an open source, standard blockchain infrastructure platform.

Wallis said:

We believe that an open source approach will enable blockchain to enter the market more quickly, and through collaboration we will further reach consensus on standards. We are working with high-tech companies, including startups, banks, and companies from other industries.

Collaboration is key. We need a standardized blockchain foundation that can handle the relationships between different people in this business network. It is not about the internal processes of a bank or a manufacturing company, but about how you interact with others.

Wallis said that the application of blockchain technology has gone beyond the financial services sector and involves many fields such as government management, health care and manufacturing. In addition to reducing costs for enterprises, blockchain can also help enterprises reduce risks.

“Blockchain has gained a lot of attention and sparked a lot of interest, which is now turning into real projects. I expect more proofs of concept to emerge this year, which will serve as the building blocks for larger projects.”

Original article: http://www.theaustralian.com.au/business/financial-services/blockchain-safer-than-existing-systems-says-ibms-james-wallis
By Glenda Korporaal
Translator: printemps
Editor: printemps
Source (translation): Babbitt Information (http://www.8btc.com/ibm-james-wallis‎)