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18 October 2017
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Glasgow at forefront of blockchain advance
Categories: International Financial Services District Glasgow | Published: 29/08/2017 | Views: 123
Article from www.ifsdglasgow.co.uk
Researchers from Strathclyde Business School are at the forefront of new advances in Blockchain, the financial technology which promises to revolutionise how we do business.
In a ground-breaking experiment, researchers from Strathclyde Business School, National Physical Laboratory, the Toronto Stock Exchange (TMX), and consultancy firm Z/Yen, timestamped financial stock trades using atomic clocks and recorded the trades directly on a distributed ledger. The 'Atomic Ledger' project recorded over 20 million transactions, timestamping each with Co-ordinated Universal Time (UTC), over three hours of trading to the ChainZy distributed ledger system. Daniel Broby, Director, the University of Strathclyde's Centre for Financial Regulation and Innovation said, "The role of distributed ledgers and precision timing is becoming ever more relevant as Fintech companies adopt blockchain for financial transactions. This trial will have real world policy impact. "It's at the cutting edge of both finance and technology, helping make money payments over the internet cheaper, faster and more efficient." Distributed ledger technology - also known as blockchain - is one of the core technologies of the new financial technology (Fintech) movement. It enables financial market counterparties to store financial assets in a shared ledger, rather than relying on centralised ledgers as is predominately the case now.
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