Wall Street’s book-keeper will use blockchain tech

The Depository Trust & Clearing Corporation (DTCC) will use blockchain technology as the core infrastructure to rebuild platform that manages and processes $11 trillion worth of credit default swaps (CDS). Announced today, the post-trade services platform for much of the globe’s financial services industry has picked a select number of partners to develop the blockchain platform. Specifically, tech giant IBM and financial blockchain startups Axoni and R3 will now develop and rebuild the DTCC’s Trade Information Warehouse (TIW) with blockchain technology. The TIW is responsible for record keeping, automating lifecycle events and managing payments of over $11 trillion of cleared and bilateral credit derivatives. Credit-default swaps are, in essence, insurance contracts that are paid off when a bond fails. Read more: cryptocoinsnews.com