Thomson Reuters launches blockchain tool

Thomson Reuters releases its new BlockOne IQ tool this Wednesday, so customers can plug market data that runs as blockchain into their systems.

To help speed up the deployment of blockchain in financial markets, the tool will run on Ethereum and Corda, allowing Wall Street firms to use two types of software platforms for digital assets, which sells news, data and other information.

Millions of dollars has been invested in blockchain by investors and other financial institutions. “Big banks, investors and other financial institutions have invested millions of dollars in blockchain, hoping that it could make transactions faster, easier and more secure. But it has not yet been used on a wide scale, partly because of a disconnect with technologies that underpin other applications,” said Thomson Reuters Director of Strategy, Sam Chadwick.

Technology manages transactions

“A lot of the financial use-cases rely quite heavily on knowing and including real world data, but there is really no way to do it,” he added.

Chadwick also noted that the technology manages a record of transactions through a network of computers instead of one centralised authority, allowing the two different technologies to communicate with one another.

Written from source by Leah Alger

Source: Reuters