International Business Machines Corp. (NYSE:IBM) is the latest company to invest in Blockchain startup Digital Asset. The tech giant joins Goldman Sachs Group Inc (NYSE:GS) among other financial institutions to have contributed to a $60 million funding round. Jerry Cuomo the startup’s vice president says the technology at hand has the potential to transform a wide range of industries.
Digital Assets Massive Support
The firm is currently conducting a distributed ledger trials of the Blockchain technology with JPMorgan Chase & Co. (NYSE:JPM). The Long-term play, however, is to have it immersed in an array of applications. The technology has already garnered support from 14-financial institutions. Australian Stock Exchange, Citi, and CME Ventures are some of the early investors.
The startup is especially banking on the investment of International Business Machines Corp. (NYSE:IBM) and Goldman Sachs to help drive its global adoption. CEO Blythe Master has especially set his sights on the financial markets.
A good number of securities trading rely on a central authority to oversee the transfer of cash. That could soon change as Digital Asset is hoping to link all participant in a transaction to a single platform. This according to initial estimates could help enhance real-time transfer of assets
Digital Assets is not the only company working on a Blockchain technology. A string of startups are racing against time to show that the underlying Bitcoin technology can play a key role in the financial markets.
Open Ledger Project
International Business Machines Corp. (NYSE:IBM) and Digital assets are also members of an association advocating for open source software as part of the Open Ledger Project. The open ledger partnership should help in the development of features and requirements needed to help enhance the adoption of the Bitcoin technology.
The Linux Foundation expects the open ledger project to help bolster the way transaction are carried out in the business world. Distributed ledgers are not only expected to transform the banking industry. They are also expected to play a key role in the shipping industry as well as the Internet of Things.
Blockchain popularity continues to grow robustly having emerged as a sound and secure transaction avenue. International Business Machines Corp. (NYSE:IBM) investments in Digital Assets is its first in the Blockchain business having conducted internal tests and development of proofs of concepts.
