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Bitcoin [BTC] and Nasdaq are not a good fit, says Nasdaq’s Head of Blockchain Product Development

Biraajmaan Tamuly

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Bitcoin [BTC] and Nasdaq are not a good fit together, believes Nasdaq's Head of Blockchain Product Development
Source: Unsplash

Nasdaq, America’s second largest exchange, recently indicated that the financial institution’s blockchain project could involve cryptocurrency payments to streamline their business processes. However, they added that the plan would most probably not include Bitcoin [BTC].

Johan Toll, Nasdaq’s Head of Blockchain Product Development, recently mentioned in an interview that the institution had started using decentralized blockchain technology to improve and power its European mutual funds business.

Johan Toll went on to reveal that eight Swedish banks were collaborating with the exchange for the usage of private permission hybrid ledgers to refine mutual funds trading.

He stated,

“The mutual funds business in Sweden, in the Nordics, in Europe and in many places in the world are very, very fragmented, a lot of intermediaries, it takes a long time to settle the trades and it’s a lot of manual intervention, fax machines are even used still.”

He further added,

“So for that we see where blockchain can have a really, really good role here for how we could create a shared trusted network between the intermediaries and guarantee them the transfer and issuance of those shares, as well as manage the payment of those shares.”

Toll indicated that the usage of cryptocurrency for complete peer-to-peer payments was also being considered. However, he did not believe in the theory that Bitcoin was the right match for Nasdaq.



He clarified that the distinction between Bitcoin and blockchain was that the former was generally public and had open participation, while Nasdaq was more focused on blockchain core technology for their financial markets. He added,

“The problem with Bitcoin is that if something goes wrong, you don’t have anyone to call, there’s no one to sue or get your money back, so if they get your private key they can literally steal all your Bitcoins and there is no way for you to get them back.”

John Toll said that he was convinced of blockchain technology’s potential and believed that it would eventually revolutionize trading processes for major market exchanges across the world.





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

Ethereum

Ethereum [ETH]: Samsung planning to create its own ETH-based blockchain; may issue own token soon

Akash Anand

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Ethereum [ETH]: Samsung in the works to create its own ETH-based blockchain, may issue own token soon
Source: Pixabay

The mainstream adoption of cryptocurrencies and blockchain technology has come a long way, with many financial and non-financial institutions now entering the mix. Technology giant, Samsung, is not new to the field, as the South Korean organization previously blew up the cryptosphere by meshing crypto with the launch of the company’s latest flagship device, the Galaxy S10.

Latest reports now suggest that Samsung is getting more serious about virtual assets, as the company might be on its way to create its own Ethereum [ETH]-based blockchain network, with the prospect of launching its own cryptocurrency token in the near future. An anonymous official from the organization stated,



“Currently, we are thinking of private blockchain, though it is not yet confirmed. It could also be public blockchain in the future, but I think it will be hybrid—that is, a combination of public and private blockchains.”

Sources from within the company added that blockchain technology is being developed by the wireless technology division of Samsung. Despite the fact that it has not been confirmed as to what devices will provide support for the blockchain, a company official revealed that “some models are being tested for it.”

Samsung’s tryst with Ethereum has been ongoing for quite some time now, with previous developments suggesting that Ethereum could be vulnerable on the S10 device. This was evidenced by a video put out by a user ‘darkshark’ on Imgur, in which it was shown how easy it was to crack the phone. Darkshark stated,

“This brings up a lot of ethics questions and concerns. There’s nothing stopping me from stealing your fingerprints without you ever knowing, then printing gloves with your fingerprints built into them and going and committing a crime.”





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