Straight Talk Special Issue: Financial Services - 34

The technology behind bitcoin is transforming yet another area of the
ﬁnancial world: clearing houses' centralized settlement process.
Blockchain. It's the current
buzzword, and not just in
ﬁnancial circles. Indeed,
blockchain technology may
prove to be a revolutionary
way to speed up and verify
many currently manual
processes, as quickly as
pressing a button on the
keyboard.

A blockchain primer
Before we examine its
potential, let's do a quick
review of blockchain and how
it works. Distributed ledger
technology, commonly
known as blockchain, is a ﬁle
veriﬁcation network in which
every transaction and
individual piece of data is
veriﬁed multiple times by a
network of computers. It has
the potential to both speed

the completion of
transactions and make them
more secure.
Blockchain technology
underlies such virtual
currencies as bitcoin. In fact,
although the term blockchain
tends to be used generically,
there are over 700 diﬀerent
blockchains in existence. The
ones other than the original
blockchain that enables
bitcoin are technically known
as "alternatives to
blockchain," or an alt-chain.
Each crypto-currency has its
own chain; two of the better
known ones are Etherium
and Litecoin.
The reason blockchain is so
powerful is that a number of
nodes-computers in the
network-are constantly
verifying a transaction chain
and creating an immutable

Professional background: Basab Banerjee is CTO and

Director of IT for the Dubai Gold and Commodities Exchange
and Director of IT for the Dubai Commodities Clearing
Corporation. He earlier held senior technology positions at
Financial Technologies (India), Inter-connected Stock
Exchange of India, and other companies.

Education: Calcutta University, IIM Ahmedabad,
MIT Sloan School of Management

34

Basab Banerjee
Position:

CTO and Director of IT

Organization:

Dubai Gold and
Commodities Exchange

Works from:

Dubai, UAE

Straight Talk Special Issue: Financial Services

Table of Contents for the Digital Edition of Straight Talk Special Issue: Financial Services

Contents
Straight Talk Special Issue: Financial Services - Cover1
Straight Talk Special Issue: Financial Services - Cover2
Straight Talk Special Issue: Financial Services - 1
Straight Talk Special Issue: Financial Services - Contents
Straight Talk Special Issue: Financial Services - 3
Straight Talk Special Issue: Financial Services - 4
Straight Talk Special Issue: Financial Services - 5
Straight Talk Special Issue: Financial Services - 6
Straight Talk Special Issue: Financial Services - 7
Straight Talk Special Issue: Financial Services - 8
Straight Talk Special Issue: Financial Services - 9
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Straight Talk Special Issue: Financial Services - 11
Straight Talk Special Issue: Financial Services - 12
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Straight Talk Special Issue: Financial Services - 30
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Straight Talk Special Issue: Financial Services - 33
Straight Talk Special Issue: Financial Services - 34
Straight Talk Special Issue: Financial Services - 35
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Straight Talk Special Issue: Financial Services - 40
Straight Talk Special Issue: Financial Services - Cover3
Straight Talk Special Issue: Financial Services - Cover4
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