Blockchain, which originated in the digital currency bitcoin, works as a web-based transaction-processing and settlement system A blockchain platform developed by a group that includes more than 70 of the world's biggest financial institutions is making its code publicly available, in what could become the industry standard for the nascent technology.The Corda platform has been developed by a consortium brought together by New-York-based financial technology company R3. It represents the biggest shared effort among banks, insurers, fund managers and other players to work on using blockchain technology in the financial markets.Blockchain, which originated in the digital currency bitcoin, works as a web-based transaction-processing and settlement system. It creates a "golden record" of any given set of data that is automatically replicated for all parties in a secure network, eliminating any need for third-party verification.Banks reckon the technology could save them money by making...
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