Fundamentally, the application of Blockchain technology to big financial institutions is pretty simple. These institutions duplicate information and reconcile with another. “If there are market structures where parties can actually share the same information…” says Caitlin Long “… they no longer have to duplicate it, and reconcile it.” There’s a tremendous amount of work be done, duplicating the exact same information, over and over again.
With a Blockchain the issue is solved en masse.
This is the work Symbiont is doing, improving the state of the art in financial services, so banks can trade with each other more easily and sensibly. Right now, in the syndicated loan market, 25 million faxes are sent a year.
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