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White paper explores blockchain technology for financial institutions


Financial institution leaders considering whether to adopt the new blockchain technology should first ask what problems they want to solve, according to a white paper by TMG. The white paper, written by TMG Chief Technology Officer Pam Brodsack, looks at the potential for the technology to change the world of financial services. Initially developed for Bitcoin transactions, the technology is a mashup of other technologies, including distributed database, cryptography and proof of work. Using an unchangeable, shared ledger. transactions are recorded chronologically and shared publicly. “Blockchain continues to generate a lot of excitement,” said TMG CEO Shazia Manus. “Yet, the technology will go through multiple tests and iterations before it evolves to the point it can enter the highly regulated mainstream ecosystem.”

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