The bank’s distributed ledger for private equity deals can now provide nodes to auditors, so they can easily access documents and data for their annual reviews.
Banks are looking at using the powerful number-crunching technology to make risk calculations, analyze portfolios and protect their systems against sophisticated cyberattacks.
Brian Behlendorf, leader of the Linux Foundation's effort to establish standards for blockchain, likens the invention of cryptocurrencies to the moon launch and says banks, open-source developers and others are working to make the underlying technology commercially viable.
For high-value, low-volume transactions, that is. Big Blue formally launched the platform Tuesday, but the custody bank has been using it for months, as has a group of Canadian institutions.
Large banks like Wells Fargo have started using "cyber ranges" and "red teams" to respond to real cyberattacks on virtual versions of their real systems.
Trump administration’s “lighter” regulatory proposal signals that banks may finally have entered a “post-crisis” era; IBM rolls out Watson artificial intelligence tools to deal with regulations.
IBM is set to announce new tools on Wednesday aimed at reducing the compliance burden of financial institutions and sifting through the mounds of data they collect by using Watson, its cognitive computer.
Large banks and Nasdaq are applying artificial intelligence to the detection of bad behavior such as fraudulent account openings and market manipulation. The technology may spot misconduct where humans didn’t.
