Is crypto mining worth it

free miner

Vanguard looks to blockchain for index gegevens, Reuters

BOSTON (Reuters) – Vanguard Group Inc is moving to use blockchain to simplify how it updates index gegevens underlying mutual funds, executives said on Monday, an significant sign of confidence for the fresh financial technology.

Closely-held Vanguard, the top mutual fund stiff with almost $Five trillion under management, has successfully tested blockchain to automatically update gegevens like the names and share prices of companies te index funds, processes that vereiste presently be closely overseen by individuals, said Warren Pennington, a principal ter Vanguard&rsquo,s investment management group, te Pennsylvania.

Blockchain, the technology underpinning cryptocurrencies like bitcoin, is a collective and immutable database maintained by a network of computers on the internet. Banks and other large financial institutions have ramped up their investments te the technology, aiming for it to simplify and cut the cost of back-office processes.

Pennington declined to give a specific date spil to when fund updates would chiefly rely on blockchain, telling the objective is not to substitute human workers but instead to free them for other tasks.

Blockchain&rsquo,s potential, he said, is to serve spil &ldquo,a real-time automated index process.&rdquo,

Vanguard funds tested with blockchain were built on indexes from the Center for Research te Security Prices, at the University of Chicago&rsquo,s Booth Schoolgebouw of Business. Vanguard manages 17 funds on those indexes including its largest, the $650 billion Total Stock Market Index Fund.

Cryptocurrency enthusiasts have hoped big institutional investors could embark suggesting mainstream products based on blockchain, which would spur its popularity. Fund firms, however, seem more interested ter making the technology part of their operations.

BlackRock Inc, for example, has tested uses of blockchain with custodian canap clients, and CEO Larry Fink told analysts te October that the effort should reduce errors and could be expanded.

Fink told Reuters te November: &ldquo,Distributed ledger, lets be clear, is a real thing. I would love to see a blockchain for the entire financial system that&rsquo,s legitimate, that is monitored, that is systematically monitored. I don&rsquo,t see that day anytime soon.&rdquo,

For its blockchain effort, Vanguard partnered with Fresh York-based technology rock-hard Symbiont. Its CEO Mark Smith said te an vraaggesprek the rock hard could license the technology to other firms, including extra asset managers and index providers.

&ldquo,This can be used to automate all sorts of financial processes,&rdquo, he said.

Reporting by Ross Kerber ter Boston, extra reporting by Trevor Hunnicutt te Fresh York, editing by G Crosse

Related movie: Leave behind Mining BITCOIN, Commence MINING LITECOIN with Huis Built LITECOIN MINING Equipment



Leave a Reply

Your email address will not be published. Required fields are marked *