Wall street occupies the blockchain - Financial firms plan to move trillions in assets to blockchains in 2018

WHEN BLOCKCHAINS first appeared nearly a decade ago as the technical backbone of Bitcoin, the world's leading cryptocurrency, they seemed to offer the masses a way to cut out the financial middleman. But now the big banks and other industry players are finding ways to spin the new tool to their advantage. Their blockchains share a vision that is precisely the opposite of the one laid out in the Bitcoin white paper, published under the pseudonym Satoshi Nakamoto in 2009. Like Nakamoto himself (or herself), you can own bitcoins without even stating your real name; nobody is in charge; and anybody can check the history of any given transaction. The financial industry's blockchains, however, are closed or, in their jargon, permissioned; to join one you must reveal your identity to a system administrator, who must then approve you.