Medici Ventures, the blockchain technology arm of online retailer Overstock.com, has added bitcoin consumer financial service platform Ripio to its portfolio of strategic blockchain-focused investments through participation in Ripio’s Series A financing. In addition to Medici Ventures’ equity position, the blockchain-focused subsidiary of Overstock.com will take an observer’s seat in Ripio’s board of directors meetings.
Blockchain is shaking-up entire industries as one of the most disruptive technologies of today. From banking and insurance to agriculture, energy, healthcare, and media, it is disrupting entire industries and is about to transform global supply chains, thanks to SAP Ariba. The company plans to leverage blockchain across its cloud-based applications and business network to upend the way goods and services are traded.
Northern Trust is working with IBM and other key stakeholders, to launch the first commercial deployment of blockchain technology for the private equity market. While private equity returns can be attractive, the infrastructure supporting private equity hasn’t changed much in recent years at a time when investors are looking for greater transparency, security and efficiency.
Blockchain technology, a type of database system that enables multiple parties to share access to the same data with a high level of confidence and security, could reduce infrastructure costs for eight of the world’s 10 largest investment banks by an average of 30 percent according to a new report by Accenture and McLagan which is part of Aon Hewitt, a business unit of Aon plc. This translates to roughly $8 billion to $12 billion in annual cost savings for those banks.