Thomson Reuters Corp, a leading global news outlet, has announced that they will begin using a tool which will allow their customers to access and utilize data with systems that are running Blockchain technology.
The company’s tool, nicknamed BlockOne IQ, allows firms to use data that is running on Ethereum and Corda. Because of the widespread fervor for Blockchain, the company has embraced the technology as part of its news and market data system.
The banking sector has already embraced the new technology, investing billions of dollars into making systems that could make transactions faster and easier. However, because the technology is difficult to integrate with existing systems, the rate of change has been slow.
Blockchain technology would allow for more real world data for banks but would struggle with integration.
Sam Chadwick, director of Reuters, says regarding the tech:
“A lot of the financial use-cases rely quite heavily on knowing and including real-world data, but there is really no way to do it.”
The power of a tool like BlockOne IQ is that it allows for the two differing technological systems to work together smoothly.