State Street Wants to Monetize Blockchain with Artificial Intelligence

State Street

What if you couldn’t fact check the investment data you wanted to buy, but the data was verified by a cryptographically proven, immutable blockchain?

Would you still pay?

One major bank that is solely responsible for managing an estimated 11% of all the world’s financial assets is exploring just such a possibility.

Following a State Street report published last week on the long-term value of blockchain and other technologies, the bank’s executive vice president of global exchange, Lou Maiuri, elaborated on how his group is experimenting with new ways to capitalize on blockchain tech.

In conversation with CoinDesk, Maiuri explained how combining artificial intelligence and blockchain could lead to new revenue streams derived from valuable client data.

He said:

“Anyone who’s not looking at these pools of data will be arbitraged, will lose out.”

For example, instead of the “labor intensive” process of receiving permission from the bank’s clients to physically take possession their transaction data to create current indices, an algorithm could be designed to seek out patterns in the data, yet maintaining privacy with the blockchain’s cryptographic barrier.

While the data itself would remain secure, the trends behind it could be sold.

“You, in theory, can now put all

Read more ... source: CoinDesk

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