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In recent test, blockchain brings transparency to notorious credit default swaps

On Thursday, Wall Street’s bookkeeper announced that it had successfully tested blockchain technology to manage single-name credit-default swaps (CDS) among four big banks: Bank of America Merrill Lynch, Citi, Credit Suisse, and J.The concept of the blockchain ledger was developed and popularized by virtual currency Bitcoin, and on a blockchain ledger peer-to-peer transactions can be monitored by every entity that’s party to the ledger, theoretically resulting in more transparency.