The London Stock Exchange Group Plans to use Blockchain for Trading
The London Stock Exchange Group plans to use blockchain for trading. This new technology might make trading faster and cheaper.
The London Stock Exchange Group (LSEG.L) is planning to use blockchain for trading usual financial things, says the Financial Times. They have been studying this idea for almost a year and now want to move ahead.
Murray Ross, a leader at LSE Group, told the Finacial Times that they aren't using digital money, just the technology behind it. This will make buying and selling traditional items faster and cheaper. Ross said, "We want to use new technology to make things better and have proper rules for it."
A blockchain is like a special book that keeps track of all trades and can't be changed.
The LSE Group is thinking about creating a separate business for this blockchain trading. They are talking to the UK government and other officials about it. This new idea is because many big finance companies want to use blockchain to trade things like gold and U.S. notes.
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