2015-12-16wired.com

Overstock built its technology under the aegis of a subsidiary called TØ.com, and it plans to offer this "cryptosecurity" tech as a service to other businesses, so that they too can issue stock via the blockchain. Each business would need separate approval from the SEC, but Overstock could use the system to issue stock for a third-party before issuing its own.

Byrne believes the technology "can do for the capital market what the Internet has done for consumers." It's designed to provide a secure, transparent, reliable, and largely automatic way of tracking who owns a given security at any given time. And in Byrne's mind, it could replace systems run by the New York and Nasdaq stock exchanges. Such a system could eliminate many of the middlemen who have traditionally controlled the market, and thanks to its technological precision, it could close certain market loopholes. "There are all kinds of ways to rig the market," Byrne told WIRED earlier this year. "We want to make it un-rig-able."



Comments: Be the first to add a comment

add a comment | go to forum thread