Banks were among the first to recognise the need to embrace digital currencies and distributed ledger technology, but they are not the only ones.
Within the financial services industry credit card companies or insurers come to mind.
But one particularly intriguing example comes from Numerai. In a bid to develop artificial intelligence, the San Francisco-based hedge fund developed its own cryptographic token, called Numeraire. The idea is that data scientists developing AI models stake Numeraire in an auction to quantify their confidence in the models. Those that prove their predictive prowess earn Numeraire, while those that don’t see their digital stakes destroyed.
In part nine of our digital currencies series we’re going beyond banking, looking at other areas where the financial services industry considers – or already uses – distributed ledger technology.
To read the article, which we have produced in collaboration with law firm Baker McKenzie, please follow this link.