US clearing house to replace database with distributed ledger
The Depository Trust and Clearing Corporation (DTCC) will use distributed ledger technology (DTL), inspired by bitcoin's blockchain, to replace one of its central databases. The ledger will only be available to invited participants, and will allow multiple traders to update and view information in real time, instantly. The ground-breaking move follows a series of successful tests which revealed a DTL was cheaper to run than the existing database. In 2015, the DTCC oversaw $11tn in credit default swaps, equivalent to 80% of "all trades in the global market".
After months of talk and hype, the world’s biggest banks have taken the first steps toward moving a significant piece of financial infrastructure onto a so-called blockchain — the technology introduced to the world by the virtual currency Bitcoin.

The company that serves as the back end for much Wall Street trading — the Depository Trust and Clearing Corporation, or D.T.C.C. — said on Monday that it would replace one of its central databases, used by the largest banks in the world, with new software inspired by Bitcoin. The organization, based in New York, plays a role in recording and reporting nearly every stock and bond trade in the United States, as well as most valuable derivatives trades.

IBM, which has been making a big push into blockchain technology, will be leading the project for the D.T.C.C. and aims to have it fully functioning by early next year.

“This is a real tangible step into what could be a very different future for Wall Street,” Michael C. Bodson, the chief executive of the D.T.C.C., said in an interview.