On February 1, 2017, the Wall Street Blockchain Alliance (WSBA), a non-profit 501(c)(6) trade association dedicated to the education of blockchain technologies within the financial sector, announced the formation of the Blockchain Assets Working Group.
Acting as a steward of scholarship and cooperation between Wall Street firms and blockchain businesses, the WSBA’s mission is to guide and promote the comprehensive adoption of blockchain tech across financial markets. While most blockchain working groups focus on the education and exploration of the technology, the Blockchain Assets Working Group plans to focus on native assets (such as digital currencies, commodities like computing power and digital storage, tokens of value, or other assets that could benefit from principal disintermediation) that ride upon public blockchains such as Bitcoin, Ethereum, Zcash, and more.
Chris Burniske, Blockchain Products Lead at ARK Investment Management LLC, will chair the new group and stated:
“Instead of focusing on how blockchain technology can be employed within existing financial architectures, this working group will return to the genesis of the blockchain movement that saw the need for native assets to keep decentralized and open systems in economic balance. The working group will emphasize that the assets are just as important as the technology, providing participants the environment they need to stay on top of the latest developments in public blockchain networks.”
Founder and chairman of the WSBA, Ron Quaranta, notes:
“Chris Burniske has been a member of the WSBA almost since inception and is no stranger to providing thought leadership to our members as well as the wider marketplace. We look forward to our global membership benefiting from his expertise and leadership in this increasingly important aspect of blockchain platforms.”
As big banks and other financial firms are exploring use cases for blockchain technology, digital asset management has been one of the most promising applications. The formation of the Blockchain Asset Working Group will hopefully continue this advancement. The group’s first roundtable discussion will be held on February 23, 2017, with an agenda to be announced soon. WSBA members and select guests are welcome to join. For more information on the WSBA or to join the discussion, visit their website.