With private chains, you can have a completely known universe of transaction processors. That appeals to financial institutions that are wary of the bitcoin blockchain.

The blockchain is the financial challenge of our time. It is going to change the way that our financial world operates.

We all want a non-fragmented solution, but the utopian version of a single blockchain to rule them all is undesirable and impractical.

The thing about innovation in financial markets is they're always building on what has come before. It's a natural process.

If you think about any multiparty process where shared information is necessary to the completion of transactions, and the coordination of activity and the exchange of value, that's where blockchain technology can be put to good use.

Our view is that sensitive, contractual, market-moving, private data should be kept private.