Goldman Sachs sheds light on new asset manager at financial firm

Recently, US CNBC interviewed Mathew McDermott, director of new digital assets at Goldman Sachs. From McDermott's perspective on the transformation of digital assets and its behavior, we can determine Goldman Sachs' decision on the transformation of the digital financial world and its comprehensive strategies.

I think McDermott has good judgment on the future development of digital assets. He believes blockchain is the future of the financial industry.“Over the next 5-10 years, the financial system will transform into a way that all assets and liabilities will be created by default in the blockchain, which will happen in the modern world in the digital world, at the same time. includes the cost of advertising, security of assets, and loan creation.It is clear that this point of view is also the point of view of Goldman Sachs. You can see Goldman Sachs is really using this area. Following the selection of new leaders in this field, we are forming several existing teams and will recruit new employees mainly from Asia and Europe.

McDermott plans not only to make informed decisions about the future of the digital asset world, but also to make effective progress in specialist strategies. In the first place, it will do away with joint ventures such as buyout agreements. One of the key processes in this business is financial management.Among financial companies, modern short-term investment in the stock market exceeds $ 1 trillion. This business process requires the participation of multiple parties, so it is the best application scenario for blockchain technology.

McDermott also has good judgment regarding the makeup of the blockchain application.He believes that collaboration in the market is the best way to promote the adoption of blockchain technology.It must be well decided by banks, businesses and industry leaders. McDermott has spent a lot of time communicating with other companies in the industry, including Chase Morgan and Facebook. He even hinted that the Goldman Sachs project included a partnership with Chase & Morgan.

Based on this report, we can get the following results.First of all, Goldman Sachs believes that blockchain is the cornerstone of the global financial future. In the future digital financial ecosystem based on blockchain technology, digital benefits will be transmitted and digital assets will be created directly in the digital financial ecosystem. In this ecosystem, many financial management processes have been improved.Goldman Sachs is now starting to develop its own capabilities in this area. In the case of other financial companies, if they do not have a good judgment on the future development of the global financial system, or if they have good judgment but do not have the ideal, they will be abandoned or eliminated from this competition. .

Relationships in business are inevitable. These partnerships are not only business ventures, but also joint ventures from the same financial sector.. In the digital financial world of the future, it is impossible for a financial company to have its own lower layer of blockchain, and it will be difficult to complete the data and the connections between them. The goal of working solo is the current plan based on averaging.In the digital financial world of the future, companies will have to work together on the same infrastructure of financial institutions (IMF). At the heart of this IMF is open source blockchain software, which can be Corda, Quorum, or open source software.It is in no way a blockchain software owned by a specialized company. Software models provided by companies like Oracle, SAP and others will not be the cornerstone of the global digital financial future. From an organizational point of view, partnerships are necessary to develop financial services. An important requirement for the application of blockchain technology is that multiple nodes work together equally. Only consistent and equal rules are decided by multiple parties in favor of all parties and can be approved by multiple parties. And trust is the foundation of the financial system.

For schools in the financial sector, especially the top performing ones in the design industry, such as Goldman Sachs, it is very difficult to get the above cooperation in terms of implementing systems and organizations. So even if McDermott's ruling on this is true, it remains to be seen how successful a joint venture between Goldman Sachs and other financial firms can be in reality. It is difficult to agree on different financial companies even if the options are not marketable and attractive as the result of technology. Their self-awareness will greatly affect participation in this area, let alone build consensus on business law. However, business development requires the cooperation of organizations. For example, short term school loans. Every organization has such policies. Therefore, organizations must work together to achieve consensus on technology and industry. This can support the growth of their business in this area.