Why Big Banks Got Blockchains Wrong in 2015
Bitcoin evangelist, public speaker and community director of the Counterparty Foundation, Chris DeRose is also a journalist and software developer. In this special feature, he looks into the state of blockchain businesses during 2015 and looks forward to what the future holds. If one wanted to survey the state of private blockchains in 2015, it would be hard to find a better example than by simply watching the blockchain panel at this year's Innotribe conference. In front of a large group of finance professionals, "blockchain experts" and audience alike agreed that blockchains were the....
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The price of bitcoin and native tokens for other stablecoin-supporting blockchains jumped after the OCC approved banks to use public blockchains.
The top banking regulator in the U.S. has announced that national banks and savings associations in the country can use public blockchains and stablecoins for payment activities. Experts say this is good for bitcoin and its importance should not be understated. Banks Can Use Public Blockchains and Stablecoins The Office of the Comptroller of the Currency (OCC) published an interpretive letter on Monday “clarifying national banks’ and federal savings associations’ authority to participate in independent node verification networks (INVN) and use stablecoins to conduct....
Banks didn’t plan for the blockchain. It just happened in front of them in 2015. But, they have been thinking a lot about its implications. 2015 was the year that banks started to wonder about their blockchain strategy. Banks that didn't have such a strategy were considered laggards. But despite its revolutionary prognosis, the blockchain doesn't signal the end of banking, because the banks aren’t going to use it to disrupt or obsolete themselves. Rather, they will guide it to live within the regulated constraints of their world. The good news is blockchain implementations help banks....
In many recent articles, Bitcoin Magazine reported the trend toward private, "permissioned" non-Bitcoin blockchains, supported by Accenture and Digital Asset Holdings CEO Blythe Masters, among others. Permissioned blockchain developments for banks and financial operators have been started by giant Swiss bank UBS, Bitcoin exchange itBit and more. Permissioned blockchains would offer the advantages of digital currencies powered by public blockchains - fast and cheap transactions permanently recorded in a shared ledger - without the troublesome openness of the Bitcoin network where anyone can....
Banking will not become decentralized, but with blockchain, it will become accountable for both banks and clients. Recently, European central bank executives — Thomas Moser from Swiss National Bank and Martin Diehl from Deutsche Bundesbank — stated that central bank digital currencies don’t need a blockchain.They expressed their opinions by saying that blockchains — especially public, or permissionless — make no sense for central bank digital currencies. The reason is that central banks are central parties; therefore, a blockchain, being a decentralized ledger, is not applicable. It is a....