Beyond The Hype: What Blockchain Really Bring To Payments
Banks have not prepared to retain control of customers and merchant payment interfaces in the face of blockchain or distributed ledger, according to managing consultant firm Bain & Company white paper. Such technology removes intermediaries, simplifies counterparty connections and records data in a tamper-proof manner. It also promises faster speed, more transparency and efficiency for payments. Bitcoin, despite some flaws, demonstrates these possibilities and has attracted a surge of investment. Ripple Labs, a blockchain startup, holds a seat on the Federal Reserve Faster Payments....
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Chainwashing is the perfect term, coined by R3’s Tim Swanson to describe the current “Blockchain, not Bitcoin” hype that is hopefully nearing its peak. Peak Blockchain Hype? There is a lot of hype around Blockchain or Distributed Ledger Technology (DLT) today. According to a new survey by Synechron among 200 financial services business and IT decision-makers across the US, UK and Europe, over two-thirds (67%) of companies in the industry are actively pursuing blockchain initiatives. Moreover, 94%, believe that key leaders (board members) have bought into developing blockchain projects.....
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