Only Permissioned Blockchains Can Transform Finance, Says Chain’s Ludwin
Who really understands what a blockchain is? Could you explain it to your mother? Chain CEO Adam Ludwin got down to fundamentals yesterday, as he explained his company’s intention to transform financial services by digitizing already-existing assets. Ludwin spoke on a Tuesday afternoon panel with at the Money 20/20 Conference in Las Vegas. Blockchains Transform Finance From the Bottom Up. Assets including U.S. dollars and Starbucks points could move on blockchains with greater efficiency and security, he said. “A blockchain is actually a new type of database,” he said, adding that it’s a....
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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....
A couple of weeks ago, Bitcoin.com broke a story about Mijin and its unique Ninja advertising at the Breakthrough Summit 2015 in Japan. Tech Bureau’s CEO Takao Asayama has officially announced its low-cost project for creating permissioned blockchains. The startup wants to engage other finance institutions with their own individual blockchains seeking to....
Blockchain providers are the center of attention these days, and Chain Inc. has released their Chain Open Standard 1. This initiative is an open source blockchain protocol developed by the provider itself, as well as several startups and financial services companies in the world. The primary goal of the Chain Open Standard 1 is to allow for high-scale....
Blockchain startup Chain is today releasing a new open-source, permissioned protocol built in collaboration with 10 financial and telecom firms. Partners on the project include an impressive list of major financial firms, such as Capital One, Citi, Fidelity, First Data, Fiserv, Mitsubishi UFJ, Nasdaq, Orange, State Street and Visa, all of which contributed to the technology, called the Chain Open Standard, or Chain OS 1. In interview, Chain CEO Adam Ludwin asserts the platform is tailor-made for high-scale financial applications, including securities clearing and payment processing. Long....
Major banks and mainstream financial institutions are warming up to the blockchain technology that powers Bitcoin, and launching internal experiments and pilot projects to find out how they can use the blockchain. However, most banks frown at the chaotic anarchy of public "permissionless ledgers" like the Bitcoin blockchain, where any individual anonymous user can join and contribute hashpower to verify transactions without having to ask anyone's permission. Instead, they would prefer "permissioned ledgers" owned and by the banks, which can be operated only by vetted players. Think of....