More Consortia? Banks See Model as Vital to DLT Efforts
Nearly three-quarters of banks and asset managers see the consortium model as necessary for exploring distributed ledger tech, according to a new survey released last week. For the survey, international law firm Simmons & Simmons polled 200 C-suite representatives as part of a larger exploration of how they view financial technology opportunities. Notably, while most were positive about the consortium model, there were hints that there may be some weaknesses to the approach. For example, 60% reported some existing consortia have too many participants, while 68% expressed a desire to....
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Deloitte, one of the many multi-bln dollar research firms that have expressed optimism towards Blockchain over the past few years, stated in an annual report released in December that banks and financial institutions must form consortiums in order to pursue the implementation and commercialization of Blockchain technology. Eric Piscini, a principal with Deloitte, stated in an interview that the company is focused on the development and establishment of consortiums or collaborative projects that could optimize the implementation phase of Blockchain. There exist numerous conflicts the....
After a week of rumors and speculation, this much we know: Goldman Sachs, Banco Santander and Morgan Stanley (most likely) have left R3CEV. The departures by three of the blockchain consortium's larger members is being taken by some as a sign that blockchain enthusiasm is waning, and consortia are losing influence. Neither viewpoint is accurate. While we are not privy to the closed-door meetings that led to the respective decisions (which are apparently unrelated), we can deduce that the banks did not leave because they no longer believe in blockchain tech. Between them, they have....
Much like their counterparts in Europe and North America, banks in Australia have had mixed reactions to bitcoin. While some financial institutions are working together with bitcoin businesses to understand the issues at hand, others have given conflicting messages, and at least one is ridding itself of bitcoin customers altogether. Banks' willingness to work with entrepreneurs in the bitcoin world is vital to building a healthy and stable bitcoin ecosystem. Exchanges, ATMs, payment processors and even some face-to-face traders all need to move vast amounts of money through traditional....
What a week for the R3 consortia, with Goldman Sachs and Santander moving on. But is this beginning of a trend, and is everything alright as banks become aware of the potential value being created, or does impending doom await as they scramble to patent what they can for themselves? Capitalist, protectionist agenda of banks. Lets face it, banks don’t play nicely in the playground. It may be because at their heart is a rampant capitalist, protectionist agenda with a company mission above every office door that reads: “Whatever happens, the bank is more important than anything, any customer....