Banks and other established players in the financial market are closely exploring the use cases for blockchain technology. As a result of this increased interest, there is a growing demand for blockchain service providers such as Elliptic. In fact, banks are willing to throw a lot of money at these types of companies, rather than to try to develop their blockchain based solution in-house from scratch. Although Elliptic has raised a whopping US$5m in funding recently, there is still a long way to go before blockchain technology will meet the legacy system.
Also read: Ethereum Technical Analysis for 3/21/16 – Elliot Waves vs Divergence Elliptic Could Be The Missing Link
That seems to be the conclusion by various banks around the world, as the recent round of investments in Elliptic is mostly a result of growing interest in blockchain by banks and other big financial players. Paladin Capital led this round of funding and was joined by Santander along with Octopus Ventures.
Elliptic is among several other companies active in the Bitcoin world which provide blockchain-based services and solutions. Their brand butter is identifying Bitcoin transactions on the network which could be suspicious, and further strip away the last remaining shreds of the illusionary anonymity associated with Bitcoin itself.
Government officials and executive financial players have always been wary of Bitcoin and its alleged anonymity even though the perceived anonymity is not present in the digital currency’s ecosystem at all. While it is somewhat difficult to link an identity to a particular wallet address at a glance, it has always been possible to trace transfers. Moreover as soon as someone tries to cash out their Bitcoin, there will be an eventual need for an identity verification.
On the other side, the technology underpinning the Bitcoin ecosystem could have various use […]
