How do consortiums/private Blockchains affect Bitcoin? Financial institutions are trying different ways of approaching Bitcoin’s blockchain. These technologies could be applied to our financial system by 2020.
We are witnessing the development of Bitcoin and other cryptocurrencies known as alternatives. The path has certain obstacles, and the banking system tries to eliminate any possible dangers. Why Bitcoin cannot be used by financial institutions
In 2015 we have seen a many articles regarding the issue of public vs. private blockchain.
The main argument as to why Bitcoin could not be used by financial institutions is down to the number transactions which could be done per second. Bitcoin’s blockchain network is only capable of processing about six or seven transactions a second. In contrast, Visa has the capacity to process 65,000 per second. Thunder, Chain and R3CEV are about to change the game
Blockchain released another code on 16 May 2016 called Thunder which has the potential to facilitate secure, trustless, and instant payments, at a scale of 100,000 transactions per second.
Bitcoin startup company Chain on 02 May 2016 announced the Chain Open Standard 1 (Chain OS 1) , which is an open source blockchain protocol. This will be controlled by financial corporations.
Previously efforts have been made by the R3CEV , which includes 43 global banks. They have released a distributed ledger system for financial services called Corda , aiming to have strong digital identity, as they will pass AML/KYC. Blockchain to enhance data systems
Many companies are trying to win this race, and always we have to remember the reason why Bitcoin’s blockchain is important. It is created by mining procedure, not only by the transactions alone.Another company offers a different path. ChainReactor is a new startup company created by a former banking member Jon Nelson. He is focused on using Blockchain […]
