PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

Bank-Based Blockchains Are Multiplying like Rabbits

By Tim Sloane
December 30, 2021
in Analysts Coverage, Blockchain, Digital Assets & Crypto
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Blockchains

This isn’t a good thing. The concept that makes blockchain compelling is equal transparency of select data, select transactions, and value across all participants. The JPMorgan implementation delivers value to JPMorgan clients. SigNet delivers value to Signature bank clients. SEN delivers value to Silvergate Capital clients. And so it goes. Each new private blockchain creates yet another separate island that reduces the overall value of all solutions. Gateways are not the answer as each gateway can only deliver solutions that represent the lowest common denominator. If this doesn’t concern the banking industry, then perhaps regulators should consider mandates that guarantee the data they require is kept on a blockchain they control or at least can access using a defined standard:

“But in recent weeks, several regional banks have signed up for new multibank blockchains. In November, New York Community Bancorp joined the Provenance blockchain developed by Figure Technologies. The $53 billion-asset Western Alliance Bancorp in Phoenix and the $19 billion-asset Customers Bancorp in West Reading, Pennsylvania, have started using a blockchain for banks run by Tassat. Other banks are working with Tassat but haven’t announced so publicly.

What’s changed over the last five years is that distributed ledger technology itself has adapted to the needs of banks. Stablecoins have come along to provide stable stores of value. And the organizers of multibank blockchains have figured out an approach in which each bank member gets value out of its own version of the ledger, then links it up with others for a multibank blockchain.”

Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: BankingBanksBlockchainFinancial TransparencyStablecoinStablecoins

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    push notification bank

    From Bland to Beneficial: Using Push Notifications to Reach Business Customers

    May 16, 2025
    recurring payments, PCI Compliance for small business, Fintech for Underserved Small Businesses

    Tariffs May Create an Opportunity in Small-Business Cards

    May 15, 2025
    Using the Card “Beyond” Payments to find the Holy Grail

    Using the Card “Beyond” Payments to find the Holy Grail

    May 14, 2025
    Payments Modernization

    Playing Offense and Defense: Why Now Is the Time for Payments Modernization

    May 13, 2025
    Authorization Rates

    Boosting Revenue for Merchants by Optimizing Authorization Rates

    May 12, 2025
    Why Payment Orchestration is the key to international merchant growth

    Ensuring Payment Decisions Pay for Themselves

    May 9, 2025
    cross-border

    As Businesses Reevaluate Cross-Border Relationships, Financial Institutions Can Help

    May 8, 2025
    Nacha WEB Debit Account Validation Rule Verification Solution, Quovo ACH Payment

    The Brave New Future of the Disappearing Account

    May 7, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result