The fintech startup helping the Bank of England to research blockchains has warned the technology may not, in fact, work for banks wanting faster and cheaper ways of moving money.Ripple, which has developed an internet-based bookkeeping system for cross-border payments, has said there are a "few things wrong" with blockchain in its purest form that make it unsuitable for banks requiring privacy and speed.The warning will cut through some of the hype around distributed ledger technologies, which the world's largest financial institutions hope can help them modernise post-trade systems and save billions in the process.
Ripple is a mess, they have not yet gotten the idea of branded block side chains. Banks already have a clearing system and it does not use block chain. Banks will adopt branded side chains, meaning they provide customers with bitcoins using the banks bitcoin wallet, customers do not spend their own bitcoin, they trade their bitcoin to the bank.
We have gone through this before. Banks can clear their bitcoins with each other, they already have a trusted network. So customer can spend the bank bitcoin from their bank account, and the bank only need call the block chain often enough to leave a measurable queue such that ledger congestion can be priced.
Block chainers, get with the program, you are slowing us down. It is starting to piss me off. We already have side chains, a bitcoin tracker that trades on the Swiss market, and a new ETF for crypto approved for the Chicago Board. Neither the Swiss market nor the Chicago board use block chain be these bitcoin trackers still clear, still trade and are still secure. These are two operating branded side chains. It is happening, get with the program.
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