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Blockchain Scalability: Why there is Need for Financial Institutions to be Patient

    by David Drake     The emergence of blockchain technology has brought hope for faster, more secure and more affordable transactions for entities across sectors. Since its invention, the technology has become a basis for innovating solutions to address pressing problems in conventional systems due to its ability of increasing transparency. Blockchain-based projects include platforms such as IOU, designed to improve e-commerce, and BlockVest, a virtual platform that enables investors to manage their digital asset portfolios. But not all blockchain innovations have to do with business and investment. URAllowance is setting up a blockchain platform to enhance interactions between parents and their children. On the other hand, SportsFix is utilizing blockchain to improve access to sports contents for sports fans. But while the biggest application of blockchain technology is expected to happen in the financial sector, concerns are emerging regarding whether or not the technology can handle  demands from ... Read More »

Can Conflicting Interests Reduce Blockchain Adoption in the Finance Industry

  by David Drake     The status of services in the banking sector is characterized by time lags and high transaction costs. For these reasons, blockchain has been hailed as a revolutionary technology due to its ability to reduce transaction costs and increase the effectiveness of cross-border transactions. But big banks are now beginning to question the ability of blockchain to solve these problems and whether the technology has matured enough to warrant large scale application.  Big banks such as Russia’s Central Bank, the Bank of Canada and the Central Bank of the Netherlands are among leaders in the banking industry that have raised these concerns. Their concerns come soon after Western Union’s CEO claimed that cost of payments had not reduced after six months of testing the Ripple XRP. Looming Competition But cryptocurrency players seem to view the situation differently and are critical of these negative commentaries. Alex Karasulu, ... Read More »

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