Cross border payment processor Earthport is the latest established company to throw its weight behind the adoption of blockchain technology for banks and other orthodox financial service providers. The company is driving this with the message, “you do not have to endure the risk of working with a start-up to benefit from blockchain tech.” Earthport, a mature company, is adding a range of blockchain based services to the existing menu of what they offer their banking and corporate customers.
Over the last six months the campaign to highlight the advantages of blockchain and private networks backed by banks and governments over bitcoin is having a greater degree of success. Internal dissention among the core developer group coupled with continuous light pressure from bodies like the European Parliament and successful PR campaigns like the R3 banking consortium all work towards slowing the adoption of public blockchains and its leading example bitcoin. The latest effort to move the public’s attention away from bitcoin is evidenced by the recent renaming of blockchain tech as DLT, Distributed Ledger Technology.
The accountability and economies that internally managed blockchains will impose on financial institutions is certainly a positive step. For example, if mortgages had been maintained on private