Bitcoin D+H is a financial technology provider that works to improve financial institutions as they move into the modern era of digitized economy. One of the firms main goals is to integrate blockchain technology into the finance industry, streamlining services and making them stronger. In fact D+H executive vice president of Global Pre-Sales Moti Porath believes that the blockchain — more specifically, private blockchains — could be the biggest thing in finance since electronic trading.
Also read: Joint Biometric Security Collaboration Aims to Protect Financial Services D+H for Private Blockchains
However, Porath and the D+H team do not think that the blockchain is perfect in its current state. The ecosystem faces many hurdles, namely a crowded Bitcoin industry with growing amounts of regulation, and a blockchain scalability issue that can’t seem to get solved. According to a white paper released by D+H, “the Bitcoin ecosystem is as crowded and diverse and almost as regulated as the money ecosystem it was intended to replace,” and that the blockchain is too slow and doesn’t have enough capacity to “use it to wire up a whole institution, country or global marketplace.”
With these issues in mind, Porath thinks that there are five major goalposts that blockchain technology has to reach in order to be viable for mainstream financial use:
> Find the right problem
Emerge with a dominant technology
Retain its disruptive potential despite regulatory requirements
Scale up to handle the volumes and speeds required by the financial industry Align its evolution with banks’ timescales and perspective D+H wants to help the technology progress and achieve these necessary milestones through ditching permission-less blockchains and building strong private blockchains. This model might rub a lot of Bitcoiners the wrong way; the “anyone can join” mentality of the Bitcoin blockchain is what makes the […]
