Tag: Chain

Chain

Blockchain Providers Remain Divided on Approach to Financial Firms

The schism between the blockchain providers and cryptocurrency users that want to in some way overturn the current financial system and those that want to work within it, was highlighted by comments made at the Swell conference hosted by Ripple this week in Toronto. 

On the opening day of the event, former US Federal Reserve chair, Ben Bernanke, made some fairly bearish comments regarding the future of bitcoin. He essentially said that the need for authorities to prevent criminal transactions occurring represents an existential threat to this particular cryptocurrency.

You can read the full Profit & Loss coverage of Bernanke’s speech here, but the key takeaway regarding bitcoin was that he believes it is “working against, rather than with, the regulators”.

Visa, Chain to Launch Blockchain Payments System

Visa is partnership with Chain to launch a new business-to-business (B2B) payments platform using blockchain technology.

The new platform, Visa B2B Connect, will be built using Chain Core, an enterprise blockchain infrastructure that is designed to facilitate financial transactions on scalable, private blockchain networks.

The plan is for Visa to use this technology to develop a near real-time transaction system designed for the exchange of high-value international payments between participating banks on behalf of their corporate clients.

The platform will be managed by Visa end-to-end and the firm says it will facilitate a consistent process to manage settlement through Visa’s standard practices.