The head of research at R3 CEV, the blockchain project backed by 30 of the world's largest banks, says a development team in London is currently coding the fabric for an open-sourced, generic "shared ledger", which banks want to use to reduce reconciliation costs.
Tim Swanson, who joined R3 full-time this year and is also a research fellow at the Singapore Management University, says the biggest challenge working with banks to design protocols for a working blockchain, the technology underpinning bitcoin, is managing expectations while at the same time pushing to build a working platform as quickly as possible.
"It is important not to over hype things, although it is too late on that," Mr Swanson said ahead of a visit to Sydney this week. "At Sibos [the global payments conference held in Singapore last month], everyone was talking about blockchain. Now, deliveries have to be shown to the world in the next 12 months, or people will walk away thinking this is a load of bumf."
Read more: http://www.smh.com.au/business/banking-and-finance/r3-cev-says-global-bank-blockchain-should-be-operating-within-a-year-20151206-glgyvv.html#ixzz3taYYc8Ic
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Topic: [2015-12-7] R3 CEV says global bank blockchain should be operating within a year (Read 231 times)
December 06, 2015, 07:03:43 PM
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