Google is to build its own bitcoin? Why block chain is not suitable for traditional bank
Block chain is an important technology of bitcoin bottom support peer-to-peer protocol, in essence, is equivalent to the storage, protection and promotion of the bitcoin user transaction data database.
In the past few years, some banks and financial institutions have been focused on building block system based on chain, including interbank payment convenience, cross protocol and multi solution financial books. The development of billions of dollars into the so-called “private chain or distributed books”, and the banking sector has yet to show the blockchain successful commercial applications.
Banks using the block chain technology unremittingly and prove its availability in the financial sector, one of the important reasons is that due to the center of the block chain brings the conflict.
The transfer of monetary and financial policies require banks must be strict supervision of trading and financial activities. If the implementation of the system of public chain based on network bank cannot handle the transaction, it will lose control of your network.
Fundamentally speaking, the public network chain because of regulatory barriers cannot be used. Private block chain network because of serious security problems can not be applied. With the passage of time, investors and block chain alliance realized that the block chain is not suitable for the financial sector, and companies such as R3CEV to block chain inspired by technology.
Google to create their own bitcoin?
The roadmap sponsored by Google Currencycloud currently go with the R3 alliance is very similar. Currencycloud did not own system is fixed on the chain block above, but by the block chain inspired technology into the field of finance, this technology actually used in various operations, such as transaction processing.
Recently, Currencycloud and GV from Google ventures lead investor D round of financing to raise $25 million, up to now a total to $55 million to raise funds, other major cast venture firms and technology companies including Sapphire, NotionCapitaland e-commerce giant Lotte Group (Rakuten), and AnthemisGroup.
Currencycloud is mainly dedicated to banking and payment enterprise provides a simple convenient international cross-border payment services framework. Essentially, the Currencycloud infrastructure is equivalent to a cross line of books, with ecological system more safe and cheap to achieve real-time transaction. The bank requires only a simple API, you can use to improve the payment and settlement infrastructure Currencloud.
“GV has been carefully studied, and that should power to the developers, so that they can be more easily linked to global service, which is a part of globalization. Is a part of the theme of investment. We always claim not only a payment company or Forex firm. We are using a API to the world Unicom global payment platform.”
The rapid growth of the emerging financial technology companies and by blockchain inspired infrastructure developers are targeting banks and financial institutions, the latter can be expected to optimize large commercial projects using their solutions. So far, although capital flows block chain, billions of dollars but the blockchain, or more specifically a private chain network platform, has yet to prove himself in the field of financial value.
Whether the blockchain technology is suitable for the financial sector, and it can enhance the banking services, these problems are still in doubt. FinTech and block chain startups worry for investors is that the bank is gradually realized, not bitcoin and other major digital assets as the token block chain, hash function force and developers open communities have inefficiencies at all.