​Paxos is Making the Blockchain Revolution a Practical Reality

Joel Anderson  |

The volatile world of bitcoin has long been viewed with a lot of skepticism. The crypto-currency was generally something that existed on the fringe, with traditional financial institutions keeping it at arm’s length. There just wasn’t anyone, aside from some speculators and evangelists, who was willing to take on the sort of risk it involved to own bitcoins.

However, anyone assuming that every aspect of bitcoin was going to remain on the outside is greatly underestimating the work that was put into building it. In fact, while bitcoin itself has many skeptics, the building blocks on which it is built is downright revolutionary. In particular, the blockchain represents a bold and innovative technology, a digital open ledger that could permanently alter the way financial transactions are handled in the future.

That’s why the unveiling on Tuesday of Paxos, a fintech company focused on blockchain solutions, was one to watch.

Paxos Active in Bankchain Development

Paxos is a phrase used in computer science to describe a series of protocols used to find consensus between different processors, likely referring to the way that a blockchain can create an instantaneous and traceable consensus in transactions. The move represents a rebranding of a company that’s already been active in blockchain applications, including the development of Bankchain.

Bankchain represents the young fintech company’s flagship brand, offering financial institutions the ability to utilize blockchain to streamline their business.

The blockchain has long been one of the features that made bitcoin most attractive to its most ardent supporters. Every transaction was clearly recorded and posted where everyone could see it, making exchanges move seamlessly and transparently. Moving that technology to the mainstream and to transactions other than bitcoin alone is something that holds enormous potential.

Bankchain promises to be able to settle transactions instantly, something that improves efficiency while cutting down risk exposure. It also utilizes process automation that improves accuracy and efficiency, a distributed universal ledger that ensures accuracy and allows for real-time tracking, all with a seamless integration process. It also allows for an ease of auditability that could dramatically lower accounting costs over time and ease relationships with regulators significantly.

Altogether, Bankchain is a big step towards bringing blockchain to the mainstream, a process that stands to revolutionize the nature of financial transactions.

"Increasingly, the financial services industry is embracing the transformative potential of blockchain technology. Paxos is making that potential a practical reality," said Paxos CEO Charles Cascarilla in the company’s press release. "Our collaboration with Euroclear to create a trusted blockchain settlement infrastructure for gold is just the beginning, and an important first for the industry."

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer



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