News

Law

Asset Management

Investment Banking

Crypto

Hedge Funds

People

Newsletters

Events

Lists

Fintech

Blockchain too slow for banks, warns top blockchain firm

Fintech startup Ripple has opted for using only parts of the technology because 'there are a few things wrong' with the classic version

Friday, 7 July 2017 at 09:40

Blockchain too slow for banks, warns top blockchain firm
Photo: iStockPhoto

The fintech startup helping the Bank of England to research blockchains has warned the technology may not, in fact, work for banks wanting faster and cheaper ways of moving money.

Ripple, which has developed an internet-based bookkeeping system for cross-border payments, has said there are a "few things wrong" with blockchain in its purest form that make it unsuitable for banks requiring privacy and speed.