William Essex
William Essex

The Blockchain Ecosystem - Who can you trust?

Cryptocurrencies are back in fashion with blockchain designers. But future prosperity really depends on bankers getting past their trust issues, says William Essex.

Let’s talk about Utility Settlement Coins (USCs). These are bright, shiny, brand-new coins, untarnished by any past association, freshly minted to serve a useful purpose in the most respectable of back offices. “Digital cash is a core component of a future financial-market fabric based on blockchain technologies,” said Hyder Jaffrey, head of strategic investment and fintech innovation at UBS Investment Bank, at the recent public announcement of a testing phase for USCs. “There are several digital cash models being explored across the Street. The Utility Settlement Coin is focussed on facilitating a new model for digital central bank cash,” Jaffrey continued. To fill in the details, BNY Mellon, Deutsche Bank, ICAP and Santander have now joined the initial developers of USCs, UBS and the “intelligent platform” developer Clearmatics, to build a financial structure around USCs and to work towards the achievement of a “fully operational utility settlement coin...continued

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