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Sunday, November 5, 2017

Blockchain News: Meet the Blockchain Tourists

Meet the Blockchain Tourists

Blockchain experiments are everywhere in finance these days. Actual blockchain applications that are big enough to have any lasting impact on banking, not so much.

Those offenders who talk alot without doing anything of substance have even been given a name in crypto world. "Too many people are using [blockchain] as a buzzword and are not focused on solving a real problem," Ripple CEO Brad Garlinghouse wrote recently. "We like to call them Blockchain tourists!"

The payments tech provider has a point. One loses count of all the proofs of concept showing successful tests of corporate-friendly decentralized networks, albeit in rigged lab conditions. No fewer than 15 big European banks, from Barclays Bank Plc to Banco Santander SA, have mentioned blockchain in regulatory filings since the end of March, according to Bloomberg data. Most are simulations in pretty niche areas like shipping, trade finance and commodities.

Still, that's not to say we should see blockchain tourists as the crypto equivalent of those befuddled souls queuing outside Madame Tussauds. While it may infuriate the true pioneers, there's plenty to be gained from even the  most tenuous links to the tech. Look at Bioptix Inc., a tiny biotech diagnostic specialist whose shares surged after it renamed itself to the not entirely subtle Riot Blockchain—a move redolent of the stuff going on during 1999's dotcom mania.

Full story at

Source: Bloomberg

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