The Blockchain Race Heats Up
As the competition in the blockchain business escalates, two major players—Goldman Sachs and Banco Santander—have surprisingly decided to leave the R3 Consortium. The reasoning behind this move remains murky, resembling that awkward moment at a party when someone leaves without saying goodbye. Is it a case of corporate competition gone rogue? Or are they just tired of sharing snacks at the table?
The Growing Concern Over Patents
Kristian Gårder, a voice from the Nordic R3 member SEB, threw a little fuel on the fire by expressing his worries about potential patent squabbles.
“Members will obviously worry if some R3 members seek patents that we have discussed together.”
With banks vying for control and innovation, Gårder ain’t wrong. If Corda—R3’s flagship technology—fails to catch on among banks, it could end up being about as useful as a chocolate teapot.
Personal Pursuits Over Collective Collaboration
Despite parting ways with R3, Goldman Sachs is still in the blockchain game, determined to create its own distributed ledger technology. Paul Walker, their global co-head of technology, remains optimistic about blockchain’s transformative potential.
“It will play a transformative role in the way financial institutions transact globally.”
Meanwhile, Santander continues to explore blockchain options, including an interbank group aimed at enhancing global payment solutions. It seems piggybacking on someone else’s blockchain efforts isn’t enough; everyone wants their piece of the pie!
Whose League is it Anyway?
The motives behind Goldman Sachs and Santander’s departures are as clear as mud. One theory hints at a power struggle within the consortium. R3’s fundraising campaign earlier this year may have left the banks feeling sidelined. They were looking for control, but the thought of sharing the spotlight with 64 other banks might have sent them running for the hills.
The Nature of Competition in Blockchain
In an ironic twist, the very concept of collaboration is threatening the ecosystem’s viability. As banks realize the potential of blockchain to revamp outdated financial systems, they’re racing to capture market share. R3’s spokesperson captured the essence of this shift:
“Investing millions of dollars in small, disparate technology projects is not appropriate for banks at a time when budgets are stretched.”
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