Blockstack to adapt Bitcoin tech for mainstream finance

FinTech | July 1, 2015 By:

Blockstack has taken the underlying technology behind bitcoin transactions and adapted it for mainstream finance, including clearing and settlement.

“We’re not trying to destroy banking or financial services as they are today. We see what we’re building as technology that can help improve the back-office infrastructure that financial institutions are using,” said Blockstack CEO Peter Shiau.

Blockchain’s record-keeping technology has come to be seen as potentially the most important part of the bitcoin innovation.

While some see bitcoin as a challenge to currencies that are minted by nation states – a practice that has prevailed since at least the heyday of the Roman Empire – Blockstack’s goal is more humble. It wants to speed up and cheapen financial companies’ transactions while reducing errors.

Blockstack is a licensed enterprise software stack for financial services to create blockchain 2.0 applications.