Earthport, the London-based payments network, launched a new platform that gives banks direct access to the Ripple blockchain through a single API connection. The Blockchain Hub, or DLH, lets
Earthport, the London-based payments network, launched a new platform that gives banks direct access to the Ripple blockchain through a single API connection. The Blockchain Hub, or DLH, lets institutions adopt blockchain payments without constructing expensive infrastructure or undertaking major compliance efforts.
The platform builds on Earthport's earlier Blockchain Gateway work. Banks can enter blockchain operations through a single API connection.
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Hank Uberoi, CEO of Earthport and former head of Goldman Sachs' global technology systems, outlined his perspective on the coming blockchain landscape. "It is our belief that there may be different ledgers that gain traction over time – some will have a regional affiliation, and some may be more aligned by industry sector," Uberoi said. "Banks will need to have access to a growing universe of different ledgers to serve their own clients, further complicating their technical roadmaps."
In August, Earthport partnered with Ripple to enable near real-time cross-border payments. The relationship offered two advantages: immediate transaction settlement and reduced counterparty risk. Uberoi remarked that his company had experienced significant interest in this protocol.
Ripple CEO Chris Larsen addressed banking industry movements in a Forbes interview. "Banks get a lot of criticism, but they aren't resting on their laurels. They all have active innovation groups and they're focused on new things like blockchain. A lot of innovation comes out of fintech, but it is sometimes overblown. When you have the full stack, you end up looking like a bank," Larsen said.
Several blockchain consortiums emerged in 2015 as financial institutions and technology companies collaborated to construct shared infrastructure. R3CEV, a fintech firm based in New York, led the most substantial project. Thirty major financial institutions backed the effort to develop an open-sourced, generic blockchain slated to begin operations in 2016.
In December, the Linux Foundation launched the Hyperledger project, a collaborative venture among leading technology and financial firms designed to build an enterprise-grade, open source blockchain for business transactions.
Ripple gained the strongest foothold among active blockchains during 2015. The Australian banks Westpac, ANZ, and Commonwealth Bank all tested the network for domestic and international payments.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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