MonetaGo aims for Blockchain without Bitcoin for Banking Sector
The US-based blockchain company MonetaGo plans to create a blockchain without Bitcoin to help banks adopt distributed ledger technology.
Bitcoin and Blockchain are synonymous to each other, for blockchain is the popular cryptocurrency’s underlying technology. After Bitcoin, many alternative cryptocurrencies have come up, which still uses a distributed ledger either similar to or derived from Bitcoin blockchain. However, the US-based blockchain company MonetaGo intends to change that for the convenience of central banks.
In a recent interview with one of the leading news publication, MonetaGo has mentioned that it is going to separate Bitcoin and blockchain technology. It is still unclear as to how they are going to do that as these cryptotokens (Bitcoin, Ethereum or any other altcoin) are the units which make blockchain what it is. The cryptotoken transactions and the network size play a significant role in ensuring the security and data integrity on distributed ledgers.
It is entirely possible that the company’s statement meant that it is going to use an alternative blockchain platform instead of Bitcoin blockchain to create banking solutions. MonetaGo recently took part in a pilot with Indian central bank, the Reserve Bank of India.
A media report states Jesse Chenard, the CEO of MonetaGo mentioning that the use cases for blockchain technology goes beyond virtual currencies and that’s what the company is focusing on while working with banking institutions in India. MonetaGo is currently in talks with the Reserve Bank and other commercial banks in the country to develop blockchain infrastructure for payments, remittance, and trade-finance settlement processes.
However, there have been numerous instances where industry experts have argued that Bitcoin blockchain is the most stable and secure option amongst all. Bitcoin currently has the largest network among all digital currencies with the highest hashing power. Other alternative private or permissioned blockchains will not be able to match Bitcoin’s distributed ledger, making them more susceptible to attacks.
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