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Joseph Young

Joseph is a web developer and designer, writer and a passionate musician who loves to travel. He has worked as a researcher for a number of venture capital firms and as a freelancer designer for resorts and corporations in Korea and the Philippines.

August 5, 2015
Investing

Ethereum Version Tailored for Banks Being Developed; Barclays Interested

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Global banks and financial corporations already are showing strong interest in the recently released Ethereum Frontier and are planning to build unique blockchain applications that could potentially be implemented in the banks’ existing financial infrastructure, according to an Ethereum spokesperson.

International Business Times   at Barclays who claimed that there are a few banks and hundreds of individuals building applications on top of the Ethereum blockchain.

According to the source, Barclays is interested in another version of Ethereum’s platform which will be tailored for banks. The bank is already experimenting with the platform, though not “in any great depth” because Ethereum is hard to debug, and it can be tested alongside its existing systems.

“You are talking about 100 or 200 people that are building stuff with this, and some of them are from banks,” the source said.

Furthermore, the source added that Barclays has groups and “pockets of innovation” in their innovation labs and accelerators looking into creating efficiency for banking systems. They are especially interested in the new bank-friendly version of Ethereum.

“There are several groups not directly affiliated with Ethereum investigating such a thing,” an Ethereum spokesperson told IBTimes. “Whole value proposition here depends on banks being open and working together. They don’t really do this. They seem to be worried about being competitive.”