Deloitte Unveils Plan For Blockchain-based Digital Bank

Deloitte and ConsenSys Enterprise have announced the formation of a partnership, aimed at strengthening their respective blockchain proposition to clients. The promise of the technology, as well as the potential for disruption, have seen considerable interest from professional services firms in recent years – although challenges remain.

The promise of blockchain technologies have reach the status of hype, traversing the global news media, sometimes faster than the time it takes to ‘commit’ a single bitcoin transaction. While the technology provides a range of potential benefits, including transparency and tamper proof security through a single decentralised public transaction ledger, the current model for many blockchains, including bitcoin, have considerable scalability issues – the amount of electricity required to perform a single bitcoin transaction at current scale, around 1/10,000th the transaction volume of VISA, is equivalent to an average US household for a day, while around only three transactions per second are possible.”

Full Article from Consultancy.UK