Patrick Byrne’s warning about R3’s blockchain consortium
Michael del Castillo, 21 December 2015
The CEO of Overstock.com last week warned that a consortium of the world’s largest banks could be used to make sure the blockchain, a new way to track value exchanges, is controlled by the existing powers.
Speaking at the Blockchain Agenda San Diego, Patrick Byrne warned that New York City-based R3CEV, a consortium of 42 global banks, could stifle innovation, according to an InsideBitcoin’s report Friday.
“What’s happening is Wall Street is trying to slow us down while they come up with their own version, and that’s, I think, R3,” said Byrne, who is also the co-founder of T0, a subsidiary of Overstock.com that lets companies instantly settle securities transactions. “Wall Street comes up with their own version, and then they’re going to outlaw [the competition]. So really be alert for R3.”
