One technology has been disrupting financial institutions everywhere, and it’s called blockchain. It has been characterized as both opportunity and threat, but one thing is for sure: the distributed ledger technology behind Bitcoin isn’t something to be ignored. MonetaGo, an IBM Blockchain partner, is bringing clarity to this rapidly developing landscape through its blockchain solutions for financial systems. In an interview with Jesse Chenard, the CEO of MonetaGo, I got to learn more about his team’s vision, what they’ve been working on and their experience participating in The Hyperledger Project.
Q. Why did you decide to launch MonetaGo?
Seeing the promise of Bitcoin and blockchain to improve financial systems globally, we launched MonetaGo in 2014. Over the last several years of talking to banks and regulators around the world, we’ve consistently encountered enthusiasm for our solutions using blockchain technology for transactions.
Our team collectively has over 100 years of experience at financial institutions working with banking technologies, and we believe that blockchain technology can fundamentally improve the efficiencies of financial marketplaces.
Q. What have you been working on recently?
With the objective of improving the efficiency and security of payment systems around the world, we’ve been working with financial institutions and regulators to launch national consortiums. In fact, our proof of concept (PoC) with banks and regulators in India is moving into the pilot phase with a path to production. We will be rolling out additional PoCs and pilots in other regions in the coming months, so stay tuned!
Q. What initially interested you in working with Hyperledger?
We initially joined the Hyperledger community to be on the inside track and to have input in the developing technology after we decided it was the most scalable and appropriate for our first use cases. Hyperledger is the blockchain technology most appropriate for businesses.
Q. What have you liked about The Hyperledger Project?
We most appreciate the collaborative nature of the community and the fact that the technology is truly being built from the ground up in a way that helps us meet our customers’ needs. The Hyperledger Project is a great place for participants to make genuine contributions to the creation of standards for blockchain in business. With some of the best and brightest across the industry working together, from startups to larger corporations like IBM, Intel and Accenture, it’s possible to establish strong standards to accelerate commercial adoption and scalability. Plus, industry-wide backing from household names is reassuring to clients.
Q. How does Hyperledger help you “win” with clients?
Hyperledger is the most appropriate solution for our customers’ needs. Our clients trust Hyperledger blockchain technologies for their most sensitive, highly scrutinized, mission-critical transaction environments. And with the backing of the Hyperledger community, we know it’s not going away; it’s only going to improve and continue to be driven by innovation on a solid foundation. The Linux Foundation is obviously very well-suited at accelerating the development of open technology.