[2016-11-23]-Another Breach In Blockchain Consortium: Banks Leaving R3

[Vladdirescu87]

Morgan Stanley, Goldman Sachs and Santander are reported to be dropping their membership in the R3 CEV Blockchain consortium.

According to a report by the WSJ, Morgan Stanley doesn’t plan to invest in a $150 million equity funding round meant to develop the Blockchain technology’s infrastructure. Moreover, two other major R3 Blockchain consortium’s members, Goldman Sachs and Santander, also decided to quit the blockchain-banking consortium.
"We have made the decision to abandon the consortium," said a spokesperson of Santander about the bank's decision to leave.

More info here: https://coinidol.com/another-breach-in-blockchain-consortium-banks-leaving-r3/

[DooMAD]

Morgan Stanley, Goldman Sachs and Santander are reported to be dropping their membership in the R3 CEV Blockchain consortium.

According to a report by the WSJ, Morgan Stanley doesn’t plan to invest in a $150 million equity funding round meant to develop the Blockchain technology’s infrastructure. Moreover, two other major R3 Blockchain consortium’s members, Goldman Sachs and Santander, also decided to quit the blockchain-banking consortium.
"We have made the decision to abandon the consortium," said a spokesperson of Santander about the bank's decision to leave.

More info here: https://coinidol.com/another-breach-in-blockchain-consortium-banks-leaving-r3/

It's clear they wouldn't be abandoning the blockchain concept altogether, so it stands to reason they must be working on their own private implementations.  They're probably thinking "Who needs R3?  We can build our own walled garden for less", perhaps not realising that a walled garden will always be an inferior blockchain to the open and permissionless one we have.  Let the banksters fumble around in disarray and waste all their money reinventing the equivalent of an intranet.   

[Karartma1]

Morgan Stanley, Goldman Sachs and Santander are reported to be dropping their membership in the R3 CEV Blockchain consortium.

According to a report by the WSJ, Morgan Stanley doesn’t plan to invest in a $150 million equity funding round meant to develop the Blockchain technology’s infrastructure. Moreover, two other major R3 Blockchain consortium’s members, Goldman Sachs and Santander, also decided to quit the blockchain-banking consortium.
"We have made the decision to abandon the consortium," said a spokesperson of Santander about the bank's decision to leave.

More info here: https://coinidol.com/another-breach-in-blockchain-consortium-banks-leaving-r3/

It's clear they wouldn't be abandoning the blockchain concept altogether, so it stands to reason they must be working on their own private implementations.  They're probably thinking "Who needs R3?  We can build our own walled garden for less", perhaps not realising that a walled garden will always be an inferior blockchain to the open and permissionless one we have.  Let the banksters fumble around in disarray and waste all their money reinventing the equivalent of an intranet.   

Correct, they surely took a competitive advantage by participating in this consortium and now they prefer to be on their own. I think Santander is the most advanced on Blockchain development since they have quite a good lab (funded with Innoventures)

[panju1]

Morgan Stanley, Goldman Sachs and Santander are reported to be dropping their membership in the R3 CEV Blockchain consortium.

According to a report by the WSJ, Morgan Stanley doesn’t plan to invest in a $150 million equity funding round meant to develop the Blockchain technology’s infrastructure. Moreover, two other major R3 Blockchain consortium’s members, Goldman Sachs and Santander, also decided to quit the blockchain-banking consortium.
"We have made the decision to abandon the consortium," said a spokesperson of Santander about the bank's decision to leave.

More info here: https://coinidol.com/another-breach-in-blockchain-consortium-banks-leaving-r3/

It's clear they wouldn't be abandoning the blockchain concept altogether, so it stands to reason they must be working on their own private implementations.  They're probably thinking "Who needs R3?  We can build our own walled garden for less", perhaps not realising that a walled garden will always be an inferior blockchain to the open and permissionless one we have.  Let the banksters fumble around in disarray and waste all their money reinventing the equivalent of an intranet.   

Correct, they surely took a competitive advantage by participating in this consortium and now they prefer to be on their own. I think Santander is the most advanced on Blockchain development since they have quite a good lab (funded with Innoventures)

Santander has been quite advanced in implementation as well. They rolled out a mobile payment application (which uses blockchain) on a pilot basis to their staff earlier this year. Maybe they felt constrained by the consortium.

[TraderTimm]

This is like watching AOL duke it out with CompuServe all over again.

Walled gardens fail.

They'll do it, because they have a corporate culture that hates things "not invented here", so they'll waste lots of money and time before realizing they left out the most important part -- the fact that it isn't Bitcoin.

[TaunSew]

Goldman Sachs already invested $150 million into Ethereum - where would another $150 million come from?