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Established online payments processing company Stripe previously supported cryptocurrency, even releasing a Bitcoin exchange tool back in 2015. But now it seems that it has changed its stance on the matter. Stripe has now abandoned its cryptocurrency exchange services altogether. According to Fortune, Stripe COO Claire Hughes Johnson believes that payment systems utilizing blockchain technology are impractical, overhyped and slow.

The Stripe COO believes that blockchain technology won’t be having any mainstream adoption until another decade or perhaps not at all. She points out that blockchain-based technology is just another instance of the many database tools we already have today that are evolving just as much. Johnson also believes blockchain is “overhyped,” saying:

“I do think we’ve reached that jump the shark moment where you just say ‘da-da-da blockchain.”

In addition, Johnson stresses that the cumbersome and sluggish nature of cryptocurrency exchange only makes it more impractical. She claims that Bitcoin transactions take 60 minutes to process before it’s cleared, citing that its clearance time even reached a painstaking three to five days last December. Johnson says the process is so slow that merchants had to do another transaction, given the constant Bitcoin price fluctuations occurring during its long clearance time span.

And those aren’t the only issues. The Stripe COO further scoffs at cryptocurrency’s potential of catering to cybercriminals and nefarious activities, saying:

“The killer app for Bitcoin out there today is ransomware.”

Meanwhile, banks across the globe are committing a lot of their resources to develop blockchain technology. According to SCMP, the Hong Kong Monetary Authority is aiming to implement blockchain technology in their new finance platform. A number of established banks are also joining HKMA’s blockchain initiative, including Standard Chartered Bank, DBS Bank, and HSBC, among others.

HKMA Deputy Chief Executive Howard Lee explains the benefits of their project, saying:

“The goal of the platform is to help digitize trade documents and automate trade finance processes to reduce risks and increase the financing capability of the banking industry by leveraging the unique feature of blockchain.”

He also said:

“This trade finance platform is the first large-scale multi-bank blockchain project in Hong Kong arising from the fruitful results of one of the HKMA’s proof-of-concept works on trade finance in 2017.”

Online Payments Company Abandons Blockchain Technology for Being ‘Impractical’ and ‘Overhyped’ was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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