itBit Spins Off its Bankchain Service Under New Brand - Paxos

The leadership team behind the New York based institutional Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term exchange and Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technology company itBit has unveiled a new company named Paxos - inspired by a technical computer science term that represents a process for reaching consensus.

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In June itBit has been selected by Euroclear group to explore opportunities for creating a next generation settlement service for the London gold market. itBit revealed that Euroclear has partnered with it because of its proprietary blockchain infrastructure technology and product, Bankchain. The Bankchain service is a private network of trusted participants that clears, tracks and settles trades in close to real-time.

Now the technology is transferred under the brand of Paxos, and Bankchain will be the company’s flagship service - which will be offered to financial institutions as a cloud-based platform-as-a-service (PaaS).

“Increasingly, the financial services industry is embracing the transformative potential of blockchain technology. Paxos is making that potential a practical reality,” said Paxos CEO Charles Cascarilla. “Our collaboration with Euroclear to create a trusted blockchain settlement infrastructure for gold is just the beginning, and an important first for the industry.”

The company will obviously not comment on the matter but we can safely assume that this spin-off was made to disassociate the service for bitcoin which is still controversial for some established financial firms to even appear to work with. In recent years we have seen a clear trend of ventures dropping the 'Bit' or 'Coin' part of their names as they transitioned to blockchain development.