The main driver of today's entry is the news -- which has largely percolated -- that ConsenSys acquired Quorum from J.P. Morgan, as well as received an investment from the bank in the company. There is a lot of jargon in the blockchain industry, and I want to try to pull this news apart to explain why it is interesting both to incumbent financial services players, as well as meaningful to the developing decentralized finance industry.
Let’s do some math homework. It’s good for you:
The Federal Reserve money movement system broke for several hours. We look deeply into its volumes and transactions, and value it like a Fintech unicorn.
The Ethereum ecosystem is throwing around as much volume in settlement as the Fed check processing system. We explore scalability barriers and solutions.
Can eCommerce fit into our emerging infrastructure? We anchor to the market numbers in China and the United States.
Sometimes the things that break are the US Federal Reserve ACH service, Check 21, FedCash, Fedwire, and the national settlement service. They were down for a few hours — discovered at 11AM on Feb 24th and still in trouble at 3PM that day. Everything is now up and running again.