BTC Wires: This week, findings have suggested that all the hype surrounding cryptocurrencies has now entered a so called “trough of disillusionment”. Not doing much to invalidate these findings, Patten has admitted that he doesn’t bring up the technology much, rather choosing to talk about all the savings in expense that Cobalt can provide. Essentially, he chooses to keep away from all of the crypto-buzzwords from the last few years.
He explained, “We try not to mention blockchain or DLT too much in case it complicates matters.”
Patten says that he feels many financial institutions have kept a “jump-the-bandwagon” attitude towards blockchain, like them joining the R3 consortium in herds. He also states that most might have participated in various proofs-of-concept as well.
“They tend to think, if everybody else is in it, they ought to be in it, just in case a board member asks them what they are doing in blockchain,” he explained.
As a result, people have hoarded towards DLT in order to start using the devices, without looking into the procedural requirements, message requirements, or even if the devices really work. However Cobalt, with its alternative procedures, isn’t alone.
There are a number of other firms in the space that are actually working with live systems and crypto-technologies, firms like Baton Systems that also work in the FX arena, but they do it less explicitly, or in the least not allowing the tech dominate their marketing.
The emergence of successful firms despite not keeping crypto at the centre could leave a lot to speculation. According to Forrester Research, 90% of crypto-projects with incompetent business strategies will be shutting down in the upcoming years.
Head analyst of Forrester, Martha Bennett, also says those firms that keep to their faulty ways will likely have to eventually come to terms with the fact that succeeding “isn’t really about technology, but about business.”