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CommerceBlock & BIP175, first ICO with a BIP, bringing bitcoin to the banking world.

CommerceBlock looks to be one of the more innovative token sales this year.It’s combination of a team with wide industry experience (founders from JPMorgan, Merrill Lynch and Zoc Doc) implementing technology widely supported in the crypto community has culminated in BIP175.

While Bitcoin has become a worldwide decentralised currency, when it comes to trade or barter we are still dependent on entities such as ebay or Amazon and the central banks. Because of privacy concerns, banks cannot connect private data with a public blockchain. Banks are in competition with one another and privacy must be their priority.

This problem can be solved through technology developed by CommerceBlock. As API vendors, they are totally transparent and accountable without insisting on any controlling influence.

“Our tech is there to bridge the old world with the new” Nicholas Gregory, CEO

Having worked in commodities trading and in the OTC space, and with support from the Bitcoin community, the CommerceBlock team have developed a contract to hash implementation. The intention is for this to be an open standard application available to other users. The CommerceBlock team have created an open standard BIP which can safely connect private data with a public blockchain. Rather like the intranets of the early 2000s the private blockchains created by banks are unnecessary. Decentralised finance has arrived!

“We strongly believe that technological proposals should be peer reviewed” Omar Shibli, CTO

BIP175 is now in draft form. The CommerceBlock team and community still have some ground to cover in order for BIP to become an industry standard. We are in a new era for ICOs and hopefully more of these type of projects will submit themselves for peer review before attempting fundraising. Transparency and peer review are essential in order for investors to know where they are placing their funds.

CommerceBlock can be one of the biggest success stories of the year. They bridge the gap between public blockchains such as Bitcoin/Ethereum and existing financial systems and has the potential to bring cryptocurrency to the mainstream.

Posted by Tom Clancy