Key Points
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The BankChain Alliance is seeking to build a blockchain that member banks could use for smart payments and tokenized deposits.
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Banks want to counter competition from the crypto sector, which began as an alternative to the traditional banking system.
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Crypto legislation will also enable highly regulated industries, such as banking, to interact more with blockchain technology.
Even before the advent of cryptocurrencies and blockchain, banks have been widely criticized for failing to innovate quickly enough, whether due to legacy back-end technology or policies such as overdraft fees that infuriated customers.
Now, the banking industry wants to get in on the action, especially with a friendlier regulatory backdrop under the Trump…
