Ethereum Startup Targets Banks with Privacy-Focused Blockchain Platform

EthSystems, an Ethereum startup, is taking a unique approach to onboarding banks onto public blockchains. The company believes that privacy is key to getting financial institutions comfortable with decentralized technology.

The concept of public blockchains is often associated with transparency and openness. However, this can be a major hurdle for traditional banks, which are used to maintaining confidentiality around their customers' transactions.

EthSystems co-founder Ryan Shea said that 'we're not trying to build a permissionless system.' Instead, the company aims to create a platform where financial institutions can maintain control over who has access to sensitive information.