EthSystems says privacy is the biggest hurdle for banks on public blockchains

Mo Jalil, co-founder of EthSystems, which spun out of the Ethereum Foundation earlier this month, said in an interview with CoinDesk that privacy is the biggest hurdle to banks participating in public blockchains. EthSystems focuses on building privacy infrastructure for banks and other financial institutions. Jalil said nearly all financial institutions require some level of confidentiality. He explained this does not simply mean guaranteeing anonymity or hiding information, but rather having control over who can see what information, when, and how. Jalil added EthSystems is not trying to compete with existing privacy projects and plans to collaborate by leveraging the current privacy ecosystem rather than rebuilding privacy systems from scratch.