The Trick to Selling Blockchain Solutions? Don't Say 'Blockchain'

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When Adrian Patten, co-founder of FX blockchain project Cobalt, pitches to banks these days, he chooses his words carefully. In a move that may do much to validate Gartner’s finding this week that blockchain hype cycle is entering the so-called “trough of disillusionment,” Patten admitted he rarely brings up the technology, choosing instead to focus on the cost savings Cobalt can bring without the benefit of some of the most popular buzzwords of the last few years. “We try not to mention blockchain or DLT too much in case it complicates matters,” he said. In Patten’s view, many financial firms have taken a “me too” approach with blockchain, exemplified by things like the herd of banks joining the R3 consortium. In addition, most are probably invested in too many proofs-of-concept, he said. “They tend to think, if everybody else is in it, they ought to be in it, just