ECB Unveils Instant Payment System, Claims It’s ‘Better’ than Blockchain

And from a central bank no less. The world is just recognizing the countless applications of blockchain technology, not to mention the speed, security and simplicity at which transactions can be completed, and Yves Mersch of Luxembourg has suggested he’s got something that can run circles around it. Mersch, an executive board member of the European Central Bank (ECB), told Bloomberg the organization is readying a new settlement system dubbed Target Instant Payment Settlement, or TIPS, for its November debut, which he suggests leaves blockchain in the dust.