Three months ago, Chris Gledhill was an innovation technologist at Lloyds Bank, the UK's largest financial institution. Despite his prestigious role, Gledhill grew increasingly frustrated by the inertia of traditional banking systems. Recognizing systemic flaws but feeling powerless to drive change from within, he made a bold decision: to resign and co-found Secco — a revolutionary "blocktree"-based banking alternative.
The Evolution of Bitcoin Finance
Like many fintech innovations, Bitcoin emerged from the ashes of the 2008 financial crisis. While early adopters envisioned it as a replacement for the "failed" traditional system, the technology has since been co-opted by the very institutions it sought to disrupt.
Last month, 13 major banks (excluding Lloyds) joined R3CEV's consortium to establish blockchain industry standards. Yet Gledhill remains unimpressed:
"Innovation exists, but it's superficial. Everyone jumps on the blockchain bandwagon without questioning whether it's truly the best solution for financial services."
He observes that even outside traditional banking, fintech merely iterates on existing products — making them cheaper or faster rather than reinventing them. Centuries-old contracts for loans, mortgages, and cash accounts remain fundamentally unchanged.
How Secco Redefines Banking
The Invisible Bank
Secco operates unlike any conventional bank:
- No physical branches (like most digital challengers)
- No mobile app or dedicated user interface
Instead, Secco integrates seamlessly into existing social platforms and apps. "We aim to minimize customer interaction," Gledhill explains. "Our model intentionally contradicts traditional banking, but we believe equilibrium will emerge."
Data as Currency
Secco transforms users into "data stewards" who can:
- Consume, borrow, and invest data assets
- Participate in dual-key authentication transactions (with Secco taking minimal fees)
- Host fragments of the distributed database on their devices — creating a collectively owned yet decentralized "blocktree" system
The Blocktree Advantage
Gledhill's patented "blocktree" technology addresses key Bitcoin blockchain limitations:
- Enables offline transactions via branching mini-chains
- Allows later reconciliation with main chains
- Solves scalability and rigidity issues of linear blockchains
While patent pending prevents detailed disclosure, Gledhill confirms the platform will be open-source.
Overcoming Adoption Barriers
Recent years saw numerous banking challengers emerge, yet consumer habits prove stubborn:
- 37% of UK customers maintain the same bank account for 20+ years (CMA data)
- Just 3% switched banks in 2014
Gledhill acknowledges the hurdle of convincing users to adopt a branchless, app-less alternative. However, investor interest suggests strong potential.
The Gateway: Aura App
Launching next year, Aura will:
- Enable location-based data trades within 60m radius
- Facilitate non-financial exchanges (e.g., tweet-for-voucher systems)
- Gradually introduce Secco's core concepts
"This is evolutionary, not revolutionary," Gledhill emphasizes. "We're planting seeds for a paradigm shift in value exchange."
FAQs
Q: How is blocktree different from blockchain?
A: Blocktree allows branched, parallel transaction chains that reconcile later, solving blockchain's linearity constraints.
Q: Why no mobile app?
A: Secco embeds banking functionality into platforms users already frequent, reducing friction.
Q: Is my financial data secure?
A: Distributed storage across user devices enhances security — no single point of failure exists.
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The financial revolution won't resemble what we expect — and Secco plans to lead that transformation from the frontier of blocktree technology.