[2015-09-07] WSJ Blog: UBS Building Virtual Coin For Mainstream Banking

LiteCoinGuy

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In Satoshi I Trust

Quote from: Kprawn on September 07, 2015, 10:50:37 AM

If every bank starts to create their own "private" Blockchain, you will end up with loads of separate networks not talking to each other. Why do they need separate

Blockchains, if one Blockchain {The original Blockchain} can handle it already? Surely it cannot be a security issue, because Bitcoin Blockchain has stood the test of time

already. The amount of hashing power backing "The Bitcoin Blockchain" should be seen as a FREE source of income. {Their own private Blockchain needs to be funded and

requires loads of money, because it still has to be developed} Huh

like Intranets ?

Kprawn

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Activity: 1904

Merit: 1074

If every bank starts to create their own "private" Blockchain, you will end up with loads of separate networks not talking to each other. Why do they need separate

Blockchains, if one Blockchain {The original Blockchain} can handle it already? Surely it cannot be a security issue, because Bitcoin Blockchain has stood the test of time

already. The amount of hashing power backing "The Bitcoin Blockchain" should be seen as a FREE source of income. {Their own private Blockchain needs to be funded and

requires loads of money, because it still has to be developed} Huh

Denker

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Merit: 1016

http://blogs.wsj.com/digits/2015/09/03/ubs-building-virtual-coin-for-mainstream-banking/?utm_content=buffer75247&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

Quote

Swiss bank UBS is working on a prototype virtual currency that it hopes will be used by banks and financial institutions as a basis to settle mainstream financial markets transactions.

But unlike the bitcoin digital currency, the Swiss bank’s proposed “utility settlement coin,” would be linked to real-world currencies and central bank accounts.

The virtual coin would be used to power transactions on institutional financial platforms built on blockchain technology, similar to the distributed, peer-reviewed online ledger which currently powers bitcoin.

For instance, UBS might have its own blockchain-based platform to issue bonds, and another bank might have a blockchain-based stock trading platform, but both would use the same utility coin for settlement.

Topic: [2015-09-07] WSJ Blog: UBS Building Virtual Coin For Mainstream Banking (Read 383 times)