[2019-5-16] World Bank, CommBank Team Up for ‘World First’ Blockchain Bond Trans

BitHodler

legendary

Activity: 1526

Merit: 1179

Quote from: Carlton Banks on May 17, 2019, 05:10:09 AM

I invite anyone to come up with 1 reason, just 1, why the legacy financial system will be using blockchain tech

You are absolutely right that blockchain tech doesn't provide the legacy system an advantage over a centralized database system that's better in almost every possible way.

If financial institutions want, they without the blockchain can set up a network enabling instant transactions from bank A to bank B, etc. They just don't want it because they thrive on the fees each hop generates for them.

Overall, regardless of whatever business it concerns, they all just use the blockchain hype momentum to raise capital and enjoy the free press that comes with it. Can't blame them for using the momentum in their advantage.

Carlton Banks

legendary

Activity: 3430

Merit: 3080

Quote from: CryptoBry on May 16, 2019, 11:02:02 PM

Years from now, I am sure that we can see the government, the usual financial conglomerates, the Wall Street, the banking system are taking advantage of the blockchain technology enhancing what they are presently offering to their targeted markets

they don't need blockchain tech, they have a completely different security model that works and is cheaper than blockchain

I invite anyone to come up with 1 reason, just 1, why the legacy financial system will be using blockchain tech

CryptoBry

sr. member

Activity: 1008

Merit: 355

Quote

The blockchain platform was built and developed by the CommBank’s Blockchain Centre of Excellence on top of the ethereum network, and was reviewed by Microsoft regarding its architecture, security and resilience.

“Blockchain has the potential to streamline processes for raising capital and trading securities, improve operational efficiencies, and enhance regulatory oversight.”

Source: https://www.coindesk.com/world-bank-commbank-team-up-for-world-first-blockchain-bond-transaction

This is showing us that people in traditional institutions are getting into the blockchain and are experimenting on how their organizations and services can be improved dramatically using the technology. Years from now, I am sure that we can see the government, the usual financial conglomerates, the Wall Street, the banking system are taking advantage of the blockchain technology enhancing what they are presently offering to their targeted markets. As the blockchain is open-source, there is no hindering for them to also join the club.

Carlton Banks

legendary

Activity: 3430

Merit: 3080

the whole point of blockchain tech is to enable a censorship-resistant digital asset, that anyone can exchange and own.

part of censorship-resistance (a big part, really) is resisting corrupt institutions from changing the system, or the blockchain's contents.

so which trusted network peers are these kleptomaniac organisations distributing their ledger with, Bernie Madoff and Martha Stewart?

manyexp

copper member

Activity: 61

Merit: 0

World Bank, CommBank Team Up for ‘World First’ Blockchain Bond Transaction

The World Bank and the Commonwealth Bank of Australia (CommBank) have teamed up to enable recording of secondary market bond trading using blockchain tech.

The institutions announced Wednesday that their successful recording of a secondary transaction for bond-i, a blockchain-operated debt instrument, on a distributed ledger shows the “vast potential” of the technology, and marks the first bond to have both issuance and trading recorded on a blockchain platform.

...

Source : https://www.coindesk.com/world-bank-commbank-team-up-for-world-first-blockchain-bond-transaction

Topic: [2019-5-16] World Bank, CommBank Team Up for ‘World First’ Blockchain Bond Trans (Read 132 times)