Banks' own Blockchain? | Bitcointalksearch.org

zircon

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Quote from: Blawpaw on September 20, 2015, 08:12:34 PM

Quote from: zircon on September 16, 2015, 06:43:39 AM

http://recode.net/2015/09/15/nine-of-the-worlds-biggest-banks-form-blockchain-partnership/

From what I read they are considering Bitcoin but also Ethereum.

Thoughts on all of this?

From my brief read on Ethereum it is a public blockchain, you can mine it etc just like Bitcoin.

Proof of work could possibly lead to more decentralisation (ASIC and FPGA not possible/feasible?)

Proof of work only leads to decentralization if you have a large distribution of the network. as more participants the network has the more the network becomes decentralized...

Yeh I meant - if the PoW algorithm is say, more similar to Litecoin, then ASIC/FPGA is not really possible? Therefor you would have more people all over the world mining instead of making it specialised -

Is the PoW with Ethereum similar to Litecoin? Does the PoW algorithm of Litecoin make it more suitable for decentralisation?

lololhyip

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Quote from: zircon on September 16, 2015, 06:43:39 AM

http://recode.net/2015/09/15/nine-of-the-worlds-biggest-banks-form-blockchain-partnership/

From what I read they are considering Bitcoin but also Ethereum.

Thoughts on all of this?

From my brief read on Ethereum it is a public blockchain, you can mine it etc just like Bitcoin.

Proof of work could possibly lead to more decentralisation (ASIC and FPGA not possible/feasible?)

Real physical bank by Blockchain?

gentlemand

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Welt Am Draht

Quote from: 7788bitcoin on September 20, 2015, 09:44:13 PM

Centralized blockchain Huh

Do they still need miners and >1 full nodes?

What they need is an immutable ledger between a small number of institutions. More than a database and less than Bitcoin's requirements. It'll be interesting to see what they come up with. One thing we can be sure of is that no mere mortal will be participating in their network.

7788bitcoin

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Centralized blockchain Huh

Do they still need miners and >1 full nodes?

RGBKey

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rgbkey.github.io/pgp.txt

IMO even if it's banks that use blockchain technology, it's still good for us because they are using blockchain technology.

Blawpaw

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Quote from: zircon on September 16, 2015, 06:43:39 AM

http://recode.net/2015/09/15/nine-of-the-worlds-biggest-banks-form-blockchain-partnership/

From what I read they are considering Bitcoin but also Ethereum.

Thoughts on all of this?

From my brief read on Ethereum it is a public blockchain, you can mine it etc just like Bitcoin.

Proof of work could possibly lead to more decentralisation (ASIC and FPGA not possible/feasible?)

Proof of work only leads to decentralization if you have a large distribution of the network. as more participants the network has the more the network becomes decentralized...

chennan

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Quote from: ashour on September 20, 2015, 02:44:45 PM

They want to use the blockchain so they seem "innovative" to the young folks, but in reality they don't care about bitcoin,ethereum, blockchain etc.

Idk, maybe they would like to use the blockchain to ease transactions to other countries without it costing so much? Or let the customers have the ability to wire money to whoever anywhere at any time?

I know it's a pain in the ass for me when I can't move my money around on the weekends.

ashour

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They want to use the blockchain so they seem "innovative" to the young folks, but in reality they don't care about bitcoin,ethereum, blockchain etc.

vm_mpn

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Quote from: gentlemand on September 19, 2015, 08:12:31 PM

Quote from: killerjoegreece on September 17, 2015, 08:57:41 AM

Its absolutely certain that banks will create their own coins and their own blockchains. people will force them to do it.

All these 'blockchain' projects exist to make the transfer and use of fiat faster and slicker. That's it.

When has a bank in modern history ever created its own currency? Never. That's the job of central banks and governments. If there is to be a coin of sorts it'll be a token representing fiat value.

These blockchains are likely to be like an intranet. They'll be a closed system with no relation to anything available to the public.

^ This ^

BlindMayorBitcorn

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Quote from: gentlemand on September 19, 2015, 08:12:31 PM

Quote from: killerjoegreece on September 17, 2015, 08:57:41 AM

Its absolutely certain that banks will create their own coins and their own blockchains. people will force them to do it.

All these 'blockchain' projects exist to make the transfer and use of fiat faster and slicker. That's it.

When has a bank in modern history ever created its own currency? Never. That's the job of central banks and governments. If there is to be a coin of sorts it'll be a token representing fiat value.

These blockchains are likely to be like an intranet. They'll be a closed system with no relation to anything available to the public.

Weary giants of flesh and steel. They have no real sovereignty where we gather.

randy8777

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Quote from: knowhow on September 17, 2015, 05:34:29 PM

Im pretty sure banks will make their coin and well all months share some wealth with their holders otherwise it will just fail as most altcoins....they need some contract that last some years or forever,and requiring identy...

at this point they don't need to make themself a new coin. they are currently only exploring how far they can go with the blockchain in current form. maybe they will hire the best developers to bring the blockchain technology to the next level and make it perfectly suitable for them.

coinableS

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Banks talking about blockchains are always the same thing. They want to create private blockchains which is another way of saying they want to create shared databases.

chennan

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Quote from: gentlemand on September 19, 2015, 08:12:31 PM

Quote from: killerjoegreece on September 17, 2015, 08:57:41 AM

Its absolutely certain that banks will create their own coins and their own blockchains. people will force them to do it.

All these 'blockchain' projects exist to make the transfer and use of fiat faster and slicker. That's it.

When has a bank in modern history ever created its own currency? Never. That's the job of central banks and governments. If there is to be a coin of sorts it'll be a token representing fiat value.

These blockchains are likely to be like an intranet. They'll be a closed system with no relation to anything available to the public.

Ahh, very good point... but at the same time the banks run into the flaw of "convenient" on hand currency transactions. They still need to request money from the fed from time to time to get physical money to distribute out to the people... all this is, is a more reliable and secure form of wiring money from bank to bank...

gentlemand

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Quote from: killerjoegreece on September 17, 2015, 08:57:41 AM

Its absolutely certain that banks will create their own coins and their own blockchains. people will force them to do it.

All these 'blockchain' projects exist to make the transfer and use of fiat faster and slicker. That's it.

When has a bank in modern history ever created its own currency? Never. That's the job of central banks and governments. If there is to be a coin of sorts it'll be a token representing fiat value.

These blockchains are likely to be like an intranet. They'll be a closed system with no relation to anything available to the public.

TransaDox

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Quote from: rickadone on September 17, 2015, 05:58:59 AM

City bank has it's own 3 blockchains for it's research and development team on Bitcoin blockchain technology. It's good thing to happen to the world, to adapt bitcoin at least this way...

So who is in this research and development team then? There is a very small gene pool of people that understand the technology in its entirety, and even less that can interface to other disciplines required for these organisations, so who are they? Most dev teams I've met in the banking sector are just java coders who outsource fpga and the hard stuff.

zircon

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Quote from: Q7 on September 17, 2015, 09:00:55 AM

Quote from: turvarya on September 16, 2015, 06:58:26 AM

I never understood how a bank blockchain is supposed to work.
Who is mining? If it is just the bank people mining, than I don't see, why they would need a blockchain.
Who can look at it? If it is just the bank people looking at it, than I don't see, why they would need a blockchain.

Is there a white paper about it? Are they actually know, what they are talking about, or are they just throwing around words?

I don't think there will be any incentive or reward given for solving each block. Maybe a concensus reached among the banks to maintain a general ledger and the cost of maintenance shared among them. The benefit would be a common ledger for transparency.

Isn't this then a glorified central database with defined read/write access rights then.

knowhow

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Im pretty sure banks will make their coin and well all months share some wealth with their holders otherwise it will just fail as most altcoins....they need some contract that last some years or forever,and requiring identy...

Q7

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Quote from: turvarya on September 16, 2015, 06:58:26 AM

I never understood how a bank blockchain is supposed to work.
Who is mining? If it is just the bank people mining, than I don't see, why they would need a blockchain.
Who can look at it? If it is just the bank people looking at it, than I don't see, why they would need a blockchain.

Is there a white paper about it? Are they actually know, what they are talking about, or are they just throwing around words?

I don't think there will be any incentive or reward given for solving each block. Maybe a concensus reached among the banks to maintain a general ledger and the cost of maintenance shared among them. The benefit would be a common ledger for transparency.

killerjoegreece

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Its absolutely certain that banks will create their own coins and their own blockchains. people will force them to do it.

coinpr0n

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Redundant, distributed book-keeping, getting rid of intermediaries and speed are what banks are poised to gain from blockchain technology.

Topic: Banks' own Blockchain? (Read 2446 times)