Topic: Barclays centre using the blockchain!!! (Read 1272 times)
soo in one way they would be boosting the crypto world and from other way they could just kill it with those kind of conversion .... makes no sense no one try beat bitcoin all altcoins just compare to it not it ,community made bitcoin being where it is
Increased publicity is always good, then all the banking people will know blockchain and bitcoin. And they will learn the difference between bitcoin and blockchain technology later (Most of the people have no idea about where fiat money is coming from, bitcoin will show them a clear picture and then they will compare with existing system to see the difference)
Blockchain is a technology to do transactions, but the most important is what it transacts
Blockchain is a technology to do transactions, but the most important is what it transacts
You're right about that. People have no clue how Bitcoin actually works (only about 20% on this forum). For years the main stream media has been linking Bitcoin and the blockchain. People will see Barclays-Blockchain, NASDAQ-Blockchain, NYSE-Blockchain and think they are using Bitcoin. So people will associate this name they trust with Bitcoin. In a round about way this may be good news. Or I could be completely wrong and they read the whole article and think, Barclays doesn't trust Bitcoin either they're just using the good part out of it.
Increased publicity is always good, then all the banking people will know blockchain and bitcoin. And they will learn the difference between bitcoin and blockchain technology later (Most of the people have no idea about where fiat money is coming from, bitcoin will show them a clear picture and then they will compare with existing system to see the difference)
Blockchain is a technology to do transactions, but the most important is what it transacts
Blockchain is a technology to do transactions, but the most important is what it transacts
Why would they even need a blockchain to move money between themselves?
it's unclear to me as well. even if you have a (semi private) public ledger,
it doesn't need to be a blockchain as the units are fiat debt instruments,
not scarce digital assets like Bitcoin.
It's simple guys:
If Barclay's (or any bank for that matter) developed their own block chain that means they would develop their own software and here comes the BarclaysCoin (in a way).....
I will not focus on the BarclaysCoin, but I will focus on what they have already considered - saving huge on payroll.
Right now Barclay's has 7000 branches worldwide [1].
(Before you read further keep in mind that the numbers I am using it's just examples and may and probably will not reflect to real life data)
Now, let's say that on average there are 10 employees in each branch that get on average $2000 per month salary (plus insurance, etc).
That is a total of: $140 Million Dollars per month!!!
Now, back to the block chain:
If they have their own block chain and client software they will effectively be able to gradually lower their branches (not the electronic banking) payroll expenses to $0 Dollars per month!!!
And that can be achieved simply with the use of Satoshi's technology.
With the use of a block chain and client software there will be no need for cashiers, the customer can deposit and withdraw FIAT through an ATM and transactions will be made within the client software.
Does the above sound like a possible scenario to you?
[1] http://www.barclays.com/about-barclays/around-the-world.html
People piggy backing on the bitcoin blockchain bloats the blockchain, and people replicating it means they have decided to use the technology but not the coin itself.
I want bitcoin to be used as a protocol and the coin itself, but I speak as a holder, so I would!
Right now Barclay's has 7000 branches worldwide [1].
(Before you read further keep in mind that the numbers I am using it's just examples and may and probably will not reflect to real life data)
Now, let's say that on average there are 10 employees in each branch that get on average $2000 per month salary (plus insurance, etc).
That is a total of: $140 Million Dollars per month!!!
Now, back to the block chain:
If they have their own block chain and client software they will effectively be able to gradually lower their branches (not the electronic banking) payroll expenses to $0 Dollars per month!!!
And that can be achieved simply with the use of Satoshi's technology.
With the use of a block chain and client software there will be no need for cashiers, the customer can deposit and withdraw FIAT through an ATM and transactions will be made within the client software.
Does the above sound like a possible scenario to you?
You don't need Satoshis blockchain for that. Barclays has already implemented it. As have supermarkets and various other 'services'. The "beauty" (with strong air quotes) of it being that 'you' now work for them for free! And if you're not satisfied with the service, well, you only have to look in the mirror.
http://www.dailymail.co.uk/news/article-3084032/The-self-service-bank-branches-driving-Britain-distraction-Instead-line-counter-staff-customers-faced-maddening-machines.html
Why would they even need a blockchain to move money between themselves?
it's unclear to me as well. even if you have a (semi private) public ledger,
it doesn't need to be a blockchain as the units are fiat debt instruments,
not scarce digital assets like Bitcoin.
It's simple guys:
If Barclay's (or any bank for that matter) developed their own block chain that means they would develop their own software and here comes the BarclaysCoin (in a way).....
I will not focus on the BarclaysCoin, but I will focus on what they have already considered - saving huge on payroll.
Right now Barclay's has 7000 branches worldwide [1].
(Before you read further keep in mind that the numbers I am using it's just examples and may and probably will not reflect to real life data)
Now, let's say that on average there are 10 employees in each branch that get on average $2000 per month salary (plus insurance, etc).
That is a total of: $140 Million Dollars per month!!!
Now, back to the block chain:
If they have their own block chain and client software they will effectively be able to gradually lower their branches (not the electronic banking) payroll expenses to $0 Dollars per month!!!
And that can be achieved simply with the use of Satoshi's technology.
With the use of a block chain and client software there will be no need for cashiers, the customer can deposit and withdraw FIAT through an ATM and transactions will be made within the client software.
Does the above sound like a possible scenario to you?
[1] http://www.barclays.com/about-barclays/around-the-world.html
this isn't something, they said numerous times that they are going to explore the blochain to reduce overall cost and time ecc...i know that they will end up building a centralized version of what is the blochchain now, and discard bitcoin altogether
the good thing is that it will require time for them to build a new blochchain and regulate it, like the article say, this mean that bitcoin has all the time to go up and disrupt their throne before this will happen
the good thing is that it will require time for them to build a new blochchain and regulate it, like the article say, this mean that bitcoin has all the time to go up and disrupt their throne before this will happen
well all know the potencial of the blokhain and bitcoin is just together one depends the other and vice versa
Not really! Bitcoin's blockchain technology is applied more than bitcoin itself! We know all of altconis are based on the blochchain concept. The blockchain called ledger as well is used by many centralized companies, who issues their own ledger and record the required info instead of old style database. The security and integrity of the ledgers is maintained by the peers located in different place. So it will save a lot of costs. 
What would happen if someone would gain acces to their mining network? Then the banks would have a major major problem.
Using bitcoin, they basically have people secure their transfers for free, however, currently it is still too susceptible to get stabbed in the back somehow. Banks would need a 100% secure network, not a potentially 100% secure network.
Using bitcoin, they basically have people secure their transfers for free, however, currently it is still too susceptible to get stabbed in the back somehow. Banks would need a 100% secure network, not a potentially 100% secure network.
Of all the articles I have read on this subject, it seems as though they are interrested in a Ripple type coin. They will not use Bitcoin, but a Alt coin or a whole new Blockchain type ledger system.
There are no good news for the customers... whatever saving they would make, would go back into the profit margins, and not into the pockets of the clients.
Banks are in the business of making money, not in the business of giving it away for free.
definitley! Blockchain technology could reduce banks' infrastructure costs by up to $20 billion (£12.8 billion) a year. There are no good news for the customers... whatever saving they would make, would go back into the profit margins, and not into the pockets of the clients.
Banks are in the business of making money, not in the business of giving it away for free.
Barclays hasn't implemented them yet, just explore how it could be used in everyday's banking.
Of all the articles I have read on this subject, it seems as though they are interrested in a Ripple type coin. They will not use Bitcoin, but a Alt coin or a whole new Blockchain type ledger system.
There are no good news for the customers... whatever saving they would make, would go back into the profit margins, and not into the pockets of the clients.
Banks are in the business of making money, not in the business of giving it away for free.
There are no good news for the customers... whatever saving they would make, would go back into the profit margins, and not into the pockets of the clients.
Banks are in the business of making money, not in the business of giving it away for free.
wont they still need a method to keep the blockchain honest. bitcoin does that with the mining. but knowing them they will find another way to make it look honest in front , party in back
I think most of these companies would be using blockchain variants on their own internal company equipment. Security would be less important to them. Unless, of course, they decide to 51% attack themselves. lol
They wouldn't have any more of a security issue than they have with the databases they currently use.
wont they still need a method to keep the blockchain honest. bitcoin does that with the mining. but knowing them they will find another way to make it look honest in front , party in back
Jesus people, blockchain technology is nothing more than a sophisticated distributed transaction ledger. I'm sure many tech savvy companies will look at the viability of using that type of system. How cool would it be if you could have a complete transaction record of everything your company does on every computer you have around the world updated automatically and continuously. Pretty cool, eh? Now does that do anything for Bitcoin? No, not in the slightest.
There are hundreds of alt-coin out there all using blockchain technology, none of them have any real meaning because of not enough consensus
The biggest benefit of bitcoin is to create a strict monetary policy discipline, but that is exactly a bank or large enterprise do not want to have (They like to create credit at will, or reverse transaction when they see fit), using blockchain will remove their ability to control the money, how is that useful?
Only when several banks from different countries are cooperating, they might need such kind of trust-less setup, but that will involve lots of exchange at both ends. Today they are using currency exchange contract, e.g. each bank setup an account in another bank with similar value, enough simple and works well
Read: https://www.cryptocoinsnews.com/bankers-begin-using-block-chain-technology-without-bitcoin/
Exactly, BNY Mellon even created their own alt-coin already, and backed by the bank budget. Technology is free, once invented, everyone can use it, but that still does not make their alt-coin better than bitcoin, because it can not gain world wide trust when it is based on fiat money
Yep, but threads like this aren't talking about anything that's good for Bitcoin. It might be good for some of the Bitcoin devs if they quit working on Bitcoin and get a job working on a companies private blockchain.
Jesus people, blockchain technology is nothing more than a sophisticated distributed transaction ledger. I'm sure many tech savvy companies will look at the viability of using that type of system. How cool would it be if you could have a complete transaction record of everything your company does on every computer you have around the world updated automatically and continuously. Pretty cool, eh? Now does that do anything for Bitcoin? No, not in the slightest.
There are hundreds of alt-coin out there all using blockchain technology, none of them have any real meaning because of not enough consensus
The biggest benefit of bitcoin is to create a strict monetary policy discipline, but that is exactly a bank or large enterprise do not want to have (They like to create credit at will, or reverse transaction when they see fit), using blockchain will remove their ability to control the money, how is that useful?
Only when several banks from different countries are cooperating, they might need such kind of trust-less setup, but that will involve lots of exchange at both ends. Today they are using currency exchange contract, e.g. each bank setup an account in another bank with similar value, enough simple and works well
Read: https://www.cryptocoinsnews.com/bankers-begin-using-block-chain-technology-without-bitcoin/
Exactly, BNY Mellon even created their own alt-coin already, and backed by the bank budget. Technology is free, once invented, everyone can use it, but that still does not make their alt-coin better than bitcoin, because it can not gain world wide trust when it is based on fiat money
Jesus people, blockchain technology is nothing more than a sophisticated distributed transaction ledger. I'm sure many tech savvy companies will look at the viability of using that type of system. How cool would it be if you could have a complete transaction record of everything your company does on every computer you have around the world updated automatically and continuously. Pretty cool, eh? Now does that do anything for Bitcoin? No, not in the slightest.
There are hundreds of alt-coin out there all using blockchain technology, none of them have any real meaning because of not enough consensus
The biggest benefit of bitcoin is to create a strict monetary policy discipline, but that is exactly a bank or large enterprise do not want to have (They like to create credit at will, or reverse transaction when they see fit), using blockchain will remove their ability to control the money, how is that useful?
Only when several banks from different countries are cooperating, they might need such kind of trust-less setup, but that will involve lots of exchange at both ends. Today they are using currency exchange contract, e.g. each bank setup an account in another bank with similar value, enough simple and works well
Read: https://www.cryptocoinsnews.com/bankers-begin-using-block-chain-technology-without-bitcoin/
They're looking at blockchain technology, which is quite different from BTC itself. I believe Barclays and a pool of the world's largest banks could create their own blockchain, to move money between themselves, and only between themselves.
Banks typically do not move money between themselves, they only record the transaction in database, and at the end of the day, do settlement and debit/credit the total difference between transactions to and from bank A on an account that is owned by bank A. That's why Visa and MasterCard can do thousands of transactions per second, since those transactions are only recorded in their database, never broadcasted. And most of those transactions cancel each other between banks, the net result after settlement is a small amount to debit/credit bank accounts
If they employ blockchain, they will start to move money for real between them. And that will waste a lot of resource and create lots of accounting difficulties
Jesus people, blockchain technology is nothing more than a sophisticated distributed transaction ledger. I'm sure many tech savvy companies will look at the viability of using that type of system. How cool would it be if you could have a complete transaction record of everything your company does on every computer you have around the world updated automatically and continuously. Pretty cool, eh? Now does that do anything for Bitcoin? No, not in the slightest.
There are hundreds of alt-coin out there all using blockchain technology, none of them have any real meaning because of not enough consensus
The biggest benefit of bitcoin is to create a strict monetary policy discipline, but that is exactly a bank or large enterprise do not want to have (They like to create credit at will, or reverse transaction when they see fit), using blockchain will remove their ability to control the money, how is that useful?
Only when several banks from different countries are cooperating, they might need such kind of trust-less setup, but that will involve lots of exchange at both ends. Today they are using currency exchange contract, e.g. each bank setup an account in another bank with similar value, enough simple and works well
Barclays is a horrible bank, customer service wise and fee wise. Truly horrible.
I once asked a person who worked for them why their systems were so outdated when all the other U.K banks were halfway decent, they told me it's because Barclays, by the time they decide upon a new operating system, chooses the one that several years previous was the best. It takes them that long to make a decision.
They used DOS so far beyond the point of it being sane it was unbelievable. To hear that they might use the blockchain, okay, I'll wait ten years for them to make their decision. Banking huksters that they are.
Nice publicity for Bitcoin though.
I once asked a person who worked for them why their systems were so outdated when all the other U.K banks were halfway decent, they told me it's because Barclays, by the time they decide upon a new operating system, chooses the one that several years previous was the best. It takes them that long to make a decision.
They used DOS so far beyond the point of it being sane it was unbelievable. To hear that they might use the blockchain, okay, I'll wait ten years for them to make their decision. Banking huksters that they are.
Nice publicity for Bitcoin though.
Jesus people, blockchain technology is nothing more than a sophisticated distributed transaction ledger. I'm sure many tech savvy companies will look at the viability of using that type of system. How cool would it be if you could have a complete transaction record of everything your company does on every computer you have around the world updated automatically and continuously. Pretty cool, eh? Now does that do anything for Bitcoin? No, not in the slightest.
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