Topic: Big Banks are researching the usage of private Block Chains, and not Ethereum's (Read 1262 times)
July 31, 2016, 04:17:35 PM
i do not think that banks will need to study about the private block chain or to study any crypto currency like bitcoin or etherium or some one else, specially in preset position, because these currencies have yet not any bad effect of banks on on their business, may be in future they think about to develop their own block chain, but it can only be possible when the user of crypto currencies increase and most of the people use online wallet,
July 31, 2016, 11:58:14 AM
Actually, if any crypto is going to be used mainstream with banks, it will be XRP Ripple. They already have tons of banks on board and have actually send money transfers using the ripple protocol.
I think Ripple is good example how private blockchains works, there is no mining or coin staking, the XRP can be created only by the 'superuser' whenever needed. Bank paradise, but banks can create their own ripple protocol, why pay to private company especialy when the costs become too high after a while.
July 31, 2016, 09:52:37 AM
The technology is brilliant and it's a surprise that banks haven't checked out blockchain technology long before this.
yeah the technology of most of the cryptocurrencies are really great, i think that bitcoin and ethereum will be better and better in the futureethereum is interresting, for certain. but the evm / solidity combination seems not so brilliant. More security would obtain if founded on functional programming, with proofs, like in coq. probably at banks some educated people are knowng this and will wait for a different coin with more secure foundations.
July 31, 2016, 09:52:02 AM
The technology is brilliant and it's a surprise that banks haven't checked out blockchain technology long before this.
Agree but I know, adaptation maybe is slow as the technology is new or about to ripe
Since it came into reality, there are already improvements and issues being addresed and of course banks are very keen on this to protect their clients.Now, banks are starting to adopt it. 
July 31, 2016, 09:37:14 AM
I have been reading how the concept of Ethereum could fuel the future technology needs such as smart contracts. But i came across an article that assessed how such technology could be used by banks but they will be having their internal private blockchain, and not attached to public ones.
Ethereum is essentially a massive research project that paved the way. Eventually, big organisations will be using Ethereum concept for their own needs by setting up private blockchains.
Ethereum is essentially a massive research project that paved the way. Eventually, big organisations will be using Ethereum concept for their own needs by setting up private blockchains.
I don't know why you are saying "ethereum" has paved the way. when in fact banks and all those big organizations had their eyes on bitcoin from so long ago even before Vitalik was thinking about eth, and many giant financial institutions were studying bitcoin's blockchain to adopt it for their own and use it to send their transactions over a secure channel.
July 31, 2016, 09:36:21 AM
The technology is brilliant and it's a surprise that banks haven't checked out blockchain technology long before this.
yeah the technology of most of the cryptocurrencies are really great, i think that bitcoin and ethereum will be better and better in the future July 31, 2016, 09:23:54 AM
The technology is brilliant and it's a surprise that banks haven't checked out blockchain technology long before this.
July 31, 2016, 09:21:34 AM
Ethereum's an important step. It's proved something along those lines might be possible but i can't see eth as it is ever being used seriously now.
As the bitcoin developers often remind us all this is still an experiment. It's gonna teach people a great deal and it made some people rich.
As the bitcoin developers often remind us all this is still an experiment. It's gonna teach people a great deal and it made some people rich.
July 31, 2016, 04:16:48 AM
Actually, if any crypto is going to be used mainstream with banks, it will be XRP Ripple. They already have tons of banks on board and have actually send money transfers using the ripple protocol. Not sure what the future will be with ETH. I thought it was awesome before but now....a mess
July 30, 2016, 07:42:43 PM
I highly doubt any banks are seriously looking at Ethereum after this. It was bad enough after the security weaknesses in Solidity were found; now ETH is essentially a joke. Splitting into multiple blockchains over a bailout?! Please....
Private blockchains -- to be honest, I don't get it. I suppose a federated consensus could be useful, but it doesn't give you nearly the security that BTC's disinterested miners give you. All you need is 51% of stakeholders to collude in order to steal from the rest.
The other kind of private blockchains that are currently being looked at are essentially one-node networks; useless.
Private blockchains -- to be honest, I don't get it. I suppose a federated consensus could be useful, but it doesn't give you nearly the security that BTC's disinterested miners give you. All you need is 51% of stakeholders to collude in order to steal from the rest.
The other kind of private blockchains that are currently being looked at are essentially one-node networks; useless.
July 30, 2016, 07:27:34 PM
Ethereum, assuming it becomes successful, won't do so due to big banks/ institutions adopting it. What will cause people to use ethereum is if there are dApps on the Ethereum blockchain that gain a significant following/ userbase or dApps that provide a significant utility to its users.
July 30, 2016, 05:28:23 PM
I have the same feeling private blockchains are useless, but maybe if all the banks worldwide needs to maintain a public ledger between them then private blockchain might be the way to go. I mean this blockchain might be used only to settle transactions between the banks, not by anyone else. Though shared centralized database offers the same functionality and is more effective, so lets see if something like private blockchain between banks ever start to exist.
I dont know who come up with the idea the banks looking to use ethereum for their private blockchain, banks have enought resources to take all the necessary public code and fit it to their needs. And to depend on ethereum and some young independent kid behind this project would be a sure way for a disaster for the banks.
I dont know who come up with the idea the banks looking to use ethereum for their private blockchain, banks have enought resources to take all the necessary public code and fit it to their needs. And to depend on ethereum and some young independent kid behind this project would be a sure way for a disaster for the banks.
July 30, 2016, 08:46:33 AM
Private blockchains are useless and sooner or later they will have to accept the fact that the real blockchain is the Bitcoin blockchain and the rest of blockchains are bullshit. If anything, only bitcoin's sidechains would have any relevancy.
July 30, 2016, 08:45:29 AM
Are there financial institutions using a private chain for real fintech work? Anyone in the know?
From what I've been reading and in the news, most banks are still in the research or experimenting phase. Some other institutions like NASDAQ are already up.
http://www.coindesk.com/nasdaqs-blockchain-services-global-exchange/
July 30, 2016, 07:05:21 AM
You're harsh, but you have a point. No bank is going to trust something not trushworthy. Ethereum might be an interesting concept, but it will never work if stupid decisions are made all the time.
It's too late for Ethereum in my opinion. I suppose there are two sides to how a bank might view it.
On one side they're going to approve of the ability to mitigate disaster, on the other they're not going to like the uncertainty that precedent sets. What is one person's disaster is another person's boon.
The screamingly obvious answer is to throw away any notions of getting involved in something they don't have total control over. I don't think their shareholders or host governments are going to be sympathetic to their interests being destroyed by 'the community'.
July 30, 2016, 06:56:48 AM
Are there financial institutions using a private chain for real fintech work? Anyone in the know?
NEM is the backbone of a private offshoot for a few projects in the far East.
I think all this Ethereum bonkersdom has sealed the deal in any banking minds that they're never going to put their affairs in the hands of a bunch of squabbling autists.
July 30, 2016, 06:49:57 AM
Are there financial institutions using a private chain for real fintech work? Anyone in the know?
NEM is the backbone of a private offshoot for a few projects in the far East.
I think all this Ethereum bonkersdom has sealed the deal in any banking minds that they're never going to put their affairs in the hands of a bunch of squabbling autists.
July 30, 2016, 05:11:26 AM
Are there financial institutions using a private chain for real fintech work? Anyone in the know?
July 27, 2016, 01:36:29 PM
No reason to use public blockchain if they can make their own blockchain which is private and might be better than use electrum.
Also, i think they use blockchain technology for more efficient/better ledger than use their conventional method.
Also, i think they use blockchain technology for more efficient/better ledger than use their conventional method.
exactly my thought as well. also a chain of banks could use private blockchain because of the transparency and security it gives.
July 27, 2016, 10:08:32 AM
My appreciation is very high on etherum. etherum has a large market share. as a newcomer, etherum has good prospects as bitcoin.
I think etherum will be one of the digital currency, equaling the amount of bitcoin.
I think etherum will be one of the digital currency, equaling the amount of bitcoin.
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