Topic: Bitcoin woke up the Giants - page 2. (Read 2936 times)

But I was asking specifically about the blockchain technology and its possible use by the banking sector, right?

Besides, I don't see how blockchain makes it more efficient to store, organize and process data. In every of these aspects, blockchain simply sucks, to be honest. If you need redundancy, there are special tools for doing just that. I can't possibly comprehend why you would try to use nodes for distributing your data (in search of redundancy or efficiency) which are in no way affiliated with you and don't have to keep your data in the first place. To organize your data, you use databases which specifically aim at fast retrieval of data entries in arbitrarily order (binary trees and that sort of things). The blockchain data format (JSON if I'm not mistaken) is simply unusable for these purposes. Processing data has nothing to do with blockchain altogether

when you realise that "blockchain" is just something like 5% of the security model of what bitcoin is.. you and i can both laugh at what purpose the banks are overselling the "database" 2.0 they are harping on about..

but what data they put within the database. and how they monetise it and how that data has its own utility.. is something only the banks will know.
eg health records, ID, births deaths and marriages, financial, produce and manufacturing tracking data.. the list can be endless. and monetised in endless ways. but that data is nothing to do with blockchain.. blockchain is just a small option for how that data is stored more efficiently then the old way databases worked

blockchain itself is meaningless.. its the data and what that data can and will do that has meaning.. and that data can be anything and unrelated to "blockchain"

All your reasons can be refuted by the simple fact that banks don't need the blockchain technology to do what you just enumerated. Everything from your list can be easily done with a distributed database or fail-safe filesystem (like what Google uses on their servers). But since they don't employ these tools (at least, en masse), it seems there is no particular reason or advantage to implement them. That is, their choice is toward further centralization. As I see it, blockchain is essentially about working in a trustless environment...

But the banking system itself is the opposite of that, since the Central bank is the ultimate arbiter and a source of trust by definition

research hyperledger.

as to why banks are using it.
here are some reasons

1. instead of one centralised database needing security guards and vetting staff just to be in the building.. the data secures itself and is spread out so no single location can be attacked.
EG bank employee at smalltown branch cant hack the data compared to, if the old style database was distributed.
EG IT guy at centralised HQ where single copy database(not distributed) also cannot hack it.

thus. HR employees that vet staff can be sacked. security guards, IT guys, and many more staff sacked.

2. along with security no longer needing 'labour'. it also no longer needs much maintenance. you just buy a pc load a ISO disk of the operating system that includes the node. and your done. meaning more labour can become redundant

3. due to being distributed it reduces bandwidth compared to 95,000 banks connecting to a centralized server. where each bank branch has 10 employees blasting requests to that central server.. now 10 bank branch employees blast their requests to the bank branch node which then only communicates to another node. which due to relay effect the doesnt require terrabyte fibre connections to a central point
so now servers, internet, electric costs are now reduced, while significantly improving security.

4. auditing becomes easier. so meeting regulation and financial obligation becomes manageable with less labour/equipment.

5. banks actually have "homeland security" staff monitoring threats that can cause issues to the banking system (yea they were useless with 9-11 and the 2008 internal bank terrorism against customers) but now they can be sacked too

6. in short banks can remove their sky scraper HQ buildings and run more efficiently and more securely with just bank branches relaying to each other

there are probably loads of other reasons, i just listed the obvious ones anyone can think of, im sure the banks internal thinktank can think of more. maybe best to ask Gmaxwell what his contract conditions are and if he is open to talk about his employers(the banks) reasons for wanting hyperledger

haha, never thought of or noticed these things as i have never been to banking system personally as how would i have anything to do with banks without any jobs or incomes? But if bitcoin really did this thing then bitcoin is really a great support for the people using banking systems and even not involved with bitcoin, they would love the change probably.

You got the point, we're at a stage where Bitcoin is expanding at a rate not seen before, but for Bitcoin to continue to make progress and attract more users, we must do our part, promoting it.

I've heard it a few times already across the forum that banks are allegedly implementing their variety of the blockchain technology, but no one could even remotely describe coherently what benefit or advantage this technology could offer them in practice. I'm not even asking about actual implementations, just a viable concept, I mean, something real, not someone's fantasy or forced idea. Personally, I can't come up with anything that couldn't be done more efficiently without the use of blockchain altogether...

Or has blockchain really become a new buzzword of sorts?


What bank giants do you refer to exactly?

I see many bank giants adapt (what they call) "block chain technology".
But they don't even understand the decentralised part of all this.
They think that a block chain is just a modern distributed database.
They throw the buzzword "block chain" around but it does not have the same meaning as it has for us.

-sf-

It is not a pity that they arrived late, but rather a blessing. Could you imagine what would have happened if Bitcoin and these Blockchain based

technologies {Hyperledger} started at the same time? Bitcoin would not have been around, if that was the case. Remember the banks first

ignored us, and now they are taking us serious and fighting back. We will however always have the edge over them... our technology are

backed by the people... People who wants to be FREE.

Bitcoin will definitely ignite fire of modern lifestyle with modern technology. Because bitcoin is  first of its kind to introduce such technology and innovation with money transfer system. And many huge companies had already started to adopt bitcoin and some are doing research of blockchain technology for developing something better than that.

The guilty are simply afraid and would they ever stop throwing tantrums at bitcoin? All their sugar-coated words about their own version of blockchain is nothing but smoke screens to recolonize us, but it is a pity they arrived late, we know better now. The banks are agents of the government and their whimpering  is understandable, no one should take them serious though, it has been their selfish interest all the while.

   According to Business Insider  http://uk.businessinsider.com/swedish-central-bank-considers-digital-national-currency-ekrona-2016-11 'Sweden could become the first major country to issue a national digital currency' author says that central bank of Sweden aims to decide whether to issue a digital currency called 'ekrona'  two years from now. Deputy Governor of Sweden said FT, that blockchain technogy is one of several technologies they look at in relation with their digital coin.

what you said is true now the banks are seriously thinking of implementing bitcoin technology in their banking system, it will take time but we will see that fiat currency and bitcoin are used in bank simultaneously

Ofcourse , It woke up the giant of simple people also .
Because  of the high tax in high deal money we needs to pay extra money as sn charge but the beauty of bitcoin is making everyone to accepting it .

Yes bitcoin is a revolutionary technology that is changing the money transfer and banking system. It has an extraordinary feature that makes our different and secure from other money system and so many multi national companies are starting to adopt bitcoin and they are changing the game even more.

every big bank in the world announced their blockchain based projects
I'm sure you will be able to find it on the web with ease,literally all of them introduced the so called "ransom stash"
where they keep a certain amount of coins to satisfy a hacker's demand after he had breached their security or found vulnerabilities
the giants are giants for a reason - they monitor the market constantly and they react to the changes,thats why they have special divisions besides marketing and god knows what
blockchain based currencies by the banks are in direct confrontation with bitcoins and my fear is and has always been that one of the giants
would be able to produce a better,more resilient to attacks,easier to use digital currency than bitcoin is
this would result in further monopolisation and centralisation of the money system of the world

Yes indeed because they know whatever crypto currency come out, it won't cause the bank to collapse, however they realized after bitcoin made it's name into public, more or less there will be decreasing transaction, and the bank also compete to attract customer to use their services, maybe that is one of the main reason why bank increase their customer service performance

the giants! have always been awake and watching bitcoin even from the start, you don't get to be big by letting these things slip through the cracks. and usually when we find out about it, it means it is already too late and they did what they wanted.

I agree that with your statement banks are competing each other to have more clients, without clients a bank cannot survive. Another example, now bank offer a new option that you can deposit a check simply taking a picture from your smartphone. Every bank will copy this idea and offer them to their clients in order to have advantage over they competition.

Right now they don't see it like a big threat, but if the bitcoin continue to rise and get more attention, the perception will change.

I don't believe that bitcoin is an ally of bank.  If you look at the concept and ideology of bitcoin, it is leaning toward decentralizaiton which is the complete opposite of what the banks do, centralization.  It's that bank is being fluid now, adopting bitcoin impact and making it to their advantage.  That is what i see.