Blockchain adoption by banking sector - page 3.

Victorycoin

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Quote from: deisik on January 27, 2017, 11:57:52 AM

Quote from: Victorycoin on January 27, 2017, 11:05:30 AM

They like the transparency, trust and cost effectiveness that blockchain technology brings, but they dislike Bitcoin and instead wants to tweak the same technology to develop an altcoin, that would provide for them the control that Bitcoin denied them of. At any rate and whatever they do, Bitcoin is here to stay and a copy could hardly be better than the original

And how are they going to make use of that?

I mean employ the "trust and cost effectiveness that blockchain technology brings" to their advantage in practice? As I see it, for that they would need to create another decentralized network which would basically cost them nothing, like the Bitcoin network costs nothing since no single individual or entity grabs all the profits. Of course, the Bitcoin network does cost a lot, but these costs are compensated by profits that are shared in the same network, so it is basically a win-win situation and no costs entailed. I don't think that banks would be able to leave the costs to the network while themselves would only reap profits. In other words, who will be running network for them for free?

Banking processes as presently is, is expensive and very time consuming as it relies heavily on a team of people to nose through books and figures. Use of blockchain technology however offers some relief that are irresistible and here is what some banks are making of the situation:

http://economictimes.indiatimes.com/industry/banking/finance/banking/big-banks-plan-interbank-blockchain-platform/articleshow/56770736.cms

WestWorld

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Blockchain technology offers a lot of new opportunities for banks and financial institutes. The driving factor is to decrease costs. Banks do not need intermediate clearing companies (which charges fees for every transaction) anymore.

deisik

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Quote from: pitham1 on January 29, 2017, 02:08:39 AM

Quote from: deisik on January 28, 2017, 08:21:46 AM

Quote from: pitham1 on January 27, 2017, 11:06:05 PM

Quote from: metalbean on January 25, 2017, 11:22:23 PM

For the well informed, can someone englighten on what the banks are doing with block chains?

Is it simply using blockchain to confirm transaction? All looks so fancy.

Take for example the latest report about using blockchain for small business facilitated by banks *

What do they really do?

*http://www.coindesk.com/new-small-business-blockchain-actually-big-deal/

The legacy systems of banks are hugely inefficient. They have vast back offices just to reconcile trades, which blockchain does automatically. And it takes 2-3 days to confirm transfer of ownership of assets, which can be done in minutes using the blockchain. So obviously they are interested in blockchain technology

Did you ask yourself who will be supporting all the network infrastructure required for the blockchain technology to work? It seems that you are implicitly assuming that folks will run their nodes just for enabling banks to employ this technology? So who will be paying for it? Also, don't forget that it should be excessively abundant to make confirmations valid, but this still doesn't provide the required legal status of any such transaction. If the sender (or receiver) disputes the transaction, what evidence and proofs can the bank show that the disputed transaction did actually happen?

Really, why would banks ever want to depend on some Internet dudes in such matters?

Banks won't depended on some internet dudes. They will run permissioned block chains, with 15-20 banks participating as a consortium. Once the development costs are factored in, this will definitely be cheaper than manual verification and clearing of trades

And now ask yourself why they would need this consortium in the first place?

To confirm transactions from one trusted bank to another trusted bank? But if they trust each other, why would they need confirmations from other banks? Ultimately, they are all trusting a Central bank, and that's how the system works (if I'm not mistaken). Namely, transaction from one bank to another bank goes through an intermediary which is the Central bank. There is absolutely no need for the setup you assume. In any case, it is the Central bank which sets the rules for all commercial banks in its system, and I don't think that it will ever endorse this idea (basically because of its existence as such)

CraigWrightBTC

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Unfortunately the bankings are just adoption blockchains technology
they still didn't adoption bitcoin become digital currency on their business
they have adopted blockchains technology for making easy services on their business.

pitham1

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Quote from: deisik on January 28, 2017, 08:21:46 AM

Quote from: pitham1 on January 27, 2017, 11:06:05 PM

Quote from: metalbean on January 25, 2017, 11:22:23 PM

For the well informed, can someone englighten on what the banks are doing with block chains?

Is it simply using blockchain to confirm transaction? All looks so fancy.

Take for example the latest report about using blockchain for small business facilitated by banks *

What do they really do?

*http://www.coindesk.com/new-small-business-blockchain-actually-big-deal/

The legacy systems of banks are hugely inefficient. They have vast back offices just to reconcile trades, which blockchain does automatically. And it takes 2-3 days to confirm transfer of ownership of assets, which can be done in minutes using the blockchain. So obviously they are interested in blockchain technology

Did you ask yourself who will be supporting all the network infrastructure required for the blockchain technology to work? It seems that you are implicitly assuming that folks will run their nodes just for enabling banks to employ this technology? So who will be paying for it? Also, don't forget that it should be excessively abundant to make confirmations valid, but this still doesn't provide the required legal status of any such transaction. If the sender (or receiver) disputes the transaction, what evidence and proofs can the bank show that the disputed transaction did actually happen?

Really, why would banks ever want to depend on some Internet dudes in such matters?

Banks won't depended on some internet dudes. They will run permissioned block chains, with 15-20 banks participating as a consortium. Once the development costs are factored in, this will definitely be cheaper than manual verification and clearing of trades.

antonioa

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Quote from: markyminer on January 28, 2017, 09:55:56 AM

Quote from: Raimonn on January 28, 2017, 08:32:43 AM

Quote from: pitham1 on January 27, 2017, 11:06:05 PM

Quote from: metalbean on January 25, 2017, 11:22:23 PM

For the well informed, can someone englighten on what the banks are doing with block chains?

Is it simply using blockchain to confirm transaction? All looks so fancy.

Take for example the latest report about using blockchain for small business facilitated by banks *

What do they really do?

*http://www.coindesk.com/new-small-business-blockchain-actually-big-deal/

The legacy systems of banks are hugely inefficient. They have vast back offices just to reconcile trades, which blockchain does automatically. And it takes 2-3 days to confirm transfer of ownership of assets, which can be done in minutes using the blockchain. So obviously they are interested in blockchain technology.

Yes, they want the blockchain technology to reduce the cost of its services, and reduce the time that now they need to complete a transaction. But they don't want the transparency and the decentralization that bitcoin blockchain has.

i do not think that currency they need for such technology, as they have no concern with it, the already using their own technology like ONE LINK, but in future when the interest of the people will totally divert to online business ans shopping as in modern countries the change has already take place, then they may think about to adopt blockchain technology.

I am sure that the banks only talking about the possibility of implementing these tehnologity. In practice, this will not happen soon. Some banks say that this technology will be able to keep track of debtors. How will it be in practice, I also can not imagine

markyminer

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Quote from: Raimonn on January 28, 2017, 08:32:43 AM

Quote from: pitham1 on January 27, 2017, 11:06:05 PM

Quote from: metalbean on January 25, 2017, 11:22:23 PM

For the well informed, can someone englighten on what the banks are doing with block chains?

Is it simply using blockchain to confirm transaction? All looks so fancy.

Take for example the latest report about using blockchain for small business facilitated by banks *

What do they really do?

*http://www.coindesk.com/new-small-business-blockchain-actually-big-deal/

The legacy systems of banks are hugely inefficient. They have vast back offices just to reconcile trades, which blockchain does automatically. And it takes 2-3 days to confirm transfer of ownership of assets, which can be done in minutes using the blockchain. So obviously they are interested in blockchain technology.

Yes, they want the blockchain technology to reduce the cost of its services, and reduce the time that now they need to complete a transaction. But they don't want the transparency and the decentralization that bitcoin blockchain has.

i do not think that currency they need for such technology, as they have no concern with it, the already using their own technology like ONE LINK, but in future when the interest of the people will totally divert to online business ans shopping as in modern countries the change has already take place, then they may think about to adopt blockchain technology.

Raimonn

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Quote from: pitham1 on January 27, 2017, 11:06:05 PM

Quote from: metalbean on January 25, 2017, 11:22:23 PM

For the well informed, can someone englighten on what the banks are doing with block chains?

Is it simply using blockchain to confirm transaction? All looks so fancy.

Take for example the latest report about using blockchain for small business facilitated by banks *

What do they really do?

*http://www.coindesk.com/new-small-business-blockchain-actually-big-deal/

The legacy systems of banks are hugely inefficient. They have vast back offices just to reconcile trades, which blockchain does automatically. And it takes 2-3 days to confirm transfer of ownership of assets, which can be done in minutes using the blockchain. So obviously they are interested in blockchain technology.

Yes, they want the blockchain technology to reduce the cost of its services, and reduce the time that now they need to complete a transaction. But they don't want the transparency and the decentralization that bitcoin blockchain has.

deisik

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Quote from: pitham1 on January 27, 2017, 11:06:05 PM

Quote from: metalbean on January 25, 2017, 11:22:23 PM

For the well informed, can someone englighten on what the banks are doing with block chains?

Is it simply using blockchain to confirm transaction? All looks so fancy.

Take for example the latest report about using blockchain for small business facilitated by banks *

What do they really do?

*http://www.coindesk.com/new-small-business-blockchain-actually-big-deal/

The legacy systems of banks are hugely inefficient. They have vast back offices just to reconcile trades, which blockchain does automatically. And it takes 2-3 days to confirm transfer of ownership of assets, which can be done in minutes using the blockchain. So obviously they are interested in blockchain technology

Did you ask yourself who will be supporting all the network infrastructure required for the blockchain technology to work? It seems that you are implicitly assuming that folks will run their nodes just for enabling banks to employ this technology? So who will be paying for it? Also, don't forget that it should be excessively abundant to make confirmations valid, but this still doesn't provide the required legal status of any such transaction. If the sender (or receiver) disputes the transaction, what evidence and proofs can the bank show that the disputed transaction did actually happen?

Really, why would banks ever want to depend on some Internet dudes in such matters?

pitham1

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Quote from: metalbean on January 25, 2017, 11:22:23 PM

For the well informed, can someone englighten on what the banks are doing with block chains?

Is it simply using blockchain to confirm transaction? All looks so fancy.

Take for example the latest report about using blockchain for small business facilitated by banks *

What do they really do?

*http://www.coindesk.com/new-small-business-blockchain-actually-big-deal/

The legacy systems of banks are hugely inefficient. They have vast back offices just to reconcile trades, which blockchain does automatically. And it takes 2-3 days to confirm transfer of ownership of assets, which can be done in minutes using the blockchain. So obviously they are interested in blockchain technology.

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Quote from: metalbean on January 25, 2017, 11:22:23 PM

For the well informed, can someone englighten on what the banks are doing with block chains?

Is it simply using blockchain to confirm transaction? All looks so fancy.

Take for example the latest report about using blockchain for small business facilitated by banks *

What do they really do?

*http://www.coindesk.com/new-small-business-blockchain-actually-big-deal/

Better for them to jump on the train, because they have the ability to do transactions or secured contracts without an intermediary and by decentralizing trust still owned by third parties to the network of stakeholders (administrations, insurance, banks,...). It leds to an opening of chains value for new players by making power users and limiting the power of the institutions or existing third-party platforms.

On the economic front, the technology potential of simplification seems important: blockchain provides events real time to assure the absence of asymmetric information, generate an accounting in many parties, to free the participants of the reconciliation efforts between their systems.

deisik

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Quote from: Victorycoin on January 27, 2017, 11:05:30 AM

They like the transparency, trust and cost effectiveness that blockchain technology brings, but they dislike Bitcoin and instead wants to tweak the same technology to develop an altcoin, that would provide for them the control that Bitcoin denied them of. At any rate and whatever they do, Bitcoin is here to stay and a copy could hardly be better than the original

And how are they going to make use of that?

I mean employ the "trust and cost effectiveness that blockchain technology brings" to their advantage in practice? As I see it, for that they would need to create another decentralized network which would basically cost them nothing, like the Bitcoin network costs nothing since no single individual or entity grabs all the profits. Of course, the Bitcoin network does cost a lot, but these costs are compensated by profits that are shared in the same network, so it is basically a win-win situation and no costs entailed. I don't think that banks would be able to leave the costs to the network while themselves would only reap profits. In other words, who will be running network for them for free?

Victorycoin

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Quote from: HabBear on January 26, 2017, 12:05:42 AM

All Corporate business will some day be using blockchain technology.

The blockchain allows for easy, verifiable, transparent, and easily auditable transactions. It eliminates the opportunity to "cook the books". It makes transaction-heavy business easy to keep records of and audit.

It's something we should all celebrate. Adoption of the blockchain is good for bitcoin, it legitimizes bitcoin.

Indeed the blockchain technology is the answer to "trust and security" that have been very evasive but so much needed in ever facet of human endeavor. Bitcoin and its technology - blockchain is a masterpiece and worthy of celebration, but the banks and governments are opportunists and only after what they perceive as the juicy part.

They like the transparency, trust and cost effectiveness that blockchain technology brings, but they dislike Bitcoin and instead wants to tweak the same technology to develop an altcoin, that would provide for them the control that Bitcoin denied them of. At any rate and whatever they do, Bitcoin is here to stay and a copy could hardly be better than the original.

lordquanta

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Quote from: HabBear on January 26, 2017, 12:05:42 AM

All Corporate business will some day be using blockchain technology.

The blockchain allows for easy, verifiable, transparent, and easily auditable transactions. It eliminates the opportunity to "cook the books". It makes transaction-heavy business easy to keep records of and audit.

It's something we should all celebrate. Adoption of the blockchain is good for bitcoin, it legitimizes bitcoin.

Many banks work/grow on 'cooking the books'. This happens only when great amount of money is in play. Look at many incidents where banks were caught laundering dirty money. If you google 'multinational banks caught in money laundering' many search results will show. Thus big banks surely want something which they could tweak at will. Afterall Banks don't want transparency but secrecy.

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Quote from: amacar2 on January 26, 2017, 08:44:37 AM

Quote from: GreenBits on January 26, 2017, 12:29:40 AM

Bank is have their own Digital money but unlike Bitcoin is have a blockchain technology that can record every transaction that user made.So every bank that know Bitcoin they want to make like a blockchain technology.

They may release digital money based on blockchain just like bitcoin but it will be in centralized ledger and there will be no any reward for miners. They are just interested in level of security blockchain/bitcoin have

They already have all the cryptographic tools that Bitcoin has

In fact, they may even have such tools that are not yet publicly available, so this is not an issue or point of interest to them. Just like they already have a digital currency of their own which is called fiat. The centralized ledger you mention has nothing to do with the blockchain technology, either. It exists as well, and it is called a central bank

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Quote from: GreenBits on January 26, 2017, 12:29:40 AM

Bank is have their own Digital money but unlike Bitcoin is have a blockchain technology that can record every transaction that user made.So every bank that know Bitcoin they want to make like a blockchain technology.

They may release digital money based on blockchain just like bitcoin but it will be in centralized ledger and there will be no any reward for miners. They are just interested in level of security blockchain/bitcoin have.

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Quote from: ikydesu on January 26, 2017, 06:31:09 AM

They just in research how blockchain works, then they will create digital currency. The system work I'm sure will jot same as bitcoin blockchain, it's more centralized.
Bank is connected to government, and government hate how bitcoin system works.

Several banking service providers were in research about the blockchain technology relative to their requirement. As said by above mate blockchain developed will not be similar to the bitcoin's technology. The reason is that in banking sectors they need a central governance to control the flow of cash within the system. Soon we can experience blockchain making big changes in digitization.

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They just in research how blockchain works, then they will create digital currency. The system work I'm sure will jot same as bitcoin blockchain, it's more centralized.
Bank is connected to government, and government hate how bitcoin system works.

loreykyutt05

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It is just like, getting your money on banks, loading money or just like block chain, banks can processed their own money, we could not see what are the possibilities will happen. It we can all be one of the best on it, if the blockchain adoption by banking sector, the banking sector can earn, while rest of us, will be having a transaction fee.

Loepuenkyou

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maybe the next time banking sector can use blockchain technology to use transaction
but banking sector, use internet banking is very faster in transaction above bitcoin transaction and safe

Topic: Blockchain adoption by banking sector - page 3. (Read 3318 times)