Central banks cashing in on blockchain

geopolisch

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Quote from: OmegaStarScream on January 03, 2017, 11:25:31 AM

The funny thing with banks is that they care about blockchain but they can't see the real potentials in bitcoin If they invest on it (or they do) but they consider it as a threat.

I guess they will start moving into bitcoin slowly for that the first step would be adopting blockchain technology.

The second step might be : creating own private altcoins and struggling with its pitfalls like 51% attack and not finding feasibility of having common medium of exchange etc.

This way the threat may become their savior finally. Ignoring bitcoin has no significant reasons in my understanding other than ego or security concerns. If unawareness is the prime reason for ignoring then it will get solved over time.

ikydesu

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Not sure they will run full nodes, otherwise they use blockchain technology to create their own digital currency, like some of country have a plan before, they just wants to transform their currency to digital form, I don't know what the real purpose is.

pooya87

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Quote from: calkob on January 03, 2017, 11:12:29 AM

Not to sure how i feel about this, would central banks just run full nodes themselves and if they did how could we trust the money supply. there are i'm sure plenty of questions here, but it is interesting to see their interest is there.
~

the keyword you have to pay attention to here is "blockchain" and blockchain is not bitcoin it is the technology that bitcoin and a couple of thousands of altcoins are using. when a bank starts integrating its system with blockchain, we will end up having bitcoin and a couple of thousands and "one" altcoins!

and they are interested only because the blockchain technology is interesting and also beneficial in many aspects for them to use.

Yakamoto

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I don't know why banks think that they're going to benefit from having blockchains of their own, it seems like it's a new buzzword within the financial sector and everyone wants one even if they have no idea what it actually does and how it is actually applied to their operation.

Some uses of it are good, like the royal mint adding a gold trading portion to their options that uses blockchain technology, but most are poorly thought through.

Xester

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Yes central banks in in a hurry setting up a large meeting in las vegas in which they are discussing how to integrate blockchain technology into the banking system. The point here is they are not really into the nodes they are into the profits, they see how bitcoin will become a threat to their business and so to counter it they are using the same technology to overtake bitcoin and put an end to it.

HabBear

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I expect most banks and eventually corporations with high volume of financial transactions to adopt blockchain technology. The blockchain offers a nearly error-free way to verify and manage transactions. It provides easier auditing of transactions. And reduces risk of fraud.

The blockchain is the most valuable contribution bitcoin has made to the world - and that fact can only help the first user of blockchain, Bitcoin!

Here's a link to explain what I'm talking about: http://www.cio.com/article/3110606/leadership-management/bitcoin-distracts-from-the-real-value-of-blockchain.html

Paashaas

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It's a do ore die situation for central banksters, in the end they will offer Bitcoin accounts for the sheeps Undecided

sportis

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Veni, Vidi, Vici

Is a very good and informative article. I had read about all of these countries and for completeness only, for members want to learn more about it in Esthonia, the independent bank LHV from June 2015 has already did an experiment using cryptographic claims (CUBER) worth 100000 euro and blockchain technology. Anyone wants to follow the link http://www.cuber.ee/en_US/news/

OmegaStarScream

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Just because it uses the blockchain technology doesn't mean that there will be a need for bank users to run a full node. The funny thing with banks is that they care about blockchain but they can't see the real potentials in bitcoin If they invest on it (or they do) but they consider it as a threat.

calkob

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Not to sure how i feel about this, would central banks just run full nodes themselves and if they did how could we trust the money supply. there are i'm sure plenty of questions here, but it is interesting to see their interest is there.

http://www.worldfinance.com/banking/cashing-in-on-blockchain-technology

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