"European Central Bank: Still Too early for Blockchain Technology" - page 2.

maku

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Quote from: mynhpark on April 12, 2017, 11:36:12 PM

The European Union's central bank today once again shot down the idea that it might use distributed ledger tech as part of its market infrastructure in the near future.

Published alongside the latest annual report from the European Central Bank, released on tuesday, was a feature on the tech. While largely written in broad strokes, the paper reiterates a position expressed in the past by ECB officials – namely, that the central bank isn't likely to tap distributed ledgers in the near future.

Do you think eurozone central banking should embrace distributed ledger technology?

It is not question whether they should or shouldn't - they simply cannot do it at all. How exactly would that work?
Blockchain which is not backed by significant number of hashing power is nothing more than glorified name for standard database.
Do you think that few government servers would be enough to provide serious level of security for this tech?
Because I can't imagine that central bank would share their database with citizens or allow them participate in this project.

HaXX0R1337

sr. member

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Quote from: manselr on April 14, 2017, 07:00:29 PM

I still see no points for institutions and centralized enclosures trying to profit from the blockchain technology. Why not just use proprietary software and internal databases for instant modifications of the data? Why do they need anything but good ol MySQL? this seems like a fad.
Real blockchain is cryptocurrencies period.

It is pointless to make a debate like this,blockchain is not all about crypto currencies but there are things that can be achieved at a lower cost because of it and any company would look into ways of making profit rather than paying for what they use and if there is a technology that could save them millions then they will try to profit from the technology .

manselr

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I still see no points for institutions and centralized enclosures trying to profit from the blockchain technology. Why not just use proprietary software and internal databases for instant modifications of the data? Why do they need anything but good ol MySQL? this seems like a fad.
Real blockchain is cryptocurrencies period.

Pattberry

sr. member

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Quote from: ged00u on April 13, 2017, 02:58:52 AM

As a Bitcoin user, I have to say that I still not understand fully what the Blockchain is and how it works although I have been heard for at least 2 years. However, I think that Banks are trying to refuse the decentralized system which appears in the Blockchain and as every knows, they still want to control the money and the property that we have. Moreover, I believe that the government is behind everything

Using block chain does not literally mean that they are embracing bitcoin ,it is far from that,it can be used as a open ledger to store the data and it can cut down on costs in the future,banks really wont shed off its centralized nature when it comes to the economic side of things but block chain on the other hand will help them saving them dimes if they can utilize the potential .

bitart

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Vires in Numeris

Quote from: mynhpark on April 12, 2017, 11:36:12 PM

The European Union's central bank today once again shot down the idea that it might use distributed ledger tech as part of its market infrastructure in the near future.

Published alongside the latest annual report from the European Central Bank, released on tuesday, was a feature on the tech. While largely written in broad strokes, the paper reiterates a position expressed in the past by ECB officials – namely, that the central bank isn't likely to tap distributed ledgers in the near future.

Do you think eurozone central banking should embrace distributed ledger technology?

They should. But they are not ready yet, so the timing is not good for them. This is why they're trying to put the whole technology out of the focus of their speech.
There could be several reasons:
- they're working on a similar technology (but centralized), and they're not ready yet, and they need time
- they don't want people to start investing in bitcoin or altcoins, because of the price volatility and possible margin calls, lost investments, etc.
- maybe they want to prevent people from the above mentioned problems, because if people have problems with the blockchain technology, the central bank's new, similar technology will be also be resisted or rejected by the people

ged00u

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As a Bitcoin user, I have to say that I still not understand fully what the Blockchain is and how it works although I have been heard for at least 2 years. However, I think that Banks are trying to refuse the decentralized system which appears in the Blockchain and as every knows, they still want to control the money and the property that we have. Moreover, I believe that the government is behind everything

hello_good_sir

hero member

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Quote from: mynhpark on April 12, 2017, 11:36:12 PM

The European Union's central bank today once again shot down the idea that it might use distributed ledger tech as part of its market infrastructure in the near future.

Published alongside the latest annual report from the European Central Bank, released on tuesday, was a feature on the tech. While largely written in broad strokes, the paper reiterates a position expressed in the past by ECB officials – namely, that the central bank isn't likely to tap distributed ledgers in the near future.

Do you think eurozone central banking should embrace distributed ledger technology?

Yes.

Why? Because it is of benifit to themselves.

Even China is thinking of doing it and already taking action upon it. I can't believe Europe isn't.

Fact is that it'll be easier for them to keep track of everything(except in countries like Switzerland i guess where privacy laws are strict), easier for them to create and distribute currency, and transactions are immutable.

Dunno why they don't like the idea.

deisik

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English ⬄ Russian Translation Services

Quote from: mynhpark on April 12, 2017, 11:36:12 PM

The European Union's central bank today once again shot down the idea that it might use distributed ledger tech as part of its market infrastructure in the near future.

Published alongside the latest annual report from the European Central Bank, released on tuesday, was a feature on the tech. While largely written in broad strokes, the paper reiterates a position expressed in the past by ECB officials – namely, that the central bank isn't likely to tap distributed ledgers in the near future.

Do you think eurozone central banking should embrace distributed ledger technology?

A distributed ledger technology as you call it is not suitable for centralized entities

Strictly speaking, it is in direct antagonism with the very nature of such institutions like Central banks ("central" is a keyword here). Apart from that, if they actually create something like a decentralized distributed ledger (let's assume that for a moment), who exactly is going to make up the decentralized part of it and would they ever want to participate in the whole shebang? Right now, miners get a reward and fees, but even without these if mining were easily available to anyone, a lot of people would be running full nodes to support the network since they are interested in keeping Bitcoin alive and ticking. Why would they ever want to keep government money alive if they already have Bitcoin?

Yakamoto

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I'm surprised that they're opting to go with the "too early" response, maybe it's because of the required amount of energy to confirm everything but considering that the EU wants to control everything about its citizens and it wants to know everything that's going on, I would assume they would be more behind something that lets them keep tabs on literally every financial transaction.

Maybe they're trying to figure out how to control the mining system so only the government mines and can keep the difficulty steady so that there are no competitors.

mynhpark

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The European Union's central bank today once again shot down the idea that it might use distributed ledger tech as part of its market infrastructure in the near future.

Published alongside the latest annual report from the European Central Bank, released on tuesday, was a feature on the tech. While largely written in broad strokes, the paper reiterates a position expressed in the past by ECB officials – namely, that the central bank isn't likely to tap distributed ledgers in the near future.

Do you think eurozone central banking should embrace distributed ledger technology?

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