what is the Ledger system of SWIFT | Bitcointalksearch.org

franky1

legendary

Activity: 4410

Merit: 4766

Quote from: ndnh on November 16, 2014, 08:25:39 AM

Quote from: evansearle42 on November 16, 2014, 02:05:22 AM

I don't believe there is an official ledger system. AFAIK the amount owed by/to each bank is reconciled every day and each bank's account will be credited/debited accordingly. I believe it is up to each bank where the money fom each transaction came from/went to

Depends on country.

its not a ledger system in the manner that bitcoin is done. but the banking systems ledger is more like 'bank statements' not used to calculaate totals, but more so to sit beside the balance and be used to question the balance later if any problems occured

ndnh

legendary

Activity: 1302

Merit: 1005

New Decentralized Nuclear Hobbit

Quote from: evansearle42 on November 16, 2014, 02:05:22 AM

I don't believe there is an official ledger system. AFAIK the amount owed by/to each bank is reconciled every day and each bank's account will be credited/debited accordingly. I believe it is up to each bank where the money fom each transaction came from/went to

Depends on country.

evansearle42

sr. member

Activity: 366

Merit: 250

I don't believe there is an official ledger system. AFAIK the amount owed by/to each bank is reconciled every day and each bank's account will be credited/debited accordingly. I believe it is up to each bank where the money fom each transaction came from/went to

BTCIndia

hero member

Activity: 686

Merit: 500

vini, vedi, no vici.

Beautiful question, man! Thanks for asking such an important question.

franky1

legendary

Activity: 4410

Merit: 4766

banks mainly use standardised databases not transactional movement ledgers. meaning its just an account balance.

bitcoin doesnt have a 'total' balance. bitcoin only has lists of transactions and it is only the GUI that calculates the totals on the front end. not the database itself.

banks just have balances and as a separate database the list of transactions. with MANY MANY rules inplace that only updates the database balance After the old (sender account) handshakes the transaction. then the transaction is listed in the transaction list and then later once everything has been confirmed the total balance database is then updated/cleared.

life would be much simpler to just have the transaction list that cannot be spoofed and no other database. where the front end can then be trusted enough to calculate the totals for easy reference.

but banks are not that smart. and now you know why everyone loves bitcoins. because it can do what banks have failed to do for a century (on paper or computer)

Soros Shorts

donator

Activity: 1617

Merit: 1012

SWIFT: Most transactions are recorded across multiple synchronously replicated databases located in Europe.

Bitcoinpro

legendary

Activity: 1358

Merit: 1000

bank transactions do provide all sorts of numbers with online baking and phone baking ie transaction receipt numbers

no doubt they would have some kind of reversible type of blockchain system

which means also highly vulnerable unsecured nodes due to attacks, they

do seem to be trying to use property loans as asset secured notes, this in effect

enlists private citizens to help secure value in a few different ways including

renting contracts, and also holding of property titles

Bitcoinpro

legendary

Activity: 1358

Merit: 1000

anyone got any insight into this, also what is the ledger system used by banks for electronic currency ?

Topic: what is the Ledger system of SWIFT (Read 1009 times)