Topic: What would happen if Bitcoin's Blockchain is used by big financial institutions? - page 2. (Read 1461 times)

I really think that this is the key about it, maybe banks and/or governments could made his own cryptocurrency and try to force people to use it, but they will never have success, just because there is something better that already exist, the bitcoin, so will be a question of matter that people realize that and stop using the banks/governments currency.

I think in most minds here the question they're more interested in is what effect it would have on the price. Plenty will be using coloured coins which will involve nominal amounts. There are projects waiting for bigger blocks so I think we've only just begun to see what the effects might be.

except that they will be prone to 51% attacks due to low network strength..

If so, banks will clone blockchain and clone bitcoin and use that coin for transactions. They wont ever use bitcoin.
Banks hate bitcoin.

Banks love blockchain techonology for a while already. They just hate bitcoin and make everyone hate it so they will have someone uses their digital currency developed by them

Blockchain is studied but much important entities than Visa. I am giving here only some of the most important between those. It is studied by Federal Reserve, by Bank of Russia, by about 22 from the most world important banks etc. They are studiyng blockchain not to use it but to understand how it works. In order to use their principles. See for more the links below:

https://www.cryptocoinsnews.com/ibm-federal-reserve-want-create-bitcoin-knock-off/

http://cointelegraph.com/news/115302/russia-to-create-bitruble-a-state-run-digital-currency-for-2016

http://uk.businessinsider.com/13-new-banks-join-r3-blockchain-coalition-2015-9

The reason of study is very easy to be understood if you will know the peer to peer technology which is the beginning of everything. In building blockchain (and bitcoin) is used this technology which, told in a very simple way connect directly two computer leaving out the third necessary part until before the application of peer to peer: the servers. Until today every kind of communication between two points on internet MUST pass absolutely through a server. If not, the communication cannot be made. Peer to peer eliminate this third important part. Make possible the connection between two points in internet communicating directly between those. As you can understand easily is a very big invention. Initially was fight by everyone but the followers of it were able to win. They made various applications tentatives and at the end the most successful was bitcoin and its way of work. The way in which bitcoin communicate is directly an exact application of peer to peer.

The advantages of the application of this technology are enormous. It will change all the world of technologies connected with it. First of all, internet. We will have in the future another internet, another structure for it. But the applications can be without end. For example I can tell you one which no one can imagine except their inventors.

Blockchain can be used as a notary office. A couple is married and has put in the Horizon blockchain the proof of their marriage. This blockchain will be for them their notary office which will certify their marriage. The proof is within the above blockchain (in the form of an transaction) and is unchangeable by no one in time. Can be found within seconds with the hash which identified that transaction in the above blockchain and prove that they are married. This is an invention of Horizon team. If you want to know more about Horizon project (which have even its crypto named horizon (hz)) go there:

https://bitcointalksearch.org/topic/--823785

If you want to know more about the married couple read this Bloomberg article and see their video made live during moments of their marriage and the put of their proof of their marriage at the Horizon blockchain read ans see below:

http://www.bloombergview.com/articles/2015-12-01/i-attended-the-first-official-digital-wedding

https://www.youtube.com/watch?v=ZBRKHlTOPuw

In few words. The end of the applications regarding peer to peer can be only the imagination of everyone. So no one can know which will be ...

You cannot use Bitcoin's blockchain without using Bitcoin. They can create their own centralized blockchain and a token to use with or they have to use Bitcoin and our blockchain.

Of course, if they would use Bitcoin's blockchain, the price would skyrocket.

This remittances market is by the way one of the Bitcoin's strongest use case out there! Huge money to be made here, this is as well huge market which is today highly inefficient and expensive to use for the foreign workers.

This market would also suit Bitcoin as it is at the moment very well, since near instant confirmation times are not at all that important for remittances.

it will not be so different than someone running a pos coin and distributing the coins to everyone in exchange of something(job) which is very similar to their current system

still centralized still a fail, they would save on some aspect like proof of integrity

You can imagine that similar to bitcoin community, a group of banks could build their own community, start an altcoin and use that coin to send money between them, they could even decide collectively on a 1:1 peg to USD or Euro for that coin to remove the exchange hassle at both ends, so they now can send money to another bank fast through bank's blockchain

But they can already do it today without blockchain: All of them have some kind of currency exchange contract to clear the international settlement daily. So why go for another technology which they are not familiar with?

I recently found an article that the VISA Europe is testing remittances on the Bitcoin's blockchain. The company probably does not want to use Bitcoin as a transaction medium, but seems to consider only using the Bitcoin's blockchain with own digital currency or something similar. (http://www.coindesk.com/visa-europe-remittances-bitcoin-blockchain/)

I am wondering whether it is possible to use the bitcoin's blockchain without using bitcoin. If so, what would happen to the price of bitcoin?

I am not an expert of this field, so bit confused.


Thanks in advance.