Bitcoin Forum

According to this article, Bank of America is planning to use the blockchain for data storage. With the patent originally filed back in 2016, it has been on the table for a while; makes sense and shows just one of the advantages in using blockchain technology within financial institutions.

https://www.coindesk.com/bank-of-america-sees-blockchain-as-way-to-replace-internal-ledgers/

It's about damn time.

I love loathe how the banks spent a few years denying the value of Bitcoin, and the blockchain, yet they were placing their bets for it at the same time. Now, I'm a betting bear but it's the publicly speaking out against the bets that gets me f*cking p*ssed.

And of course, leave it to a stodgy retail bank to choose the least impactful application of a new technology. Document storage? WTF? Why not using it for inter company transactions or the general ledger accounting or speeding up the time it takes to clear transactions from days to minutes.

This news, coming from a bank, means that Bitcoin's future is bright. The banks stand no chance of making anything remotely close to a competitor to Bitcoin or Ripple. Love it!

The banks are like the proverbial Ghanian bird, Chichidodo. The sight of faeces disgusts it but it feeds on fly maggots. That's the Chichidodo. The banks from the onset ran a smear campaign against the blockchain because of what they stood to lose if it thrives. Not because the blockchain isn't right. Now the banks are forced by the reality on ground to come to terms with the blockchain tech. This news is a plus sign.

Banks are already looking into that as far as I know. Those are very sensitive business processes to mess with though, so I'm sure they would prefer to take their time. It's also worth noting that is just one patent, and it was filed on 2016. I'm sure there are other patents involving blockchain technology applications floating out there filed by banks.

Yes, I agree, Banks was really the first recipient of blockchain technology. Imagine all the data is a single repository and all bank employees can access it as quickly as possible and make decisions in a blink of an eye. No need to verify with their branches to whether approved bank loans or not. But to totally overhaul their system and uses blockchain is a different thing. Might takes years to do it, so I'm assuming that they will do it in a baby steps manner until legacy systems can be replaced and transfer all pertinent data to a private ledger. Though its really ironic that banks are attacking bitcoin which is powered by blockchain technology.

They'll all be on-board soon enough, it's too lucrative not to be. Like you say, the frustrating thing is the 'Do what I say, not what I do' attitude. Apparently Santander are launching their blockchain payment app today (in conjunction with Ripple). They can only fight it for so long. As has been mentioned before on this forum, big banks only want to delay the technology long enough to get their own up and running; they're not against the technology, they just want to be the ones making money from it...

https://www.coindesk.com/santander-launching-blockchain-payment-app-this-week/

Financial institutions will be the most beneficial of cryptocurrencies and blockchain technology. We have seeing many reasons why bank should used blockchain technology to advance business and even store large data. Many people are saying the decentralized system is scam and open up ways for criminality but the reality is that it is not a scam but more advanced way for financial institutions to take advantage of saving data and do financial transactions.

There is great political and economic wars on Earth and the dollar crisis in 2019; Gold, silver and crypto market will rise.

The banks can’t hide and deny anymore that blockchain technology is beyond what the future path that they’ve should take a few years ago.. They’re trying to ignore it and look for a better alternative just to stay away from this,, but that’s too much pressure from the demand of a much advance technology storing and transferring data..

If this be rightfully implemented and executed then mainstream adaptation will rapidly happens this year..

Quoted from the statement. It is just the private blockchain, not an industry game-changer. We are still far from seeing our bank transactions on a public ledger  ;D However, it shows the potential of blockchain technology for increasing efficiency of companies.

As by now, the blockchain seems an invisible system and is much safer than any security system created until now because no matter how complex it is, there is always a workaround. I guess it would be a great step forward in banking or in any industry involving digital security. Blockchain has a very big potential when it comes to the security of digital data and I guess it is not the only application it could be used for.

The news that comes from coindesk is usually inflated especially when it comes to bitcoins and banks.
I have read this news for about a month but generally, it seems that the banks look brighter about the technology of blockchain.
This news will enhance the position of cryptocurrencies in the long-term only(The effect of Bank of America on the rest of the banks as dominoes).

Hi,

I think it is much more than that. Yes, Bank of America can use the blockchain, but actually this technology can be used quite anywhere. It is suitable for many fields, in can be adapted for many different purposes. And this is why the crypto world, and more specifically the blockchain is so great!

The credit system is the core of the bank. Blockchain technology is created to solve the credit system.

In this big data time, the bank applies block chain technology to store data, can save a lot of cost!

In the long run, middlemen (banks for example) who utilize DLT will be able to cut cost and improve efficiencies in numerous operational areas, but in the end they are still intermediaries and that's their death nell. Brick and mortar retailer have utilized the internet for years to boost revenue and cut cost, but the higher application of the internet is its use to remove the need for brick and mortar retailers in the market (in many cases, not all), who are themselves an intermediary.

We're ~25 years into the internet revolution and traditional retailers are just now getting rekt by the "amazon effect". DLT will be similar for other intermediaries, particularly financial. While they can take advantage of DLT, public blockchain solutions will eventually begin to squeeze the financial intermediaries out. This will take a long time, but the tech allows it, makes markets more efficient, and therefore the market will embrace it. It just needs time to mature.

I can see why some might find that ironic, but I personally don't. To me, it's like saying you love the freedom that comes with the internet, but hate that people abuse this by spreading fake news to influence elections, engaging in illegal activities, etc. A technology is only as good as its application.

What banks want to do with blockchain technology can't really be compared to how it has been applied to Bitcoin and crypto in general, so it makes sense that they view them as discrete entities. Bitcoin is a threat to them, while blockchain technology could help their efficiency and bottom line. It's pretty clear why they're taking the position that they currently have.

I think the technological potential of cryptocurrency is undeniable. Please don't fall for the blockchain not crypto fallacy, without a currency there is nothing stopping miners from behaving badly

Please, read the news before posting. "The blockchain" makes it sound as if it was the Bitcoin blockchain, but make no mistake, these guys are complete morons, so they are going to use a private blockchain:


They are too stupid to realize that their data would be safer in the Bitcoin blockchain. There's no point in private blockchains, banks will never learn until it's too late for them to wake up.

I guess you are correct at your point, these banks are rather wiser than we think and joining in bitcoins blockchain is a big slap on them. At some point, I got no problem on them storing data on a blockchain whether it's in private or in a blockchain where Bitcoin is, as long as it can help the improvement of cryptocurrencies.

If that's true, then it's great, blockchain is a great data security and archiving technology, and I'm sure no one can hack into this data system from outside.

The article is about the use of blockchain. No bitcoins involved.
So, I don't see where your enthusiasm is coming from.


How do you think they could go and store data in the bitcoin blockchain? And why would private chains be less secure?


How would this influence cryptocurrencies ?
They will use a private blockchain, that will never be reached outside the bank, only for internal use with no cryptocoins involved.

And you see no problem in them storing data in the bitcoin blockchain? None?
A few petabytes of data is no problem according to you?

In fact this news is really not interesting  :) Financial institutions just adopt new technologies... But people be happy as there is a different side of this technology related to extreme gains.

I did read the news before posting, but yes, you're right, I should have said their blockchain instead of the blockchain. A private blockchain is a very different kettle of fish.

Unfortunately for them, they lost that fight because the more they kept doing that, the more they keep exposing all their crazy acts right from the past as to how they have been screwing up everything. Like you said, it is now becoming a reality and they just have to accept it. It is more to me like an evolution, and there is just usually one way to that, which is accepting the changes and adapting to it. It is really about time they started realizing it is something they could not have been able to run away from in the first place.

The bank needs to solve the problem of information asymmetry, complex formalities and digitization of assets, which can solve these problems by means of block chain technology.

The future block chain technology will be more applied to the bank's business and reduce the cost of the bank!

You might not be interested but you have to adopt also because you are currently working crypto currency. In fact there's nothing that the bank can do but to adopt the blockchain because of its financial benefits. In addition to that cryptocurrency and the blockchain continually booming.

they (bank) could have adopted a blockchain system into their financial technology. but I think bank is still putting forward the central system because they need to know the transaction activity of their customers.
if the bank goes to their blockchain system it would take a long research i think

Banks are forced to embrace the technology of block chain under pressure. These damn guys have never liked new technologies because they are afraid of new technologies to snatch their jobs, and many banks have to do it now because the financial industry can play a more powerful tuijinli in front of the block chain.

Apparently, however they wanted to have played it, they should have known right from the onset that it just would not. Like you said, they were never against the idea of blockchain technology and most of the bankers have actually said that, but as long as the whole system still remains centralized, that is just exactly what they would prefer.

The idea of no longer being in control with how decentralization was coming up was what made them want to run away like a baby from a bog scary dull, but reality is gradually kicking in which they just have to accept.

One of the things they cannot run away from. Blockchain technology is the future and in as much as they are trying to see how to avoid that idea, they already know right from the beginning it is something they just have to deal with. It is good news and we hope to get to see more of this coming and with situations like this, I guess we have to believe that the era of blockchain has come to stay and I also believe that bitcoin is going to stay in the forefront of all things till the end.

Blockchain is nothing but a new effective way of database management hence no wonder banks start adopting it. But the patent thing is seeming somewhat wired to me as customizing blockchain technology suitable for banking sector and claiming patent is a  legal one or not, lets wait till the conclusion.

I don't have a problem with them using the blockchain technology to store data, it is a really good technology and there is no way for them to escape it and they have to use it. My only complaint is that they see and recognize blockchain for the revolutionary technology that it is and they are willing to use it but they will not acknowledge bitcoin along with it because they know bitcoin is a better currency than the fiat which they offer people.

It would be another crypto revolution of America. More believers that U.S.A is still the most powerful country on earth. What the relation? If they are powerful then they should prove it and maybe this is one step of showing what their ability even in virtual currency. That is my opinion.

It has to be happened one day. Banks and other financial institutions have no other choice to but to adopt this efficient and intelligent technology. Banks showed a lot regid attitude to bring blockchain technology and Bitcoin down but all in vein.
At the end of the day I will say in simple words Bitcoin wins. Cheers guys.

They'd have to admit that blockchain is much superior than what they do have. It looks like the crypto technology are going to win in the end. If they are to be using the blockchain, they might as well be acknowledging Bitcoin. I think by the time they'd be using blockchain they will also be in the process of integrating systems of ripples or maybe this is what they mean.

Am I the only one seeing that their patent application for Blockchain Technology is wrong? Right from the start Blockchain is not a patentable invention as it already is made available for use to the public, which has also been explained several times in a publication. The U.S. Patent Act is strict and introducing Blockchain as a patentable invention could have its consequences. Even if they have filed it as early as 2016 blockchain technology is already available since 2009. Not unless they have their own version of it then I am wrong, this would involved a certain change of how the system works and that is involving who can view the data, and how do they access it as they are also practicing customer confidentiality on their transactions and information at the same time.

The article on the Coindesk website is really nice and informative to have a glance and this step taken by the Bank of America to use the blockchain technology for storing the database is really a good step and they are soon going to see a positive impact because of this step on their business and banking institution. By this way, we can see few more banks to take this same steps and they would also like to use the blockchain technology in their services and in our country India government are planning to use the blockchain technology in our banking system.

Don't let it mislead yourself.
Banks are going to use the bitcoin's technology ( blockchain), and not the bitcoin's network, they are going to store data on blockchain network because it makes it more secure and saves them money, but they are not going to use the bitcoin network for that or to use bitcoin.

Blockchain is just a technology while bitcoin is the financial unit, using blockchain doesn't mean that banks support the bitcoin network or believes that bitcoin is important.

just as in my country, in May there will be a blockchain conference. and this is a great development in my country that has not yet legalized bitcoin. and hopefully later can be legalized

It is actually a good thing they are not just considering but they have finally made the step to bring it into reality.

Yeah, like you said, this has always been on the table and I have always believed anyway that blockchain technology is here to stay, and it is just the idea of decentralization that has always made the banks fearful. Once we start seeing the usage of blockchain technology through banks, then we will start seeing things get better in the long run.

If only recently blockchain was considered exclusively within the framework of the fintech, today it became obvious that the technology is multifaceted and can be of value in areas far from finance. First of all, one must understand that blockchain is a technology that allows you to capture data, facts, protecting them from malicious interference, compromising. Further, this understanding of technology can be deployed either in a new business model, or under it, transform the existing processes.
For example, blockchain opens up new opportunities for storing, transferring and transferring ownership of digital assets. A database can be created in the form of a registry to form a digital image of an asset (real estate object, intellectual property rights, security, etc.) and a digital trace on the fact of conducted transactions. It is interesting that the system itself in this case acts as an electronic notary, in fact assuring the fact of the transaction.

 This news is a plus sign.
Now the banks have started using the blockchain tech, is a great data security and archiving technology,

This is a good sign of big trust of the bank of America om the blackchain. It will be the start of making black chain more known, secured and reliable to all. We will be seeing blackchain and decentralization used by the banks all over the world in the future.