[2016-07-15] Banks celebrate "first" international blockchain payment

Canadian bank ATB Financial has collaborated with Ripple and tech firm SAP to send the first international interbank blockchain payment to Germany’s ReiseBank.

Except it was only the first international blockchain payment by a bank. The rest of the world is saying "Welcome to 2009, losers!"

They're only seven years behind the times. I think we're good here. Grin

Who would have though a year or two ago that banks would piggy back onto Bitcoin's success to make them more effective. Just imagine the possibilities for them to steal and manipulate the world

currencies quicker now that they using this NEW Roll Eyes

technology. In a year or two from now, all banks will have their own "Blockchain based" technologies and they will be as happy as a pig in a Muslim

country. Shocked

Will you use a currency that are manipulated by banks? ... O yes, why not.. they doing it already. Ripple nipple has finally made a comeback and has risen from the dead. Shocked

They will

even team up with banks to survive... how desperate can you be. Roll Eyes

I've lived in Canada for 70+ years and had never heard of a bank called "ATB" so of course I was curious.

Fascinating twist: "ATB is not a chartered bank, and unlike all banks operating in Canada, ATB is regulated entirely by the Government of Alberta"

Source, Wiki: https://en.wikipedia.org/wiki/ATB_Financial

In my book it is not really a blockchain, if it is private and limited to only being used by one bank. It is more like a simple private network.

Benefits of a blockchain are LOST if a trusted thirt party is still required - if I am not mistaken these are words from Bitcoin White Paper.

Quote from: Hazir on July 15, 2016, 06:17:06 PM

Agreed, this is a true misconception but there's the only way that banks want to use to deal with Bitcoin. Actually, I'm wrong, they don't want to deal with Bitcoin at all.

They want their nice walled garden

Quote from: Hazir on July 15, 2016, 06:17:06 PM

Agreed - private blockchain surrogates are not "the blockchain" and inevitably have the fatal flaw of not being trustless, regardless of whether they are owned by corporations, governments or banks.

This particular one appears to be owned by a government, masquerading as a bank.

What will they think of next? Wink

Quote from: aigeezer on July 15, 2016, 08:04:25 PM

Quote from: Hazir on July 15, 2016, 06:17:06 PM

Is it really that much of a surprise that banks are using some sort of a private blockchain to do their business? Not for me. They will never use something that they can't control entirely. They want to rule everything with iron fist. They are not interested in public/open blockchains.

Quote from: 1Referee on July 15, 2016, 09:09:48 PM

But they have to understand one thing - private blockchains are really just a database. And not that efficient database after all, it's not going to solve banks problems.
Basically you cannot rely on a private database as a tool which will upgrade your security! Just because they put a node running a blockchain in every branch does not mean that it's safe, quite the contrary.

Quote from: DooMAD on July 15, 2016, 03:12:03 PM

Except it was only the first international blockchain payment by a bank. The rest of the world is saying "Welcome to 2009, losers!"

They're only seven years behind the times. I think we're good here. Grin

Oh my God! People can be so sarcastic. I thought I was going to hear some hoots and encouragement coming from the masses or something like that Roll Eyes

Quote from: Das on July 16, 2016, 03:14:41 PM

Quote from: DooMAD on July 15, 2016, 03:12:03 PM

Oh my God! People can be so sarcastic. I thought I was going to hear some hoots and encouragement coming from the masses or something like that Roll Eyes

If I thought for a second this was something that could benefit the masses, then sure, I'd be all for it. But this is just some faceless corporate types building their walled garden to benefit themselves. There's no reason to encourage more of that behaviour. The banks have done enough damage with their mentality of absolute control and manipulation. It's time for an open and transparent system, where everyone can see if someone attempts to fudge the numbers. Closed, private blockchains should be treated with the derision they deserve.

like it or not there will be closed off inter bank blockchains. dunno if ripple is the answer but something will. anything has to be better than the current system in certain countries.

Quote from: aso118 on July 15, 2016, 11:41:03 PM

Didn't Bank of Santander do this earlier?

http://cointelegraph.com/news/banco-santander-rolls-out-blockchain-based-payments-application

Yes, they used the same ripple backbone.
Santander made us of Apple Pay as the user interface and gave staff members (6000 employees) a chance to send between £10 and £10000 to other Santander branches in Europe.

I mean, ok, it's good... but Bitcoin does that and even the worst altcoin can do that.

So what's the news?