Intel joins IBM in race to ‘re-capitalize’ bitcoin’s blockchain technology

[tokeweed]

Intel wants in on blockchain tech.  Intel blockchain with INTEL ONLY cpu mining anyone...?

The blockchain is the underlying technology that lets bitcoin function as a measure of wealth without all those pesky middlemen like banks and credit card companies getting in the way. But bitcoin is widely viewed as just the first application of the blockchain.

Today, we learned that Intel has joined in the race to capitalize on the blockchain, but not using bitcoin at all.

According to the Pymnts report:

While IBM may be looking into using the blockchain to create its own digital currency payment system, chipmaker Intel is reportedly looking to build a special team around the blockchain to see where it could harness the power behind bitcoin's technology. Intel is advertising for a cryptographic researcher position to work on the ledger side of the tech.

On Monday Pymnts reported about IBM's project:

Much like how the ledger is open to network participants, IBM's potential new currency system would act in the same regard — minus the bitcoin. Instead, it would be a regulated digital currency.

http://upstart.bizjournals.com/companies/innovation/2015/03/18/intel-joins-ibm-in-race-to-re-capitalize-bitcoin-s.html

[slaveforanunnak1]

You can't have the blockchain without the bitcoin FFS!
We've been through this already, several times.

[franky1]

You can't have the blockchain without the bitcoin FFS!
We've been through this already, several times.

the blockchain is not bitcoin.. its a description of how the ledger works, altcoins have blockchains too, every crypto currency altcoin has a blockchain..

thus if they want their own blockchain, they are just saying they are making their own ledger/altcoin.

[cbeast]

This one will be ASICPROOF™ 

[Kprawn]

I can already see it... Consumers buy a device {It says Intel Asic Inside}

You connect it with Wifi to all other devices in your home and it enables you to have a central point of management for all eCommerce via Bitcoin. When you are not using it, it will mine for BTC and fund your built in wallet, within the device.

So you see something on the shopping channel on TV, and you CLICK on "Pay with Bitcoin" and it access this BTCBox and pay for it. {Whilst you sleeping, it funds the box with BTC mining}

Would that not be great? {The difficulty will go through the roof, and you would most probably only get a few Satoshi, but the idea is cool}    

A BTC miner in every house, helping to oil the Blockchain gears.  

[Lauda]

I can already see it... Consumers buy a device {It says Intel Asic Inside}

You connect it with Wifi to all other devices in your home and it enables you to have a central point of management for all eCommerce via Bitcoin. When you are not using it, it will mine for BTC and fund your built in wallet, within the device.

So you see something on the shopping channel on TV, and you CLICK on "Pay with Bitcoin" and it access this BTCBox and pay for it. {Whilst you sleeping, it funds the box with BTC mining}

Would that not be great? {The difficulty will go through the roof, and you would most probably only get a few Satoshi, but the idea is cool}    

A BTC miner in every house, helping to oil the Blockchain gears.  

Even though that idea might look promising I'd definitely be against it. Connecting that to your wifi and all other devices leaves so many security loop holes that getting hacked will get very easy. There are many possibilities when it comes to this tech, someone just has to invent them.
I can't wait to see what the Intel team will bring us. As long as they do not make a new cryptocurrency like IBM, I'm fine with it.

[lyth0s]

You can't have the blockchain without the bitcoin FFS!
We've been through this already, several times.

the blockchain is not bitcoin.. its a description of how the ledger works, altcoins have blockchains too, every crypto currency altcoin has a blockchain..

thus if they want their own blockchain, they are just saying they are making their own ledger/altcoin.

Although by making your own ledger that a central authority controls you don't even need the blockchain in the first place....it would be the exact same thing as a centralized database. This also creates one focus for hackers and also manipulation by those in power.

The blockchain is nothing useful until you appreciate its decentralized nature....otherwise any centralized version of it is just a database with a nice website/api to "openly" display the live information

[runam0k]

Although by making your own ledger that a central authority controls you don't even need the blockchain in the first place....it would be the exact same thing as a centralized database. This also creates one focus for hackers and also manipulation by those in power.

The blockchain is nothing useful until you appreciate its decentralized nature....otherwise any centralized version of it is just a database with a nice website/api to "openly" display the live information

Agree, but I wonder if a central authority could use a Darkcoin-style master node scheme to incentivise distribution (and with it increased stability/security/scalability), whilst at the same time reserving the most important/sensitive functions for "super nodes" controlled exclusively by it.

[Q7]

I can already see it... Consumers buy a device {It says Intel Asic Inside}

You connect it with Wifi to all other devices in your home and it enables you to have a central point of management for all eCommerce via Bitcoin. When you are not using it, it will mine for BTC and fund your built in wallet, within the device.

So you see something on the shopping channel on TV, and you CLICK on "Pay with Bitcoin" and it access this BTCBox and pay for it. {Whilst you sleeping, it funds the box with BTC mining}

Would that not be great? {The difficulty will go through the roof, and you would most probably only get a few Satoshi, but the idea is cool}     

A BTC miner in every house, helping to oil the Blockchain gears. 

I can imagine it sounds probably more like a reward program. Buy the chip and rather than leaving the cpu idling, it can be put to good use by leaving it running to secure the network. Maybe they were thinking differently in the sense that rather than using their blockchain as a ledger for cryptocurrency, it can be used for some other purpose like doing some complex protein folding calculation. I don't know... just touching on the possiblity