Wall Street Bank BNY Mellon Experimenting With Bitcoin Rewards

[Coinbuddy]

Developers for Bank of New York Mellon Corp have been experimenting with bitcoin for use as part of the bank’s newly created corporate recognition program, according to The Wall Street Journal.

The so-called “BK Coins” will be awarded to staff for contributions to the bank’s software development, and can be redeemed for gift cards and other rewards.

The initiative was announced by BNY Mellon CIO Suresh Kumar during a meeting last week at the bank’s innovation center. Kumar noted at the time that the bitcoin testing fits within BNY Mellon’s broader goals of exploring open-source software for the bank’s growing needs.

Kumar, according to the Journal, noted at the time that the scope of the rewards program may be expanded to cover other activities conducted by bank employees.

READ MORE: http://www.coindesk.com/bny-mellon-wall-street-rewards-bitcoin/

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[chek2fire]

what that means in this article?

BNY Mellon senior developer Arun Battu has spent the last several months using blockchain technology to build an application using open source code from Bitcoin.org. Mr. Battu, who modified the code to run on the bank’s internal network, says his biggest challenge is getting used to the bitcoin architecture. BNY Mellon’s computer systems are largely built on client-server architecture, in which a central server delegates tasks to and provides resources for a network of computers. Bitcoin operates in a peer-to-peer model, in which each computer can act as a server for the others, allowing shared access to files and peripherals. Mr. Battu had to spend several hours familiarizing himself with the decentralized bitcoin architecture. Soon, employees will be able to test the fruits of his labor.

did they fork the code to create their own cryptocoin or they just simple create an inner node system or wallets that they are part of the bitcoin system? If we have a fork who is the miner?

[Ron~Popeil]

what that means in this article?

BNY Mellon senior developer Arun Battu has spent the last several months using blockchain technology to build an application using open source code from Bitcoin.org. Mr. Battu, who modified the code to run on the bank’s internal network, says his biggest challenge is getting used to the bitcoin architecture. BNY Mellon’s computer systems are largely built on client-server architecture, in which a central server delegates tasks to and provides resources for a network of computers. Bitcoin operates in a peer-to-peer model, in which each computer can act as a server for the others, allowing shared access to files and peripherals. Mr. Battu had to spend several hours familiarizing himself with the decentralized bitcoin architecture. Soon, employees will be able to test the fruits of his labor.

did they fork the code to create their own cryptocoin or they just simple create an inner node system or wallets that they are part of the bitcoin system? If we have a fork who is the miner?

Could be a colored coins thing through prism as well. It is pretty cool to see large companies incorporating this technology in a creative way. Another "baby step" for bit coin.

[chek2fire]

what that means in this article?

BNY Mellon senior developer Arun Battu has spent the last several months using blockchain technology to build an application using open source code from Bitcoin.org. Mr. Battu, who modified the code to run on the bank’s internal network, says his biggest challenge is getting used to the bitcoin architecture. BNY Mellon’s computer systems are largely built on client-server architecture, in which a central server delegates tasks to and provides resources for a network of computers. Bitcoin operates in a peer-to-peer model, in which each computer can act as a server for the others, allowing shared access to files and peripherals. Mr. Battu had to spend several hours familiarizing himself with the decentralized bitcoin architecture. Soon, employees will be able to test the fruits of his labor.

did they fork the code to create their own cryptocoin or they just simple create an inner node system or wallets that they are part of the bitcoin system? If we have a fork who is the miner?

Could be a colored coins thing through prism as well. It is pretty cool to see large companies incorporating this technology in a creative way. Another "baby step" for bit coin.

and what that means? I how works that colored coins or prism?

[Ron~Popeil]

what that means in this article?

BNY Mellon senior developer Arun Battu has spent the last several months using blockchain technology to build an application using open source code from Bitcoin.org. Mr. Battu, who modified the code to run on the bank’s internal network, says his biggest challenge is getting used to the bitcoin architecture. BNY Mellon’s computer systems are largely built on client-server architecture, in which a central server delegates tasks to and provides resources for a network of computers. Bitcoin operates in a peer-to-peer model, in which each computer can act as a server for the others, allowing shared access to files and peripherals. Mr. Battu had to spend several hours familiarizing himself with the decentralized bitcoin architecture. Soon, employees will be able to test the fruits of his labor.

did they fork the code to create their own cryptocoin or they just simple create an inner node system or wallets that they are part of the bitcoin system? If we have a fork who is the miner?

Could be a colored coins thing through prism as well. It is pretty cool to see large companies incorporating this technology in a creative way. Another "baby step" for bit coin.

and what that means? I how works that colored coins or prism?

The colored coins project is a way to add a layer of code on top of regular bitcoins so they can be designated for other uses. If you wanted to do so for instance you could create a chek2fire coin  built on top of bitcoin that can be exchanged with others as long as they have a capable wallet.

More info: https://www.coinprism.com

[chek2fire]

what that means in this article?

BNY Mellon senior developer Arun Battu has spent the last several months using blockchain technology to build an application using open source code from Bitcoin.org. Mr. Battu, who modified the code to run on the bank’s internal network, says his biggest challenge is getting used to the bitcoin architecture. BNY Mellon’s computer systems are largely built on client-server architecture, in which a central server delegates tasks to and provides resources for a network of computers. Bitcoin operates in a peer-to-peer model, in which each computer can act as a server for the others, allowing shared access to files and peripherals. Mr. Battu had to spend several hours familiarizing himself with the decentralized bitcoin architecture. Soon, employees will be able to test the fruits of his labor.

did they fork the code to create their own cryptocoin or they just simple create an inner node system or wallets that they are part of the bitcoin system? If we have a fork who is the miner?

Could be a colored coins thing through prism as well. It is pretty cool to see large companies incorporating this technology in a creative way. Another "baby step" for bit coin.

and what that means? I how works that colored coins or prism?

The colored coins project is a way to add a layer of code on top of regular bitcoins so they can be designated for other uses. If you wanted to do so for instance you could create a chek2fire coin  built on top of bitcoin that can be exchanged with others as long as they have a capable wallet.

More info: https://www.coinprism.com

thx for the info

[RodeoX]

Hmm. "BK coins" sound more like an alt coin? The bankers must be high to think I would want a bank created alt.
"redeemed for gift cards and other rewards" 

[chek2fire]

I dont think they can create altcoins to transfer value because this coin they will have value only among the bank employers or maybe custormers(if customers accept that ). In the other hand Bitcoin has a global value 

[RodeoX]

I dont think they can create altcoins to transfer value because this coin they will have value only among the bank employers or maybe custormers(if customers accept that ). In the other hand Bitcoin has a global value 

That is why I was worried about this quote: "redeemed for gift cards and other rewards"
That implies BK coins only have value within their system. No different than "awards points" or "frequent flier miles". Just a coupon that they control the value of. No thanks.

[Oscilson]

I dont think they can create altcoins to transfer value because this coin they will have value only among the bank employers or maybe custormers(if customers accept that ). In the other hand Bitcoin has a global value 

That is why I was worried about this quote: "redeemed for gift cards and other rewards"
That implies BK coins only have value within their system. No different than "awards points" or "frequent flier miles". Just a coupon that they control the value of. No thanks.

That is just a internal experiment helping them to find the benefit and problems of digital coin. If it works well, they can work/integrate on bitcoin or other coins as well.