NY Bank interested in blockchain.

[lontivero]

Few minutes ago I had a meeting to explain the blockchain to some middle management of the company that I work for. They wanted to understand what the company can offer to a NY bank because the bank has a budget item to invest "in blockchain", whatever that means.

[Lauda]

Well this isn't something new. We've seen interest in the blockchain technology (not Bitcoin's blockchain) from various companies.
I'm assuming they're going to make something based on the technology.

[CryptoPanda]

Damn, we are still so early in this.

[LiteCoinGuy]

of course. just an example.

http://blogs.marketwatch.com/thetell/2014/03/07/major-banks-are-looking-at-bitcoin/

http://recode.net/2015/01/20/bitcoin-firm-coinbase-raises-75-million-from-dfj-the-nyse-and-two-banks/

[randy8777]

it's quite a miracle that such thing as the blockchain is never ever mentioned before satoshi. i think within 10 years there will be a bank really using it.

[lontivero]

Well this isn't something new. We've seen interest in the blockchain technology (not Bitcoin's blockchain) from various companies.
I'm assuming they're going to make something based on the technology.

Yes, exactly. However I think it doesn't make any sense. IMO the blockchain is a secondary product of bitcoin. How can we have a blockchain with no bitcoins?

[Carlton Banks]

lol banks and governments have 0% interest in a record keeping system that makes a virtue out of 100% accountability. Come on, now.

[pitham1]

Few minutes ago I had a meeting to explain the blockchain to some middle management of the company that I work for. They wanted to understand what the company can offer to a NY bank because the bank has a budget item to invest "in blockchain", whatever that means.

They are a little bit late in all this.

News from 2013.

http://www.economist.com/blogs/schumpeter/2013/12/bitcoin

THERE is some interesting news from JPMorgan Chase today: the bank has filed for a patent for an online payment system that sounds rather like Bitcoin, the decentralised “cryptocurrency” currently still in the throes of an awesome speculative bubble.
What they propose is a means of making anonymous payments “without provision of an account number or name from the payer”, where the “money” is stored on the payee’s computer memory and transactions are verified through a shared log. That sounds an awful lot like Bitcoin’s blockchain—a log, now several gigabytes large, which records every transaction ever made in Bitcoin and so ensures that only one person can hold a particular subunit of the currency at any one time.

[lontivero]

Few minutes ago I had a meeting to explain the blockchain to some middle management of the company that I work for. They wanted to understand what the company can offer to a NY bank because the bank has a budget item to invest "in blockchain", whatever that means.

They are a little bit late in all this.

News from 2013.

http://www.economist.com/blogs/schumpeter/2013/12/bitcoin

THERE is some interesting news from JPMorgan Chase today: the bank has filed for a patent for an online payment system that sounds rather like Bitcoin, the decentralised “cryptocurrency” currently still in the throes of an awesome speculative bubble.
What they propose is a means of making anonymous payments “without provision of an account number or name from the payer”, where the “money” is stored on the payee’s computer memory and transactions are verified through a shared log. That sounds an awful lot like Bitcoin’s blockchain—a log, now several gigabytes large, which records every transaction ever made in Bitcoin and so ensures that only one person can hold a particular subunit of the currency at any one time.

The patent looks like an user manual for an existing software. I cannot see anything similar to bitcoin there. Moreover, if JP Morgan fills a patent for cryptocurrencies, I can fill one for wheels.

[Chef Ramsay]

lol banks and governments have 0% interest in a record keeping system that makes a virtue out of 100% accountability. Come on, now.

Interesting, but where the hell have you been lately u shrew? When the brilliant go to bed, the rest get stupid.

[KimNam]

Bank is centralized system, meanwhile Bitcoin is decentralized system.
two different poles are can't be combined. Maybe they just want bitcoin technology implemented on their centralized system, and that is blockchain.
But I think those two things are contradicted too
Bank want to keep their customer's transaction history privately meanwhile blockchain is public

Well this isn't something new. We've seen interest in the blockchain technology (not Bitcoin's blockchain) from various companies.
I'm assuming they're going to make something based on the technology.

Yes, exactly. However I think it doesn't make any sense. IMO the blockchain is a secondary product of bitcoin. How can we have a blockchain with no bitcoins?

yes we can, Blockchain for altcoin (No bitcoin there)

[Kprawn]

Well some banks are looking into alternative methods to have more secure ways of doing ecommerce. eg. {  http://www.zapsonline.com/content/6-payments }

So they not sitting back, and waiting for Bitcoin to disrupt it... They also incorporate instant payment, linked to QR Code scanning, albeit on a small scale. {I think it's called, SnapPay or SnapCash...}

[crazyivan]

That is exactly what we need. Once Wall Street gets in, the price will go up again. Soon, I hope soon.

[Amph]

Well some banks are looking into alternative methods to have more secure ways of doing ecommerce. eg. {  http://www.zapsonline.com/content/6-payments }

So they not sitting back, and waiting for Bitcoin to disrupt it... They also incorporate instant payment, linked to QR Code scanning, albeit on a small scale. {I think it's called, SnapPay or SnapCash...}

something like this could impact more the btc price in a positive way, because when the rumors of banks working on a blockchain will become true and you will see a real development project about that, many will approach more to the world of bitcoin

so this is actually a good news, at least for the time being

[amiryaqot]

Well some banks are looking into alternative methods to have more secure ways of doing ecommerce. eg. {  http://www.zapsonline.com/content/6-payments }

So they not sitting back, and waiting for Bitcoin to disrupt it... They also incorporate instant payment, linked to QR Code scanning, albeit on a small scale. {I think it's called, SnapPay or SnapCash...}

something like this could impact more the btc price in a positive way, because when the rumors of banks working on a blockchain will become true and you will see a real development project about that, many will approach more to the world of bitcoin

so this is actually a good news, at least for the time being

yes that would be revolutionary change for Bitcoin and will change the way of thinking many people about it, it will build the trust of many investors into the Bitcoin, Bitcoin will go to the mainstream as the premier currency using blockchain technology.

[hasiramasenju]

seems good and i hope This news not only just a discourse and will become a reality some day...

[p2pbucks]

honestly they are just pretending to show their interest on blockchain new tech , but in fact they just don't want to use bitcoin .
Looking for new blockchain tech only makes them looked like asshole

[bitbaby]

They're probably interested in it because they see how easy it is to send money anywhere in the world for low cost and once they understand it they'll probably start a centralized virtual currency.

[lontivero]

Bank is centralized system, meanwhile Bitcoin is decentralized system.
two different poles are can't be combined. Maybe they just want bitcoin technology implemented on their centralized system, and that is blockchain.
But I think those two things are contradicted too
Bank want to keep their customer's transaction history privately meanwhile blockchain is public

Well this isn't something new. We've seen interest in the blockchain technology (not Bitcoin's blockchain) from various companies.
I'm assuming they're going to make something based on the technology.

Yes, exactly. However I think it doesn't make any sense. IMO the blockchain is a secondary product of bitcoin. How can we have a blockchain with no bitcoins?

yes we can, Blockchain for altcoin (No bitcoin there)

I think that when they say "blockchain (technology)" what they really want to do is incorporate some lessons learnt from bitcoin. This is, create an alternative for credit card, a better payment system where no sensible information needs to be shared with merchants and no authentication/authorization nor encryption is required.

Of course they don't need a decentralized, very open and trustless network. A system with no miners, no rewards, no huge computational power required to enforce the security. Basically, a centralized system with cryptographic goodnesses.

[Bitcoin Explorer]

of course. just an example.

http://blogs.marketwatch.com/thetell/2014/03/07/major-banks-are-looking-at-bitcoin/

http://recode.net/2015/01/20/bitcoin-firm-coinbase-raises-75-million-from-dfj-the-nyse-and-two-banks/

The second link is quite informative, NYSE and BBVA interested means they really have confidence in Bitcoin' potential