Barclays centre using the blockchain!!!

[Kprawn]

Of all the articles I have read on this subject, it seems as though they are interrested in a Ripple type coin. They will not use Bitcoin, but a Alt coin or a whole new Blockchain type ledger system.

There are no good news for the customers... whatever saving they would make, would go back into the profit margins, and not into the pockets of the clients.

Banks are in the business of making money, not in the business of giving it away for free. 

[H.W.Z]

Of all the articles I have read on this subject, it seems as though they are interrested in a Ripple type coin. They will not use Bitcoin, but a Alt coin or a whole new Blockchain type ledger system.

There are no good news for the customers... whatever saving they would make, would go back into the profit margins, and not into the pockets of the clients.

Banks are in the business of making money, not in the business of giving it away for free. 

definitley! Blockchain technology could reduce banks' infrastructure costs by up to $20 billion (£12.8 billion) a year.
Barclays hasn't implemented them yet, just explore how it could be used in everyday's banking.

[NorrisK]

What would happen if someone would gain acces to their mining network? Then the banks would have a major major problem.

Using bitcoin, they basically have people secure their transfers for free, however, currently it is still too susceptible to get stabbed in the back somehow. Banks would need a 100% secure network, not a potentially 100% secure network.

[chennan]

well all know the potencial of the blokhain and bitcoin is just together one depends the other and vice versa

Not really! Bitcoin's blockchain technology is applied more than bitcoin itself! We know all of altconis are based on the blochchain concept. The blockchain called ledger as well is used by many centralized companies, who issues their own ledger and record the required info instead of old style database. The security and integrity of the ledgers is maintained by the peers located in different place. So it will save a lot of costs.

[Amph]

this isn't something, they said numerous times that they are going to explore the blochain to reduce overall cost and time ecc...i know that they will end up building a centralized version of what is the blochchain now, and discard bitcoin altogether

the good thing is that it will require time for them to build a new blochchain and regulate it, like the article say, this mean that bitcoin has all the time to go up and disrupt their throne before this will happen

[S4VV4S]

Why would they even need a blockchain to move money between themselves?

it's unclear to me as well.  even if you have a (semi private) public ledger,
it doesn't need to be a blockchain as the units are fiat debt instruments,
not scarce digital assets like Bitcoin.

It's simple guys:
If Barclay's (or any bank for that matter) developed their own block chain that means they would develop their own software and here comes the BarclaysCoin (in a way).....
I will not focus on the BarclaysCoin, but I will focus on what they have already considered - saving huge on payroll.

Right now Barclay's has 7000 branches worldwide [1].
(Before you read further keep in mind that the numbers I am using it's just examples and may and probably will not reflect to real life data)
Now, let's say that on average there are 10 employees in each branch that get on average $2000 per month salary (plus insurance, etc).
That is a total of: $140 Million Dollars per month!!!

Now, back to the block chain:
If they have their own block chain and client software they will effectively be able to gradually lower their branches (not the electronic banking) payroll expenses to $0 Dollars per month!!!
And that can be achieved simply with the use of Satoshi's technology.
With the use of a block chain and client software there will be no need for cashiers, the customer can deposit and withdraw FIAT through an ATM and transactions will be made within the client software.

Does the above sound like a possible scenario to you?

[1] http://www.barclays.com/about-barclays/around-the-world.html

[Dire]

Right now Barclay's has 7000 branches worldwide [1].
(Before you read further keep in mind that the numbers I am using it's just examples and may and probably will not reflect to real life data)
Now, let's say that on average there are 10 employees in each branch that get on average $2000 per month salary (plus insurance, etc).
That is a total of: $140 Million Dollars per month!!!

Now, back to the block chain:
If they have their own block chain and client software they will effectively be able to gradually lower their branches (not the electronic banking) payroll expenses to $0 Dollars per month!!!
And that can be achieved simply with the use of Satoshi's technology.
With the use of a block chain and client software there will be no need for cashiers, the customer can deposit and withdraw FIAT through an ATM and transactions will be made within the client software.

Does the above sound like a possible scenario to you?

You don't need Satoshis blockchain for that. Barclays has already implemented it. As have supermarkets and various other 'services'. The "beauty" (with strong air quotes) of it being that 'you' now work for them for free! And if you're not satisfied with the service, well, you only have to look in the mirror.

http://www.dailymail.co.uk/news/article-3084032/The-self-service-bank-branches-driving-Britain-distraction-Instead-line-counter-staff-customers-faced-maddening-machines.html

[NUFCrichard]

Why would they even need a blockchain to move money between themselves?

it's unclear to me as well.  even if you have a (semi private) public ledger,
it doesn't need to be a blockchain as the units are fiat debt instruments,
not scarce digital assets like Bitcoin.

It's simple guys:
If Barclay's (or any bank for that matter) developed their own block chain that means they would develop their own software and here comes the BarclaysCoin (in a way).....
I will not focus on the BarclaysCoin, but I will focus on what they have already considered - saving huge on payroll.

Right now Barclay's has 7000 branches worldwide [1].
(Before you read further keep in mind that the numbers I am using it's just examples and may and probably will not reflect to real life data)
Now, let's say that on average there are 10 employees in each branch that get on average $2000 per month salary (plus insurance, etc).
That is a total of: $140 Million Dollars per month!!!

Now, back to the block chain:
If they have their own block chain and client software they will effectively be able to gradually lower their branches (not the electronic banking) payroll expenses to $0 Dollars per month!!!
And that can be achieved simply with the use of Satoshi's technology.
With the use of a block chain and client software there will be no need for cashiers, the customer can deposit and withdraw FIAT through an ATM and transactions will be made within the client software.

Does the above sound like a possible scenario to you?

[1] http://www.barclays.com/about-barclays/around-the-world.html

That all sounds possible and likely to me, the only problem is that it doesn't help bitcoin!
People piggy backing on the bitcoin blockchain bloats the blockchain, and people replicating it means they have decided to use the technology but not the coin itself.

I want bitcoin to be used as a protocol and the coin itself, but I speak as a holder, so I would!

[johnyj]

Increased publicity is always good, then all the banking people will know blockchain and bitcoin. And they will learn the difference between bitcoin and blockchain technology later (Most of the people have no idea about where fiat money is coming from, bitcoin will show them a clear picture and then they will compare with existing system to see the difference)

Blockchain is a technology to do transactions, but the most important is what it transacts

[QuestionAuthority]

Increased publicity is always good, then all the banking people will know blockchain and bitcoin. And they will learn the difference between bitcoin and blockchain technology later (Most of the people have no idea about where fiat money is coming from, bitcoin will show them a clear picture and then they will compare with existing system to see the difference)

Blockchain is a technology to do transactions, but the most important is what it transacts

You're right about that. People have no clue how Bitcoin actually works (only about 20% on this forum). For years the main stream media has been linking Bitcoin and the blockchain. People will see Barclays-Blockchain, NASDAQ-Blockchain, NYSE-Blockchain and think they are using Bitcoin. So people will associate this name they trust with Bitcoin. In a round about way this may be good news. Or I could be completely wrong and they read the whole article and think, Barclays doesn't trust Bitcoin either they're just using the good part out of it.

[knowhow]

soo in one way they would be boosting the crypto world and from other way they could just kill it with those kind of conversion .... makes no sense no one try beat bitcoin all altcoins just compare to it not it ,community made bitcoin being where it is