Barclays centre using the blockchain!!!

[Clint]

I just saw an recent article of Barclays centre in Brooklyn New York experimenting with bitcoin's blockchain. Because they also the traditional banking is less convenient than using the block. Blockchain is fast and have low cost. Here's the article that y'all can read. I wonder if this can potentially happen in every large commericial centre accross North America. What are the pros and cons for bitcoin, if it can have all these opportunities to be used in every place? Will that increase the value?  
http://www.businessinsider.com/barclays-bitcoin-startup-safello-blockchain-fintech-2015-6

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[Snorek]

Interesting news, but I am afraid that they might just snatch blockchain away and leave bitcoin alone. But again, using blockchain for something other that cryptocurrency skeleton is song of the future as they said that they think the blockchain won't be adopted anytime soon. Because of regulatory and scale issues, it can take banks years to adopt new technology, let alone cutting edge software.
For know a sole interest in blockchain tech is fine and will help to promote bitcoin.

[neurotypical]

Interesting news, but I am afraid that they might just snatch blockchain away and leave bitcoin alone. But again, using blockchain for something other that cryptocurrency skeleton is song of the future as they said that they think the blockchain won't be adopted anytime soon. Because of regulatory and scale issues, it can take banks years to adopt new technology, let alone cutting edge software.
For know a sole interest in blockchain tech is fine and will help to promote bitcoin.

You can't leave Bitcoin alone when you use the blockchain. If you invest in the blockchain you can't just have that "I don't care about bitcoin" mentality because if bitcoin fails ->blockchain fails -> your business fails.

[knowhow]

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

[countryfree]

They're looking at blockchain technology, which is quite different from BTC itself. I believe Barclays and a pool of the world's largest banks could create their own blockchain, to move money between themselves, and only between themselves.

[Sitarow]

They're looking at blockchain technology, which is quite different from BTC itself. I believe Barclays and a pool of the world's largest banks could create their own blockchain, to move money between themselves, and only between themselves.

Oh that may work... However how do they go about verifying the transactions so no shenanigans take place?

[kfarnan]

They would be essentially verifying themselves.  Not sure how robust that'll be.

[Alley]

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

[jonald_fyookball]

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.

[yayayo]

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.

Even if they consider their fiat debt as being valuable it makes absolutely no sense to use some home-brewed "Blockchain-technology" for asset transfer if it does not offer superior security.
The Bitcoin blockchain offers high security because it is (for now) a highly decentralized multi-node network. If some banks set up their own blockchain, there's no security benefit, because there are the same entities involved in securing the chain as would be involved in a direct transfer. A direct transfer is much more efficient than setting up a blockchain.

I get the impression that it's currently in vogue doing something "Blockchain" without even having a proper use case for it. Sadly, banks can't just use Bitcoin, because this would demonstrate that they're becoming obsolete...

ya.ya.yo!

[jonald_fyookball]

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.

Even if they consider their fiat debt as being valuable it makes absolutely no sense to use some home-brewed "Blockchain-technology" for asset transfer if it does not offer superior security.
The Bitcoin blockchain offers high security because it is (for now) a highly decentralized multi-node network. If some banks set up their own blockchain, there's no security benefit, because there are the same entities involved in securing the chain as would be involved in a direct transfer. A direct transfer is much more efficient than setting up a blockchain.

I get the impression that it's currently in vogue doing something "Blockchain" without even having a proper use case for it. Sadly, banks can't just use Bitcoin, because this would demonstrate that they're becoming obsolete...

ya.ya.yo!

well yes I agree with you, but the security is integral with what is being secured.  you can't really secure fiat debt as there is no real substance to it.  iow, the banks can always either dispute or agree with someone else's balances, versus Bitcoin, there is no negotiation. you either have the private keys or you don't.

[QuestionAuthority]

Jesus people, blockchain technology is nothing more than a sophisticated distributed transaction ledger. I'm sure many tech savvy companies will look at the viability of using that type of system. How cool would it be if you could have a complete transaction record of everything your company does on every computer you have around the world updated automatically and continuously. Pretty cool, eh? Now does that do anything for Bitcoin? No, not in the slightest.

[Dire]

Barclays is a horrible bank, customer service wise and fee wise. Truly horrible.

I once asked a person who worked for them why their systems were so outdated when all the other U.K banks were halfway decent, they told me it's because Barclays, by the time they decide upon a new operating system, chooses the one that several years previous was the best. It takes them that long to make a decision.

They used DOS so far beyond the point of it being sane it was unbelievable. To hear that they might use the blockchain, okay, I'll wait ten years for them to make their decision. Banking huksters that they are.

Nice publicity for Bitcoin though.

[johnyj]

Jesus people, blockchain technology is nothing more than a sophisticated distributed transaction ledger. I'm sure many tech savvy companies will look at the viability of using that type of system. How cool would it be if you could have a complete transaction record of everything your company does on every computer you have around the world updated automatically and continuously. Pretty cool, eh? Now does that do anything for Bitcoin? No, not in the slightest.

There are hundreds of alt-coin out there all using blockchain technology, none of them have any real meaning because of not enough consensus

The biggest benefit of bitcoin is to create a strict monetary policy discipline, but that is exactly a bank or large enterprise do not want to have (They like to create credit at will, or reverse transaction when they see fit), using blockchain will remove their ability to control the money, how is that useful?

Only when several banks from different countries are cooperating, they might need such kind of trust-less setup, but that will involve lots of exchange at both ends. Today they are using currency exchange contract, e.g. each bank setup an account in another bank with similar value, enough simple and works well

[johnyj]

They're looking at blockchain technology, which is quite different from BTC itself. I believe Barclays and a pool of the world's largest banks could create their own blockchain, to move money between themselves, and only between themselves.

Banks typically do not move money between themselves, they only record the transaction in database, and at the end of the day, do settlement and debit/credit the total difference between transactions to and from bank A on an account that is owned by bank A. That's why Visa and MasterCard can do thousands of transactions per second, since those transactions are only recorded in their database, never broadcasted. And most of those transactions cancel each other between banks, the net result after settlement is a small amount to debit/credit bank accounts

If they employ blockchain, they will start to move money for real between them. And that will waste a lot of resource and create lots of accounting difficulties

[QuestionAuthority]

Jesus people, blockchain technology is nothing more than a sophisticated distributed transaction ledger. I'm sure many tech savvy companies will look at the viability of using that type of system. How cool would it be if you could have a complete transaction record of everything your company does on every computer you have around the world updated automatically and continuously. Pretty cool, eh? Now does that do anything for Bitcoin? No, not in the slightest.

There are hundreds of alt-coin out there all using blockchain technology, none of them have any real meaning because of not enough consensus

The biggest benefit of bitcoin is to create a strict monetary policy discipline, but that is exactly a bank or large enterprise do not want to have (They like to create credit at will, or reverse transaction when they see fit), using blockchain will remove their ability to control the money, how is that useful?

Only when several banks from different countries are cooperating, they might need such kind of trust-less setup, but that will involve lots of exchange at both ends. Today they are using currency exchange contract, e.g. each bank setup an account in another bank with similar value, enough simple and works well

BANKERS BEGIN USING BLOCK CHAIN TECHNOLOGY WITHOUT BITCOIN

Read: https://www.cryptocoinsnews.com/bankers-begin-using-block-chain-technology-without-bitcoin/

[johnyj]

Jesus people, blockchain technology is nothing more than a sophisticated distributed transaction ledger. I'm sure many tech savvy companies will look at the viability of using that type of system. How cool would it be if you could have a complete transaction record of everything your company does on every computer you have around the world updated automatically and continuously. Pretty cool, eh? Now does that do anything for Bitcoin? No, not in the slightest.

There are hundreds of alt-coin out there all using blockchain technology, none of them have any real meaning because of not enough consensus

The biggest benefit of bitcoin is to create a strict monetary policy discipline, but that is exactly a bank or large enterprise do not want to have (They like to create credit at will, or reverse transaction when they see fit), using blockchain will remove their ability to control the money, how is that useful?

Only when several banks from different countries are cooperating, they might need such kind of trust-less setup, but that will involve lots of exchange at both ends. Today they are using currency exchange contract, e.g. each bank setup an account in another bank with similar value, enough simple and works well

BANKERS BEGIN USING BLOCK CHAIN TECHNOLOGY WITHOUT BITCOIN

Read: https://www.cryptocoinsnews.com/bankers-begin-using-block-chain-technology-without-bitcoin/

Exactly, BNY Mellon even created their own alt-coin already, and backed by the bank budget. Technology is free, once invented, everyone can use it, but that still does not make their alt-coin better than bitcoin, because it can not gain world wide trust when it is based on fiat money

[QuestionAuthority]

Jesus people, blockchain technology is nothing more than a sophisticated distributed transaction ledger. I'm sure many tech savvy companies will look at the viability of using that type of system. How cool would it be if you could have a complete transaction record of everything your company does on every computer you have around the world updated automatically and continuously. Pretty cool, eh? Now does that do anything for Bitcoin? No, not in the slightest.

There are hundreds of alt-coin out there all using blockchain technology, none of them have any real meaning because of not enough consensus

The biggest benefit of bitcoin is to create a strict monetary policy discipline, but that is exactly a bank or large enterprise do not want to have (They like to create credit at will, or reverse transaction when they see fit), using blockchain will remove their ability to control the money, how is that useful?

Only when several banks from different countries are cooperating, they might need such kind of trust-less setup, but that will involve lots of exchange at both ends. Today they are using currency exchange contract, e.g. each bank setup an account in another bank with similar value, enough simple and works well

BANKERS BEGIN USING BLOCK CHAIN TECHNOLOGY WITHOUT BITCOIN

Read: https://www.cryptocoinsnews.com/bankers-begin-using-block-chain-technology-without-bitcoin/

Exactly, BNY Mellon even created their own alt-coin already, and backed by the bank budget. Technology is free, once invented, everyone can use it, but that still does not make their alt-coin better than bitcoin, because it can not gain world wide trust when it is based on fiat money

Yep, but threads like this aren't talking about anything that's good for Bitcoin. It might be good for some of the Bitcoin devs if they quit working on Bitcoin and get a job working on a companies private blockchain.

[pumawolf]

wont they still need a method to  keep the  blockchain honest. bitcoin does that with the mining.  but knowing them  they will find another way to make it look honest in front  , party in back

[QuestionAuthority]

wont they still need a method to  keep the  blockchain honest. bitcoin does that with the mining.  but knowing them  they will find another way to make it look honest in front  , party in back

I think most of these companies would be using blockchain variants on their own internal company equipment. Security would be less important to them. Unless, of course, they decide to 51% attack themselves. lol
They wouldn't have any more of a security issue than they have with the databases they currently use.