Blockchain Technology

[Kakmakr]

There is a big difference between banks using Bitcoin and banks using Blockchain technology. Some Alt coins is also based on Blockchain technology, but they are not Bitcoin. These so-called developments in the blockchain technology is nothing else than theft of intellectual property.

If they want a distributed ledger system, they should develop it from scratch and leave Bitcoin alone or just give up trying to mimic Bitcoin and just use it. It will be so much cheaper and more secure, because it's already backed by a huge decentralized network.

[Amph]

I don't understand if banks create their own blockchain then who will the miners be?

they will probably do it via pos , instead of wasting energy on something that will not grow as expected

could someone tell me the true difference between bank's private blockchain tech and bank's private databases cluster ?

i guess since they are both centralized if done buy bank the real difference would only in transaction speed?

[Mickeyb]

I don't understand if banks create their own blockchain then who will the miners be?

they probably dont need a proof of work, they just sign blocks through central servers. Perhaps a DPOS system where each bank gets a delegate.

They have been researching Ripple blockchain technology which they can run from their own central servers. It doesn't need any decentralized miners. They have also been researching Bitcoin blockchain technology, and probably other blockchain technologies like Ethereum's. If they do start using blockchain technology they will probably try to create their own centralized bankers coin. Whether it works or not remains to be seen. They won't give up all their lucrative means of making profits through bank transfers without a fight.

It will work, but it will be completely centralized and because of this, prone to failure and manipulations. This is nothing huge in my opinion, their own centralized blockchain. They could have developed this years ago. I think they are just trying to build upon recognition of Bitcoin, they will even market it "safe as Bitcoin but without bad Bitcoin stuff", you'll see.

This is in my opinion as well a way to fight Bitcoin back. They have recognized dangers of Bitcoin for their banking systems, don't worry about it and this is the best they could think of to fight back!