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Author Topic: Coinless blockchains?  (Read 1538 times)
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November 11, 2015, 12:24:12 PM
 #21

The blockchain is simply a ledger maintained by a whole network of people instead of a centralized entity, the fact that any single transaction/communication is seen and verified by the entire network makes the system very secure. Virtual coins are certainly not the only things that can make use of such tech.

Yes, but without rewarding people with virtual coins, how else will you motivate them to maintain the decentralised ledger ?

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November 11, 2015, 12:41:30 PM
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The blockchain is simply a ledger maintained by a whole network of people instead of a centralized entity, the fact that any single transaction/communication is seen and verified by the entire network makes the system very secure. Virtual coins are certainly not the only things that can make use of such tech.

Yes, but without rewarding people with virtual coins, how else will you motivate them to maintain the decentralised ledger ?

To cite an example - the ASX was considering using a blockchain rather than their current clearing system as it would be faster overall and cost less for the banks to upkeep (reduced cost is basically the same as profit so that's the reward in the this) and it would be safer than the current database (although given the backup mechanisms in place only marginally more so).
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November 11, 2015, 12:50:36 PM
 #23

I hear many bitcoin enthusiasts say that creating a blockchain without a monetary token behind it would be pointless, or even impossible. To be honest though, I've never heard an analysis on why that would be. Without evidence presented though, it's hard to figure out if there's actual knowledge supporting such an argument, or a fear of bitcoin being left behind if banks start using blockchain tech without it.

We've already started hearing about big institutions expressing interest in blockchain tech, investing in related enterprises, and even using it. What are your thought on this? And from the technical side of things, what is it that makes a blockchain without bitcoin behind it sound unreasonable?

Technicaly that is the approach of the private Blockchains that Banks are trying to create. It will be a centralized Blockchain and not a blockchain in the Bitcoin sense as we all know. These private blockchains will offer no economic incentive so there will not be decentralization which can be bad because they will be able to rewrite the blockchain the way they want.
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