[2015-11-09] HSBC says the blockchain could be used for 'helicopter money'

[LiteCoinGuy]

HSBC says the blockchain could be used for 'helicopter money'

Here's how they think the blockchain could help with that:

If we move towards an economy where all transactions become recorded in real-time on a Blockchain type of technology, it will not be too dissimilar to the current eco-systems that many ecommerce giants have around the globe. Online e-commerce stores are able to give out loans to merchants without collateral, because they know all the flows already from the merchants’ point of view: from how much people are spending to the conversion rate of pages viewed to purchases. In the same way, a modernised monetary transmission system, based on real-time big data analysis through Blockchain, could allow the government to balance the economy more efficiently and systematically.

In short, the blockchain would allow the government to know a huge amount more about what's actually happening in the economy.




http://uk.businessinsider.com/hsbc-says-the-blockchain-could-be-used-for-radical-central-bank-helicopter-money-policies-2015-11?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+businessinsider+%28Business+Insider%29?r=US&IR=T

[1713484782]

1713484782

[Carlton Banks]

The whole right-hand side of that diagram is a chorus of nonsense. Decentralised trust, distributed among commercial banks? All regulated by the central bank? Hello? 

If that's what HSBC (and the rest of these late-comers) mean by "blockchain", they can keep it. Bitcoin can identify it's technology using a different name, not that hard.

[yampi]

It's not decentralized if it has to be regulated by a centralized bank.
Decentralization and block-chain are used as a buzzword here.
Basically; gtfo of my crypto, greedy business'