BoE offers prize for ideas using Blockchain Tehnology

[Denker]

http://blockchain.bankofenglandearlycareers.co.uk/

The challenge

There’s a lot of buzz around blockchain. It’s a technology that allows people who don’t know each other to trust a shared record of events. And its potential won’t just impact financial services. Many believe that blockchain could track and verify almost any digital record.

A host of possibilities

Blockchain’s distributed ledger technology already maintains the Bitcoin network, and keeps a record of all Bitcoin transactions. It’s underpinning a new land title registry system in Honduras so people can prove they own the land they’ve bought. It’s enabling universities to store and encrypt student qualification records so employers can instantly verify CVs. It’s helping insurance companies crack down on fraud and theft by giving diamonds a digital fingerprint, creating a public ledger that tracks the origin, sale and ownership of the world’s most precious stones.

And many more novel applications are bubbling under. From how we identify individuals or verify the provenance of organic goods, to managing car leases or decentralising crowdfunding services.

The point is that while the technology might include some risks, there are all sorts of far-sighted, game-changing, life-enhancing ideas to pursue. We want to hear about yours.

Wow!
I never expect to read something like that from a bank.
What's the matter with them?
This just shows me that banks have absolutely no sense for creativity or inspiration.

This sounds a bit like:" We are going down. If you have any idea on now to save us, now is a good time".
 

[NorrisK]

I think it is a smart move.

Not only do they get a chance to incorporate a new technology, they also attract tech talent to their company.

[yurinov]

wow graduates can get into the program just by winning
this is cool

[Digit-0]

I think it is a smart move.

Not only do they get a chance to incorporate a new technology, they also attract tech talent to their company.

And not only this, with those "news" they start to spread his word, so they have free publicity.

As you said i think this is a great and smart move from them, seriously, how many like them we will se in next months?, anyway, this are good news for the bitcoin world, at least IMHO.

[n2004al]

http://blockchain.bankofenglandearlycareers.co.uk/

The challenge

There’s a lot of buzz around blockchain. It’s a technology that allows people who don’t know each other to trust a shared record of events. And its potential won’t just impact financial services. Many believe that blockchain could track and verify almost any digital record.

A host of possibilities

Blockchain’s distributed ledger technology already maintains the Bitcoin network, and keeps a record of all Bitcoin transactions. It’s underpinning a new land title registry system in Honduras so people can prove they own the land they’ve bought. It’s enabling universities to store and encrypt student qualification records so employers can instantly verify CVs. It’s helping insurance companies crack down on fraud and theft by giving diamonds a digital fingerprint, creating a public ledger that tracks the origin, sale and ownership of the world’s most precious stones.

And many more novel applications are bubbling under. From how we identify individuals or verify the provenance of organic goods, to managing car leases or decentralising crowdfunding services.

The point is that while the technology might include some risks, there are all sorts of far-sighted, game-changing, life-enhancing ideas to pursue. We want to hear about yours.

Wow!
I never expect to read something like that from a bank.
What's the matter with them?
This just shows me that banks have absolutely no sense for creativity or inspiration.

This sounds a bit like:" We are going down. If you have any idea on now to save us, now is a good time".
 

Don't agree. Have no meaning to pretend that everything connected with peer to peer may be created from the Bank of England. This has no meaning and not their initiative to reward who have idea how to implement this technology. This is an over open mind initiative, according to me, which must be followed by who can and who want to give something to the progress itself. Independently in which field of activity act. Because no one can know where can "born" the new idea about the implementation of peer to peer. And the idea is only the beginning. Without funding cannot be done nothing. So more will be they which will be involved and more are the fields in which they act, more progress can be made in every kind of area in this direction. 

[dothebeats]

A nice move, I might say. It may attract lots of potentially bright ideas to incorporate the block chain technology and could therefore result into many business applications for it. However, I don't think that this bank in particular is keen on the developments made on the blockchain per se.

[d-leit]

sounds interesting. also sounds like a trap. 

[Raimonn]

Blockchain technology is really interesting for banks and big corporations. But i think they will not use its potential and only want to show that they are investing in best services but they will not use them.

[Kprawn]

I have a idea for them... Start using Bitcoin as your primary currency transfer method, take the saving from NOT developing your own network and the saving you make from lower

fee's {SWIFT is a bit expensive} and draw that through to the customers via cheaper services. Do not channel all these savings into the shareholders pockets. This will under cut

their competitors and the new clients will flock to their branches. How is that for a suggestion? 

[pereira4]

If they did any research they would come up with the idea that it's better to use the Bitcoin blockchain and not use their own chains which will be way less secure. Also with sidechains they will be able to run anything they want under the Bitcoin superior security chain.

[LiteCoinGuy]

http://blockchain.bankofenglandearlycareers.co.uk/

The challenge

There’s a lot of buzz around blockchain. It’s a technology that allows people who don’t know each other to trust a shared record of events. And its potential won’t just impact financial services. Many believe that blockchain could track and verify almost any digital record.

A host of possibilities

......

The point is that while the technology might include some risks, there are all sorts of far-sighted, game-changing, life-enhancing ideas to pursue. We want to hear about yours.

Wow!
I never expect to read something like that from a bank.
What's the matter with them?
This just shows me that banks have absolutely no sense for creativity or inspiration.

This sounds a bit like:" We are going down. If you have any idea on now to save us, now is a good time".
 

I'm going to submit the idea of a decentralised, cryptographically sound, limited supply digital currency that has no leakage of private information and completely removes the need for a central bank like the Bank of England to exist.

[Ayle56]

If your idea is good enough to win the prize then you could make more money than the prize by implementing it yourself. If you are one of the losers and give them a good idea they could use it without paying you anything. How many good ideas will their competition get them for nothing? Their competition sounds a bit scammy to me.

[Minecache]

Sod the banks. The only inventive products they've ever developed are more ways to fleece the working man.

[Denker]

If your idea is good enough to win the prize then you could make more money than the prize by implementing it yourself. If you are one of the losers and give them a good idea they could use it without paying you anything. How many good ideas will their competition get them for nothing? Their competition sounds a bit scammy to me.

Well what did you expect? It's a f*cking bank.
They do nothing without having any ulterior motives.
That's how they work.

[USB-S]

If your idea is good enough to win the prize then you could make more money than the prize by implementing it yourself. If you are one of the losers and give them a good idea they could use it without paying you anything. How many good ideas will their competition get them for nothing? Their competition sounds a bit scammy to me.

Well what did you expect? It's a f*cking bank.
They do nothing without having any ulterior motives.
That's how they work.

Most people fly past that part for some reason. However I think they want to hire tech savvy people to work for them to advance bitcoin development in their bank. Most banks have had their o shit, we going down moment by now. The least they can do is to slow that process down a bit.

[Racey]

Sod the banks. The only inventive products they've ever developed are more ways to fleece the working man.

I do not think its a good idea for banks to get involved with bitcoin or its blockchain technology , they would want to gain some control over it, but if its theirs and nothing to do with bitcoin then that is ok
Also, banks are very fond of manipulating prices.
Same as Goverments they should stay well away from bitcoin
They scheme away behind closed doors as always.

"Help them,  never" what have they done for you.

[Blawpaw]

More great news for the Blockchain technology. Once Banks were unaware of its potential, now they're all on a run to research this technology and soon all of them will be using it.

[franky1]

Sod the banks. The only inventive products they've ever developed are more ways to fleece the working man.

I do not think its a good idea for banks to get involved with bitcoin or its blockchain technology , they would want to gain some control over it, but if its theirs and nothing to do with bitcoin then that is ok
Also, banks are very fond of manipulating prices.
Same as Goverments they should stay well away from bitcoin
They scheme away behind closed doors as always.

"Help them,  never" what have they done for you.

BOE is not asking how to manipulate bitcoin.. they are asking for, in simple terms.. how to utilise their own altcoin chain to help control markets, audit, secure them from fraud and run a better system for society.

[hdbuck]

lmao, BoE throwing around little blockchain "challenges".. So helpless. xD

[Snail2]

Pretty good idea! Blockchain technology is a fairly useful stuff what can be used everywhere where computing is involved. I'm thinking on using it in network/system management tools instead of SMTP, or encapsulating SMTP traps or gets and sets into transactions.