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Author Topic: Can someone explain how any institution can use "blockchain technology"  (Read 522 times)
plorph
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February 03, 2016, 06:26:10 AM
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The whole point of the blockchain I thought was to maintain a decentralized public ledger that I don't see how an individual institution can benefit from. In other words, I thought decentralization of the ledger ownership and manipulation was solved by using a blockchain, so a "centralized" blockchain seems like an oxymoron to me.

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February 03, 2016, 08:25:39 AM
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Hard to tell, the will create a blockchain ,were the nodes will only be banks, and they will all store the financial data, accounting ,etc in that blockchain.

They will essentially divide the server costs and the trust between all banks, or something like that.


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February 03, 2016, 08:26:17 AM
 #3

they can benefit it from transparency, using blockchain technology will allow bank, to have proof of integrity

http://bitcoin.stackexchange.com/questions/38711/is-a-private-blockchain-better-in-any-sense-than-a-database
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February 03, 2016, 09:19:20 AM
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The blockchain is a chain of blocks. It is decentralised when copies are stored on distributed computers, however, this means that complex software has to be developed to ensure all copies are up to date, and no fraud is taking place. A blockchain maintained on a single computer is a much simpler concept, even if it is accessed by multiple computers. There are many shades in between these two structures, and many variations, side chains for example.

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February 03, 2016, 09:32:59 AM
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The whole point of the blockchain I thought was to maintain a decentralized public ledger that I don't see how an individual institution can benefit from. In other words, I thought decentralization of the ledger ownership and manipulation was solved by using a blockchain, so a "centralized" blockchain seems like an oxymoron to me.

The potential of peer to peer is much more bigger that your most crazy ideas. This technology will revolutionize absolutely all our life (in every field and level - individual and social) and its limits will be only the imagination of everyone. I am bringing here only one materialized service of peer to peer - concretely in only one of its materialized product called "blockchain" - (which is even the aim of your thread) and which practically can play (have played) the role of public service of public notary. A couple of young guys are married and had put their act of the testimony of their marriage in blockchain and blockchain will serve as place where will be hold this formal act.

You can read more about this here: http://www.bloombergview.com/articles/2015-12-01/i-attended-the-first-official-digital-wedding or here: http://blog.bitnation.co/2014/09/22/for-immediate-release-couple-to-get-married-on-the-bitcoin-blockchain-at-disney-bitcoin-conference/

And you (if like) may become part of this without nationality people reading here: http://blog.bitnation.co/tag/bitnation/
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February 03, 2016, 10:55:38 AM
 #6

If that record really is stored on the Bitcoin blockchain, I hope they will get stripped out into a sidechain or an alternative blockchain. The chain is already pushing its limits, and the last thing that it needs is a load of text cluttering it up. Bitcoin is a currency, not a public records office.

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February 03, 2016, 10:59:25 AM
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If that record really is stored on the Bitcoin blockchain, I hope they will get stripped out into a sidechain or an alternative blockchain. The chain is already pushing its limits, and the last thing that it needs is a load of text cluttering it up. Bitcoin is a currency, not a public records office.

The creation of an alternative, private blockchain (or a multitude of it) would be a perfect solution for it, since it would then not disturb bitcoin's own blockchain.
owm123
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February 03, 2016, 11:03:49 AM
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If that record really is stored on the Bitcoin blockchain, I hope they will get stripped out into a sidechain or an alternative blockchain. The chain is already pushing its limits, and the last thing that it needs is a load of text cluttering it up. Bitcoin is a currency, not a public records office.

They wont be using Bitcoin's blockchain. They will make their own blockchain. There are already plenty of other blockchains out there. Any altocin has its own blockchain, for example. Decentralized cloud file systems, such as Sia, are also using blockchain.

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n2004al
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February 03, 2016, 01:44:37 PM
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If that record really is stored on the Bitcoin blockchain, I hope they will get stripped out into a sidechain or an alternative blockchain. The chain is already pushing its limits, and the last thing that it needs is a load of text cluttering it up. Bitcoin is a currency, not a public records office.

First it is not the bitcoin blockchain but another blockchain of another project named Horizon, the blockchain in which is stored the above document. If you need more info about that you can find the page of this project here in bitcointalk doing a simple search.

Second I see that you with your extremely big "competence" are totally out of the main aim of the creation of bitcoin as a product by Satoshi Nakamoto. And for more are totally out even about the importance that have the technology which is used to create bitcoin and its immense, terrific power. Which will affect in the years to come not only that service disdained with "competence" by you but even the everyday and everywhere life of everyone. Including competent about nothing people like you.
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February 03, 2016, 01:52:42 PM
 #10

The whole point of the blockchain I thought was to maintain a decentralized public ledger that I don't see how an individual institution can benefit from. In other words, I thought decentralization of the ledger ownership and manipulation was solved by using a blockchain, so a "centralized" blockchain seems like an oxymoron to me.

lets take a bank for instance,

bank branches in every town.
so instead of having a central datacentre and employing 10 IT Technicians to maintain the database, and then atleast 3 security guards working in shifts to over see the datacentre. along with all the other hidden costs of running a datacentre.

each bank can have a node, and the bank manager just swaps over a data cable to a spare device if one packs up..
that would solve
need of datacentre
need of security guards
need of auditors
need of internal affair investigators

imagine it that there would be less internal fraud of staff editing accounts locally because the whole network wont accept the changes.
secondly if there was a city wide black/brownout. there would be no data-center to go offline. and enough nodes around the country to keep the data flowing and the settlement of accounts going.

now lets take the passport agency for instance.
instead of again one data center. each airport is a node. each embassy is a node. the births deaths and marriage offices are nodes, basically anyone needing access to the data is a node.

this would stop internal staff making fake passports as each passport needs a multisig signed off on by all the departments. after they have done their checks. so say goodbye to worries of blackouts, say goodbye to internal affair offices, say goodbye to datacenters, say goodbye to little jimmy making a fake passport in the production warehouse

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February 03, 2016, 02:09:58 PM
 #11

It dosnt have to be decentralised, that's just part of bitcoin.  A centralised private ledger is far more efficient to move assets around.
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February 03, 2016, 03:43:18 PM
 #12

This logically puts bitcoin in second place and whatever is happening with this new dollar on blockchain will influence to more popularity for bitcoin.

We could be witnesses for many new cryptos with direct usage in industry..

This is more likely scenario :
 Bitcoin and others tokens (on blockchain) share world just like AMD and INTEL, Apple, Samsung..And we can expect constant battle wich is good for further development!

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