Blockchain without Bitcoin

[gowron]

I am relatively new to the Bitcoin ecosystem. I have tried to understand how the tech works, and have a basic handle of the concepts.

At this stage I am struggling to understanding the hype around "blockchain minus bitcoin" and the excitement shown by mainstream industry for such a platform. Basically I am unable to really understand how incumbents financial institutions are planning to adopt blockchain technology while shunning bitcoin itself. From my understanding of the technology tokens (like bitcoin) are a necessity to maintain the security of the blockchain. And even at the scale of bitcoin's adoption mining centralisation is a reality and we are essentially at the mercy of our comrades in China. What hope do smaller scale tokens available to invited audience have?

Can someone explain what a blockchain based on a limited membership really achieves, and why is it such a revolutionary thing for banking? Aren't what they are talking about just a distributed database with universal read access? I am just unable to wrap my head around this. What am I missing? If this is discussed or written about elsewhere, I would appreciate some pointers.

[unamis76]

As far as I can understand, for banks a private blockchain is a simpler and cheaper way of book keeping...

[tobacco123]

Blockchain is used to record any data/ledger and bitcoin is the represented by the one of the data type that blockchain can record. Therefore, blockchain can be more useful than just backing cryptocurrencies.

Decentralized blockchain technology made bitcoin a extremely secure digital currency that until now no other digital currencies can replace. Of course there are alt coins- they are just following the success of bitcoin.

[countryfree]

A blockchain is just a database sitting on many computers, which automatically updates itself. One Southern America country is currently looking about storing its land registry on a blockchain. There would be no reward for keeping it, as there is with BTCfor miners, but plenty of attorneys or notaries would be happy to host the land registry of the whole country in their offices.

[gowron]

A blockchain is just a database sitting on many computers, which automatically updates itself. One Southern America country is currently looking about storing its land registry on a blockchain. There would be no reward for keeping it, as there is with BTCfor miners, but plenty of attorneys or notaries would be happy to host the land registry of the whole country in their offices.

I am sure everyone would be interested in the ledger itself. But how is the security of transaction validation being managed? One could mandate mining function for all notaries, of course. Take a leap from there... is it safe to say these approaches will have to be closed or permissioned?

[~Bitcoin~]

In a simple language, blockchain is public ledger where we can do book keeping just like bank do in their private computer and database. However if they stored those transactions in blockchain than it will give transparency as well as running several nodes gives stability and no network issues in bank transaction. Many coins already have their own blockchain to store transaction and many banks are trying to implement blockchain in their network in future, they are putting lots of money into researching this possibility.

[Foxpup]

This article explains everything perfectly: nakamotoinstitute.org/mempool/its-not-about-the-technology-its-about-the-money/

TL;DR: You're not missing anything. It doesn't seem to make sense because it really doesn't make sense.

[Wendigo]

Actually Bitcoin is dependent on the Blockchain technology and not the other way around. Blockchain technology could exist without Bitcoin running on top of it and be implemented in different industries where people will use it to record and check data that can be reviewed by anyone without the possibility of altering it in the process and this is a big thing for government systems like health care, pension accounts etc.

[Xmaseven]

Actually Bitcoin is dependent on the Blockchain technology and not the other way around. Blockchain technology could exist without Bitcoin running on top of it and be implemented in different industries where people will use it to record and check data that can be reviewed by anyone without the possibility of altering it in the process and this is a big thing for government systems like health care, pension accounts etc.

but without coins you can't process any txs just an amount of empty address and no mining action.... of course blockchain can't work without bitcoin itself like a fuel!

[shinratensei_]

Actually Bitcoin is dependent on the Blockchain technology and not the other way around. Blockchain technology could exist without Bitcoin running on top of it and be implemented in different industries where people will use it to record and check data that can be reviewed by anyone without the possibility of altering it in the process and this is a big thing for government systems like health care, pension accounts etc.

but without coins you can't process any txs just an amount of empty address and no mining action.... of course blockchain can't work without bitcoin itself like a fuel!

But, I just have any questions for you, if you sure about your sentences with a bold. and my question is why some institutions it's can adopt the blockchain technology without bitcoin become their fuel?

[Kprawn]

Well to simply it, you would need to see the banking side of this. Here comes a decentralized technology that might have disrupted their whole business model. They did not counter this by improving

their systems, because those legacy systems were outdated and past their sell by date. So they saw the opportunity {like they always did} to adapt their private ledgers to a permissioned version of the

public Blockchain. They get the benefit of the decentralized security { possibly distributing their Blockchain to 1000's of nodes in different bank branches } and their own token to manipulate as the want. How

perfect is that solution? They stole the idea, and used it to stop Bitcoin from disrupting their business models.  

[AgentofCoin]

Well to simply it, you would need to see the banking side of this. Here comes a decentralized technology that might have disrupted their whole business model. They did not counter this by improving

their systems, because those legacy systems were outdated and past their sell by date. So they saw the opportunity {like they always did} to adapt their private ledgers to a permissioned version of the

public Blockchain. They get the benefit of the decentralized security { possibly distributing their Blockchain to 1000's of nodes in different bank branches } and their own token to manipulate as the want. How

perfect is that solution? They stole the idea, and used it to stop Bitcoin from disrupting their business models.  

That is not what they are doing though.
There is no token or miners or validation in their version of blockchain.
If there are no tokens or miners or validation, then it is just a distributed ledger.

A blockchain is not a private distributed ledger, which is secured through decentralization.
A blockchain is a system to ensure validation of data throughout a public untrusted distributed ledger,
which is incentivized and secured through mining.

The banks and other companies are trying to "blockchain" their stuff, but it is entirely worthless.
There is no purpose for a true blockchain in their businesses. Blockchains are needed for trustless situations.
If the main bank can trust each bank branch, they don't need blockchain.

[fitraok09]

I think that is impossible. because blockchain builded for running the task of coin like create id transaction, set the fixed supply of coin, and the most important record data without using database saved.

[Superbitzz]

yes so many people have blockchain accounts which they are using for other crypto currencies. like alt coin or One coin.

[raphma]

yes so many people have blockchain accounts which they are using for other crypto currencies. like alt coin or One coin.

Dude, what are you talking about? Do you even know what blockchain is?

[knobson]

While there are arguments you can’t get all the benefits [of blockchain] without Bitcoin, my suspicion is that ways will be found to get those benefits without the uncertainty in the value of Bitcoin relative to the ways people hold money and denominate transactions