Big Banks are researching the usage of private Block Chains, and not Ethereum's

[sbtctalk]

I have been reading how the concept of Ethereum could fuel the future technology needs such as smart contracts. But i came across an article that assessed how such technology could be used by banks but they will be having their internal private blockchain, and not attached to public ones.

Ethereum is essentially a massive research project that paved the way. Eventually, big organisations will be using Ethereum concept for their own needs by setting up private blockchains.

http://qz.com/730004/everything-you-need-to-know-about-the-ethereum-hard-fork/

[ImHash]

I don't think technology has anything to do with eth because eth is just a brand name to buy and sell and to profit while technology
used can be used in other ways without having anything to do with eth.

[serjent05]

I have been reading how the concept of Ethereum could fuel the future technology needs such as smart contracts. But i came across an article that assessed how such technology could be used by banks but they will be having their internal private blockchain, and not attached to public ones.

Ethereum is essentially a massive research project that paved the way. Eventually, big organisations will be using Ethereum concept for their own needs by setting up private blockchains.

http://qz.com/730004/everything-you-need-to-know-about-the-ethereum-hard-fork/

If i am a bank, why should I use Ethereum?  I can design far more sophisticated technology than them .  The problem is that we are understimating the programmers and coders of this big company.  FYI, they already established their reputation in this field reason why their skills had been used by this big company.

[7788bitcoin]

The only thing that private blockchains will not have is the "decentralization". This is one single feature of bitcoin that is far better. Eth is just a alt-coin to me.

[Caladonian]

I have been reading how the concept of Ethereum could fuel the future technology needs such as smart contracts. But i came across an article that assessed how such technology could be used by banks but they will be having their internal private blockchain, and not attached to public ones.

Ethereum is essentially a massive research project that paved the way. Eventually, big organisations will be using Ethereum concept for their own needs by setting up private blockchains.

http://qz.com/730004/everything-you-need-to-know-about-the-ethereum-hard-fork/

If i am a bank, why should I use Ethereum?  I can design far more sophisticated technology than them .  The problem is that we are understimating the programmers and coders of this big company.  FYI, they already established their reputation in this field reason why their skills had been used by this big company.

that's correct why use a system that you are not familiar with, if bank will ride to use block chain i guess they will create their own coin
as they can pay the programmers to assure that the business would not be ruin by people behind eth.

[jukka]

you can use ethereum to host private block chain. e.g. microsoft has that in their cloud offering.

[sbtctalk]

you can use ethereum to host private block chain. e.g. microsoft has that in their cloud offering.

and an ETH hardfork would mess up Microsoft's private block chain.

[CoinBreader]

I have been reading how the concept of Ethereum could fuel the future technology needs such as smart contracts. But i came across an article that assessed how such technology could be used by banks but they will be having their internal private blockchain, and not attached to public ones.

Ethereum is essentially a massive research project that paved the way. Eventually, big organisations will be using Ethereum concept for their own needs by setting up private blockchains.

http://qz.com/730004/everything-you-need-to-know-about-the-ethereum-hard-fork/

well all these years we have seen that banks dont like to make anyone rich, so why use Ether or X coin blockchain ?
they will pay their dev to make it happen, setting up their own pools and here they are,
it a hard part to pull a bank (officialy ) on a public blockchain, because there will be easy money & profit for other people, and banks like making profits just for their stash..
and last but not least they will have to support that X blockchain , mining power, price, searching for bugs, imagine the drama if a bank was on Ether then DAO drama..! 

[calkob]

so what we have heard this all before, the benefits of blockcahins are all done away with when you make them private and centralised

[European Central Bank]

If i am a bank, why should I use Ethereum?  I can design far more sophisticated technology than them .  The problem is that we are understimating the programmers and coders of this big company.  FYI, they already established their reputation in this field reason why their skills had been used by this big company.

I wouldn't be so sure about the talent levels of bank vs crypto. some people here have been working on it for five or more years now. you can't magic that skill out of thin air and you can't dump a totally new type of software development on your existing staff and expect them to make a work of genius. way easier to poach from elsewhere and steer them the way you want them to go.

crypto's running before it can walk. I don't think any bank or large organisation is going to implement smart contracts any time soon. even when you put aside the tech challenges, you can't throw away existing legalities. a dumb blockchain is far more likely.

[angaper]

Well, digital technology is permanently evolving and it is perfectly valid that larger financial organizations are continuously looking for more advanced systems to improve their security measures and make their transactions more efficient and cheaper. Several banks are testing the blockchain, but also can test some features of ethereum or other cryptocurrencies, as well as develop their own protocols because they have the sufficient resources to do it.

[jukka]

you can use ethereum to host private block chain. e.g. microsoft has that in their cloud offering.

and an ETH hardfork would mess up Microsoft's private block chain.

why would it? if i run my own private chain it doesnt matter what happens in the public chain!

[rphk]

yes bank can use their own private block chain , as banks are having established infrastructure and resources to develop  new technologies , bank always wants an easiest and secured way  to have access their banking sites also  so that their customers will have easy access to banking on their accounts

[~Bitcoin~]

I think banks will not care much about the name of the assets like bitcoin/ethereum blockchain. They will just develop their private blockchain and can add whatever feature they like to add on that blockchain. They will be using blockchain for better security as well as for better speed in transaction.

[groll]

I have been reading how the concept of Ethereum could fuel the future technology needs such as smart contracts. But i came across an article that assessed how such technology could be used by banks but they will be having their internal private blockchain, and not attached to public ones.

Ethereum is essentially a massive research project that paved the way. Eventually, big organisations will be using Ethereum concept for their own needs by setting up private blockchains.

http://qz.com/730004/everything-you-need-to-know-about-the-ethereum-hard-fork/

Ethereum is one of the nicest currency I am using. It has a big potential like bitcoin. But banks using ethereum is impossible. Probably banks will focus on putting up a sites wherein you can save your bitcoins in your wallet. Aside from that you can sell them your bitcoins in exchange for cash with a fee. You can also exchange your money to bitcoins with just one click. Everything is linked to your account. That way they are earning through surcharges and other fees. They will focus on bitcoins and deal with buy and sell including loans.
                                                                                   

[severaldetails]

This might look like a basic question and I'm sorry I have to ask, but it really is not clear to me:
What use do banks have from an own blockchain? They have their centralized servers, isn't that a better solution for them?

[BTCLovingDude]

in my opinion that is a worthless article that is trying so hard to show that ethereum is a good coin and useful in real life. and mostly focuses on the hard fork as a good thing indirectly which really isn't

besides banks and a lot of other big financial groups have been working on their own blockchain based on bitcoin for a very long time, and it has nothing to do with eth and what it has brought to us.

[yenxz]

maybe are they will use blockchain for better Security settings and increase the speed of the transaction and will develop blockchain their personal as well as adding features on their blockchain ,
I think the banks will not care about assets like bitcoin / blockchain or the other

[jukka]

This might look like a basic question and I'm sorry I have to ask, but it really is not clear to me:
What use do banks have from an own blockchain? They have their centralized servers, isn't that a better solution for them?

in most use cases you are right. however there might be some which requires transparency you can easily achieve with blockchain tech.

[Kotone]

I have been reading how the concept of Ethereum could fuel the future technology needs such as smart contracts. But i came across an article that assessed how such technology could be used by banks but they will be having their internal private blockchain, and not attached to public ones.

Ethereum is essentially a massive research project that paved the way. Eventually, big organisations will be using Ethereum concept for their own needs by setting up private blockchains.

http://qz.com/730004/everything-you-need-to-know-about-the-ethereum-hard-fork/

We'll, they are searching for the possibilities that they can use bitcoin in the future time. Maybe some other time, Bitcoin will be released soon in popular Banks. And maybe they will also add a private blockchain once they starts using bitcoin. This time, bitcoin is still on demand, but what happens if bitcoin will stop producing ? Will bitcoin still be released at banks ? Will there be a new Cryptocurrency to be used ? ETH will be good btw.