[2016-09-03] Life.SREDA: Blockchain is still more bark than bite

[saracon]

Life.SREDA: Blockchain is still more bark than bite
Many companies rush to invest in blockchain without a clear understanding of its purpose. The head of the investment fund Life.SREDA Igor Pesin speaks about main problems of Russian startups and the company’s investment plans.
http://www.coinfox.info/news/company/6340-life-sreda-blockchain-is-still-more-bark-than-bite

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[Hazir]

"Many, especially banks, start investing in blockchain without a clue about the purpose, without proper competence, knowledge, experience and overall vision of the process.
Most of these “non-professional” investors will undoubtedly make a lot of mistakes and get a negative experience." - a very true and wise words.

And this is what I always said about banks and financial institution investigating and investing in blockchain tech.
Mainly because CEO of some bank heard somewhere that blockchain is a backbone of bitcoin, and it can't be hacked etc.
So it would be amazing to introduce 'little', private blockchain to energize banking network...
But private blockchain is not as robust as bitcoin's, and not backed by tons of processing power is almost worthless.

[Carlton Banks]

The real blockchain (Bitcoin itself) has been doing more than biting bankster business: it's been performing multiple billions of dollars per year in international money transfers. The "more bark than bite" statement is correct when applied to banking industry "blockchain" technology: it's a useless, expensive way of providing the same service and facilities they do now.