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lordquanta (OP)
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February 18, 2017, 09:46:24 AM |
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The State Bank of India(SBI) is taking major lead in adopting blockchain technology in financial banking related solution on wide-spread. Other banks like ICICI HDFC, Axis, Kotak Mahindra etc are participant. Technical companies like IBM, Microsoft and KPMG etc will be involved from technical perspective. Apparently they are calling it as bankchain there version of blockchain.
It is showing how much serious approach towards blockchain adoption.
More details are at:
[url]https://www.cryptocoinsnews.com/state-bank-india-announces-financial-blockchain-consortium-bankchain/[url]
PS: Adoption of blockchain has nothing to do with adoption of bitcoin.
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skang
Sr. Member
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Activity: 452
Merit: 252
from democracy to self-rule.
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February 20, 2017, 06:42:34 AM |
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Sadly, bankchain is just a money-grab by various so called blockchain innovation companies like Primechain, IBM and KPMG, none of which have ANY innovation to offer.
Also, Indian banks in association with tech companies published a whitepaper full of technical mistakes.
Anyways, as Raghuram Rajan said, bankers will have to find a new job in 10 years, so I expect them to try to hijack the blockchain buzzword but sorry, they won't be able to control or ride the decentralization wave that is coming...
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"India is the guru of the nations, the physician of the human soul in its profounder maladies; she is destined once more to remould the life of the world and restore the peace of the human spirit.
But Swaraj is the necessary condition of her work and before she can do the work, she must fulfil the condition."
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moooonu
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February 21, 2017, 05:06:35 PM |
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what if this so called "bankchain" started taking money as wd fee like blockchain does and don't you think Govt. intelligence services keeping an eye on all the transactions. Also its easy to put just once virus or find to some back door entry to grab everyone's money.
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lordquanta (OP)
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February 21, 2017, 05:23:24 PM |
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what if this so called "bankchain" started taking money as wd fee like blockchain does and don't you think Govt. intelligence services keeping an eye on all the transactions. Also its easy to put just once virus or find to some back door entry to grab everyone's money.
As far as wd fees are concerned then it is going to happen. Bank transactions will be monitored by Govt that is how bankchaing is being modified. In bankchain system anonymity might not be available. For bankchain that feature is not required or let's say it is less desirable. If putting virus in bankchain or backdoor was so easy then banks might not have thought about investing in blockchain. How many instances of virus attack damaging blockchain have been observed so far? none. Has anyone reported backdoor in blockchain? None. Blockchain is transparent network. If grabing everyone's money was so easy with one virus or backdoor then hackers/crackers might had already done that. Has it happened? no. At maximum some accounts gets hacked which most of time fault of account holder and not bank security. |
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cryptoheadd
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February 21, 2017, 09:00:32 PM |
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Sadly, bankchain is just a money-grab by various so called blockchain innovation companies like Primechain, IBM and KPMG, none of which have ANY innovation to offer.
Also, Indian banks in association with tech companies published a whitepaper full of technical mistakes.
Anyways, as Raghuram Rajan said, bankers will have to find a new job in 10 years, so I expect them to try to hijack the blockchain buzzword but sorry, they won't be able to control or ride the decentralization wave that is coming...
Can you share a link to the whitepaper? Can't seem to find enough information about 'Bankchain'. |
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scambust
Legendary
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Activity: 1652
Merit: 1007
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February 21, 2017, 09:01:59 PM |
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It's a whole new world. Public and private chains galore!
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skang
Sr. Member
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Activity: 452
Merit: 252
from democracy to self-rule.
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February 22, 2017, 12:41:24 AM |
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"India is the guru of the nations, the physician of the human soul in its profounder maladies; she is destined once more to remould the life of the world and restore the peace of the human spirit.
But Swaraj is the necessary condition of her work and before she can do the work, she must fulfil the condition."
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bitcoinisbest
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February 27, 2017, 06:41:19 AM |
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It's a whole new world. Public and private chains galore!
That's true. Government will play a vital role to set the ball rolling. Will need to wait to check how they bring in policies for such currency in place. Will they give the nod to go ahead or will they curb it? |
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skang
Sr. Member
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Activity: 452
Merit: 252
from democracy to self-rule.
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February 27, 2017, 06:56:48 AM |
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That's true. Government will play a vital role to set the ball rolling. Will need to wait to check how they bring in policies for such currency in place. Will they give the nod to go ahead or will they curb it?
The govt can maybe play a role in short term (a decade maybe at max?) but in the long term cryptocurrencies are beyond govt control.. |
"India is the guru of the nations, the physician of the human soul in its profounder maladies; she is destined once more to remould the life of the world and restore the peace of the human spirit.
But Swaraj is the necessary condition of her work and before she can do the work, she must fulfil the condition."
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bitcoinisbest
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February 27, 2017, 11:08:14 AM |
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That's true. Government will play a vital role to set the ball rolling. Will need to wait to check how they bring in policies for such currency in place. Will they give the nod to go ahead or will they curb it?
The govt can maybe play a role in short term (a decade maybe at max?) but in the long term cryptocurrencies are beyond govt control.. Well anything which govt cannot control or keep a trap of it do you think they would not like to put a ban on it. And once the ban comes in then you trade or buy/sell that is though illegal means. Need to wait and watch out for. |
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skang
Sr. Member
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Activity: 452
Merit: 252
from democracy to self-rule.
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February 27, 2017, 08:49:54 PM |
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That's true. Government will play a vital role to set the ball rolling. Will need to wait to check how they bring in policies for such currency in place. Will they give the nod to go ahead or will they curb it?
The govt can maybe play a role in short term (a decade maybe at max?) but in the long term cryptocurrencies are beyond govt control.. Well anything which govt cannot control or keep a trap of it do you think they would not like to put a ban on it. And once the ban comes in then you trade or buy/sell that is though illegal means. Need to wait and watch out for. Lack of trading is actually good for the bitcoin ecosystem as trading has nothing to do with bitcoin. People will then directly earn and spend (and not buy and sell) bitcoins. The government cannot ban internet, govt cannot ban speech - bitcoin works even without computers. |
"India is the guru of the nations, the physician of the human soul in its profounder maladies; she is destined once more to remould the life of the world and restore the peace of the human spirit.
But Swaraj is the necessary condition of her work and before she can do the work, she must fulfil the condition."
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Esphere.in
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February 28, 2017, 07:47:58 AM |
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It's a whole new world. Public and private chains galore!
That's true. Government will play a vital role to set the ball rolling. Will need to wait to check how they bring in policies for such currency in place. Will they give the nod to go ahead or will they curb it? Running a bankchain does not mean anything when it comes to bitcoin.Block chain is an open technology and anyone can make use of it and it is not a big surprise that banks are taking a closer look into the new tech and it has nothing to do with the bitcoin . |
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skang
Sr. Member
Offline
Activity: 452
Merit: 252
from democracy to self-rule.
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February 28, 2017, 06:25:14 PM |
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It's a whole new world. Public and private chains galore!
That's true. Government will play a vital role to set the ball rolling. Will need to wait to check how they bring in policies for such currency in place. Will they give the nod to go ahead or will they curb it? Running a bankchain does not mean anything when it comes to bitcoin.Block chain is an open technology and anyone can make use of it and it is not a big surprise that banks are taking a closer look into the new tech and it has nothing to do with the bitcoin . Sorry but blockchains were invented by bitcoin. Also there is nothing for banks to look at in the "blockchain tech" since it is only effective in decentralised scenario; In a centralised scenario blockchains are worse ( slower and expensive) than traditional systems. |
"India is the guru of the nations, the physician of the human soul in its profounder maladies; she is destined once more to remould the life of the world and restore the peace of the human spirit.
But Swaraj is the necessary condition of her work and before she can do the work, she must fulfil the condition."
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abhinav_thakur01
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March 06, 2017, 11:06:30 AM |
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There may be a returning point after succeeding towards demonetisation . The government publishes money, bad guys copy it . The government tries to demonetise the country, bad guys hack it ! What I believe is electronic transfer is more secure as it can not be copied . I do not have any idea whether Technical Giants like "Anonymous" can hack these things or not however I know Anonymous is on +ve side .
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