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Author Topic: Bank of America to store data on the blockchain  (Read 160 times)
cryptothief
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April 13, 2018, 04:15:31 AM
 #1

According to this article, Bank of America is planning to use the blockchain for data storage. With the patent originally filed back in 2016, it has been on the table for a while; makes sense and shows just one of the advantages in using blockchain technology within financial institutions.

https://www.coindesk.com/bank-of-america-sees-blockchain-as-way-to-replace-internal-ledgers/

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April 13, 2018, 04:43:01 AM
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It's about damn time.

I love loathe how the banks spent a few years denying the value of Bitcoin, and the blockchain, yet they were placing their bets for it at the same time. Now, I'm a betting bear but it's the publicly speaking out against the bets that gets me f*cking p*ssed.

And of course, leave it to a stodgy retail bank to choose the least impactful application of a new technology. Document storage? WTF? Why not using it for inter company transactions or the general ledger accounting or speeding up the time it takes to clear transactions from days to minutes.

This news, coming from a bank, means that Bitcoin's future is bright. The banks stand no chance of making anything remotely close to a competitor to Bitcoin or Ripple. Love it!

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April 13, 2018, 05:18:05 AM
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The banks are like the proverbial Ghanian bird, Chichidodo. The sight of faeces disgusts it but it feeds on fly maggots. That's the Chichidodo. The banks from the onset ran a smear campaign against the blockchain because of what they stood to lose if it thrives. Not because the blockchain isn't right. Now the banks are forced by the reality on ground to come to terms with the blockchain tech. This news is a plus sign.

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April 13, 2018, 05:27:41 AM
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And of course, leave it to a stodgy retail bank to choose the least impactful application of a new technology. Document storage? WTF? Why not using it for inter company transactions or the general ledger accounting or speeding up the time it takes to clear transactions from days to minutes.

Banks are already looking into that as far as I know. Those are very sensitive business processes to mess with though, so I'm sure they would prefer to take their time. It's also worth noting that is just one patent, and it was filed on 2016. I'm sure there are other patents involving blockchain technology applications floating out there filed by banks.

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April 13, 2018, 05:38:24 AM
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And of course, leave it to a stodgy retail bank to choose the least impactful application of a new technology. Document storage? WTF? Why not using it for inter company transactions or the general ledger accounting or speeding up the time it takes to clear transactions from days to minutes.

Banks are already looking into that as far as I know. Those are very sensitive business processes to mess with though, so I'm sure they would prefer to take their time. It's also worth noting that is just one patent, and it was filed on 2016. I'm sure there are other patents involving blockchain technology applications floating out there filed by banks.

Yes, I agree, Banks was really the first recipient of blockchain technology. Imagine all the data is a single repository and all bank employees can access it as quickly as possible and make decisions in a blink of an eye. No need to verify with their branches to whether approved bank loans or not. But to totally overhaul their system and uses blockchain is a different thing. Might takes years to do it, so I'm assuming that they will do it in a baby steps manner until legacy systems can be replaced and transfer all pertinent data to a private ledger. Though its really ironic that banks are attacking bitcoin which is powered by blockchain technology.

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April 13, 2018, 06:32:28 AM
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I love loathe how the banks spent a few years denying the value of Bitcoin, and the blockchain, yet they were placing their bets for it at the same time. Now, I'm a betting bear but it's the publicly speaking out against the bets that gets me f*cking p*ssed.

They'll all be on-board soon enough, it's too lucrative not to be. Like you say, the frustrating thing is the 'Do what I say, not what I do' attitude. Apparently Santander are launching their blockchain payment app today (in conjunction with Ripple). They can only fight it for so long. As has been mentioned before on this forum, big banks only want to delay the technology long enough to get their own up and running; they're not against the technology, they just want to be the ones making money from it...

https://www.coindesk.com/santander-launching-blockchain-payment-app-this-week/

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April 13, 2018, 06:51:07 AM
 #7

According to this article, Bank of America is planning to use the blockchain for data storage. With the patent originally filed back in 2016, it has been on the table for a while; makes sense and shows just one of the advantages in using blockchain technology within financial institutions.

https://www.coindesk.com/bank-of-america-sees-blockchain-as-way-to-replace-internal-ledgers/
Financial institutions will be the most beneficial of cryptocurrencies and blockchain technology. We have seeing many reasons why bank should used blockchain technology to advance business and even store large data. Many people are saying the decentralized system is scam and open up ways for criminality but the reality is that it is not a scam but more advanced way for financial institutions to take advantage of saving data and do financial transactions.

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April 13, 2018, 07:22:24 AM
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There is great political and economic wars on Earth and the dollar crisis in 2019; Gold, silver and crypto market will rise.


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Kingofbitcoin12345
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April 13, 2018, 07:42:21 AM
 #9

The banks can’t hide and deny anymore that blockchain technology is beyond what the future path that they’ve should take a few years ago.. They’re trying to ignore it and look for a better alternative just to stay away from this,, but that’s too much pressure from the demand of a much advance technology storing and transferring data..

If this be rightfully implemented and executed then mainstream adaptation will rapidly happens this year..

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April 13, 2018, 07:45:10 AM
 #10

Quote
Embodiments of the invention utilize a private blockchain to store various types of records to be conveyed to the service providers.

Quoted from the statement. It is just the private blockchain, not an industry game-changer. We are still far from seeing our bank transactions on a public ledger  Grin However, it shows the potential of blockchain technology for increasing efficiency of companies.

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April 13, 2018, 08:59:28 AM
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As by now, the blockchain seems an invisible system and is much safer than any security system created until now because no matter how complex it is, there is always a workaround. I guess it would be a great step forward in banking or in any industry involving digital security. Blockchain has a very big potential when it comes to the security of digital data and I guess it is not the only application it could be used for.
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April 13, 2018, 10:15:04 AM
 #12

The news that comes from coindesk is usually inflated especially when it comes to bitcoins and banks.
I have read this news for about a month but generally, it seems that the banks look brighter about the technology of blockchain.
This news will enhance the position of cryptocurrencies in the long-term only(The effect of Bank of America on the rest of the banks as dominoes).

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April 13, 2018, 10:59:33 AM
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Hi,

I think it is much more than that. Yes, Bank of America can use the blockchain, but actually this technology can be used quite anywhere. It is suitable for many fields, in can be adapted for many different purposes. And this is why the crypto world, and more specifically the blockchain is so great!

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April 13, 2018, 01:20:58 PM
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The credit system is the core of the bank. Blockchain technology is created to solve the credit system.

In this big data time, the bank applies block chain technology to store data, can save a lot of cost!
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April 13, 2018, 01:32:20 PM
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In the long run, middlemen (banks for example) who utilize DLT will be able to cut cost and improve efficiencies in numerous operational areas, but in the end they are still intermediaries and that's their death nell. Brick and mortar retailer have utilized the internet for years to boost revenue and cut cost, but the higher application of the internet is its use to remove the need for brick and mortar retailers in the market (in many cases, not all), who are themselves an intermediary.

We're ~25 years into the internet revolution and traditional retailers are just now getting rekt by the "amazon effect". DLT will be similar for other intermediaries, particularly financial. While they can take advantage of DLT, public blockchain solutions will eventually begin to squeeze the financial intermediaries out. This will take a long time, but the tech allows it, makes markets more efficient, and therefore the market will embrace it. It just needs time to mature.
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April 13, 2018, 01:47:02 PM
 #16

Though its really ironic that banks are attacking bitcoin which is powered by blockchain technology.

I can see why some might find that ironic, but I personally don't. To me, it's like saying you love the freedom that comes with the internet, but hate that people abuse this by spreading fake news to influence elections, engaging in illegal activities, etc. A technology is only as good as its application.

What banks want to do with blockchain technology can't really be compared to how it has been applied to Bitcoin and crypto in general, so it makes sense that they view them as discrete entities. Bitcoin is a threat to them, while blockchain technology could help their efficiency and bottom line. It's pretty clear why they're taking the position that they currently have.

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April 13, 2018, 01:59:12 PM
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I think the technological potential of cryptocurrency is undeniable. Please don't fall for the blockchain not crypto fallacy, without a currency there is nothing stopping miners from behaving badly
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April 13, 2018, 02:10:51 PM
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Please, read the news before posting. "The blockchain" makes it sound as if it was the Bitcoin blockchain, but make no mistake, these guys are complete morons, so they are going to use a private blockchain:

Quote
The filing, published by the U.S. Patent and Trademark Office (USPTO), outlines a permissioned blockchain which, if implemented, would securely record and authenticate personal and business data, ensuring only authorized parties can access it. Further, the system would keep a log of everyone who accesses the data, according to the application.

They are too stupid to realize that their data would be safer in the Bitcoin blockchain. There's no point in private blockchains, banks will never learn until it's too late for them to wake up.

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April 13, 2018, 02:24:05 PM
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Please, read the news before posting. "The blockchain" makes it sound as if it was the Bitcoin blockchain, but make no mistake, these guys are complete morons, so they are going to use a private blockchain:

Quote
The filing, published by the U.S. Patent and Trademark Office (USPTO), outlines a permissioned blockchain which, if implemented, would securely record and authenticate personal and business data, ensuring only authorized parties can access it. Further, the system would keep a log of everyone who accesses the data, according to the application.

They are too stupid to realize that their data would be safer in the Bitcoin blockchain. There's no point in private blockchains, banks will never learn until it's too late for them to wake up.

I guess you are correct at your point, these banks are rather wiser than we think and joining in bitcoins blockchain is a big slap on them. At some point, I got no problem on them storing data on a blockchain whether it's in private or in a blockchain where Bitcoin is, as long as it can help the improvement of cryptocurrencies.

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April 13, 2018, 03:15:29 PM
 #20

If that's true, then it's great, blockchain is a great data security and archiving technology, and I'm sure no one can hack into this data system from outside.
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