[2019-05-31] Bundesbank: Blockchain Slow, Expensive, Not A Breakthrough

[CryptoBry]

The president of Bundesbank – Germany’s central bank – is not impressed by blockchain, despite the technology experiencing increased adoption in other sectors.

According to statements made in Frankfurt on May 29, Bundesbank President Jens Weidmann claimed that a trial project to integrate blockchain failed miserably.

“The blockchain solutions did not fare better in every way: the process took a bit longer and resulted in relatively high computational costs. Similar experiences have been made elsewhere in the financial sector. Despite numerous tests of blockchain-based prototypes, a real breakthrough in application is missing so far.”

Further Read: https://www.eblockbuzz.com/moredetails.php?queryViewMore=dd3728c94e9717c1

So what do you think went wrong with this trial of Germany's Central Bank using the blockchain technology? Maybe the whole process was not conducted as it should be that is it failed miserably...or maybe this is just a bluff especially coming from a centralized banking organization?

[1714071395]

1714071395

[1714071395]

1714071395

[1714071395]

1714071395

[1714071395]

1714071395

[1714071395]

1714071395

[1714071395]

1714071395

[squatter]

According to statements made in Frankfurt on May 29, Bundesbank President Jens Weidmann claimed that a trial project to integrate blockchain failed miserably.

“The blockchain solutions did not fare better in every way: the process took a bit longer and resulted in relatively high computational costs. Similar experiences have been made elsewhere in the financial sector. Despite numerous tests of blockchain-based prototypes, a real breakthrough in application is missing so far.”

As it turns out, the "Blockchain, not Bitcoin" mantra was a load of crap. Who would have thought?

So what do you think went wrong with this trial of Germany's Central Bank using the blockchain technology? Maybe the whole process was not conducted as it should be that is it failed miserably...or maybe this is just a bluff especially coming from a centralized banking organization?

Putting aside the central bank conspiracy angle for a moment... I expect to see lots of similar statements in the coming years as people realize that Bitcoin may be the money of the future, but that doesn't mean "blockchain technology" is going to revolutionize various industries.

[stomachgrowls]

So what do you think went wrong with this trial of Germany's Central Bank using the blockchain technology? Maybe the whole process was not conducted as it should be that is it failed miserably...or maybe this is just a bluff especially coming from a centralized banking organization?

Valid thing or just pure bluff.I wouldnt be surprised that these Banking presidents/personnel's do talks negatively with either Blockchain technology or Bitcoin.
Im actually surprised that they didnt directly target out BTC on here.

If this blockchain tech did failed miserably on their part then how would you consider for those other sectors which completely embrace this one?
I do believe that they do really just hate innovations that do opposes with their interest. 

[Harlot]

Are we even gonna give this guy our attention? I mean just by saying Blockchain is slow he clearly doesn't know what he is talking about. If he believes what it thinks it is then no company would be filing their patent security for their own versions of blockchain, no country will be adapting Blockchain in their own government's systen, and no Blockhain related courses will be made available. Just to think a guy is holding a big position on a well respected country is truly a disappointing thing to see, he can't even get his opinion right.

[hatshepsut93]

So what do you think went wrong with this trial of Germany's Central Bank using the blockchain technology? Maybe the whole process was not conducted as it should be that is it failed miserably...or maybe this is just a bluff especially coming from a centralized banking organization?

Nothing went wrong, blockchain is just like they describe. People were only saying "blockchain, not Bitcoin" to ride the hype while trying to hurt Bitcoin, but at least these guys have the honesty of trying before talking, and publishing their results.
And it's very tinfoily to think that a central bank would want to kill blockchain, there's no reason for them to do it, they are just regulators and this is just a technology, they could easily regulate it if it went mainstream, maybe it would even make their life easier, because it's a permanent and immutable record of all transactions that happen on a network.