Re:Nine of the World’s Biggest Banks Form Blockchain Partner...
by woah on Wednesday September 16, 2015 @01:17AM
(#10224817)
What's the iot reference for? How does putting Bitcoin implementations into random pieces of plastic (like a "smart cup") figure into your analysis at all?
Re:Nine of the World’s Biggest Banks Form Blockchain Partner...
by joeyspn on Wednesday September 16, 2015 @02:57AM
(#10225061)
If you've been following the crypto 2.0 space you'll know that a lot of ideas have popped up for IoT and embedded smart contracts. For instance, washing machines or fridges that detect that are running low on X and automatically place an order for delivery. IBM and Samsung have been exploring this kind of IoT applications with Ethereum's blockchain [0].
A private blockchain (like the one the banking industry presumably would deploy) can do 1 of 1000000 possible applications for the technology, but a global and open blockchain could channel all under the same protocol (something like TCP/IP), maximising interoperation among player in several industries.
I'm just trying to reflect that these 9 big guys could be making a short-termed shortsightedness mistake trying to protect their business placing a fence. As Szabo said, it's the moment to be more open.
1. A common standard
2. Global openness
Surely they can build their own walled garden, but I think they're missing the point with this. With a walled garden you're just taking 1/100000 of the HUGE pie, improving current financial processes but not coming up with new radical innovations. A simple payment/monetisation standard embedded in objects (IoT) would be an example of a bigger piece of pie.
IMO they should just push for an open standard and use private ledger contracts on top of Ethereum, but I doubt they'll go this way. Most likely they'll just fork and run with it.