Re:Blockchains are the new Linux, not the new Internet
by atgreen on Sunday May 28, 2017 @06:11PM
(#14436314)
My view is that the 'blockchain' hype has forced a conversation in the FI community around disintermediation and allowed them to invest in process optimization under the guise of blockchain innovation. I agree that the real innovation in this space is distributed security through proof-of-work, but AFAICT that's not interesting to the banking community.
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Re:Blockchains are the new Linux, not the new Internet
by kpil on Sunday May 28, 2017 @06:34PM
(#14436390)
I can't decide if the investors in R3 have no clue or if they are actually smart and are using this as an opportunity to modernise, unsettle the large networks, and also take the opportunity to pose as relevant.
I'm leaning towards giving them the benefit of a doubt as there are plenty of 'trusted 3rd parties' that are charging the banks significant amounts of money. There are clearly some incentives here.
As a technical decision, it makes zero sense though.
I have tried to figure out if a shared distributed ledger could reduce the huge deposited reserves for fast money transfer, but I doubt it unless the central banks are in this somehow.