Tech and Banking Giants Ditch Bitcoin for Their Own Blockchain

Does anyone have a link to a simplistic explanation of the block chain and why it seems to be so relevant?

So what is going to replace miners? What incentive will people have to verify the integrity of this new blockchain? Is it still vulnerable to 51% attacks?

Jettisoning any advantage to using the blockchain rather than a centralised database.

This is the snake oil phase of cryptocurrency. Or, more charitably, the not-inhaling phase.

blockchain aims to solve the "Two Generals' Problem"[0] short explanation in video[1]

On what the article says, transactions not relying on the first bitcoin blockchain are more vulnerable to 51% attacks[2]. Though if that many big corps joined, they could achieve a well established, attack-proof consensus relatively fast - - this probably is bad news[3] for Bitcoins' blockchain "ambitions" which is considered by many a solution to de-centralize the "internet" or services depending on third parties.

[0] In computing, the Two Generals Problem, is a thought experiment meant to illustrate the pitfalls and design challenges of attempting to coordinate an action by communicating over an unreliable link: https://en.wikipedia.org/wiki/Two_Generals%27_Problem

[1] https://www.youtube.com/watch?v=sYduOfRLHq0

[2] https://en.bitcoin.it/wiki/Weaknesses#Attacker_has_a_lot_of_...

EDIT: format, clarification

UPDATE: [3] just saw the linux foundation page, this might actually be a good thing, forgive my ignorance

https://en.bitcoin.it/wiki/Altcoin#Proof_Of_Stake

  Because these attacks exists, including Peercoin[3] and Blackcoin[4] proof of stake cryptocurrencies have "master" public keys that control the blockchain.

I wonder who would control that ;)

  This class of cryptocurrency is either insecure or centralized, however proof of stake (based on a PoW currency) is useful in some systems because gaining stake is costly, but it isn't workable for bootstrapping distributed consensus.

This would be an interesting though experiment. If they implemented proof of stake based on a proof of work currency, like Bitcoin, what would happen if the new currency took off and Bitcoin started to die? Now there's a threat model that requires unmotivated miners to still secure the network, both networks.