Can anyone name a single success story about the use of blockchain technology to solve a specific problem, and how this problem was solved using blockchain technology (besides Bitcoin)?
git
Blockchain could save investment banks up to $12B a year: Accenture
41–50 of 83 posts
Re: Blockchain could save investment banks up to $12B a year: Accenture
#42Earlier quoted context omitted.
From an investment banks perspective a lot of the intrigue around 'blockchain technology' is due to the relative speed and security it offers. Investment banks have chosen to pursue 'blockchain technologies' rather than bitcoin because they don't like bitcoin's transparency. Here's the problem. Bitcoin is secure and fast because of it's transparency.
I think given the prevailing network conditions of the past 6-12 months the statement that "Bitcoin is fast" needs a [citation needed] qualifier.
'relative speed'
Much faster than ACH payments, wire tranfers.
Re: Blockchain could save investment banks up to $12B a year: Accenture
#43Earlier quoted context omitted.
The problem is without blockchain you don't have a meaningless buzzword to sell bullsh*t to banks. Blockchain is a vital technology for this. Cryptocurrency is the future but I've never talked to more snake oil sales people than when talking to "blockchain" companies. I marvel at people's ability to sell nothingness
I worked in a consulting-type company for a bit and the most valuable lesson was that, generally speaking, nobody knows anything about anything. The most valuable institutions in the world have completely clueless people managing their tech and the ignorance only gets worse as you go up the chain. It all boils down to "nobody got fired for buying IBM". Your blockchain initiative is only to get you noticed enough to g…
"nobody knows anything about anything". Actually, somebody knows, but they work for someone else.
Re: Blockchain could save investment banks up to $12B a year: Accenture
#44Earlier quoted context omitted.
I think given the prevailing network conditions of the past 6-12 months the statement that "Bitcoin is fast" needs a [citation needed] qualifier.
'relative speed' Much faster than ACH payments, wire tranfers.
and much slower than Visa, never mind the sorts of transactions where there are algorithms earning big bucks profits from frontrunning trades with millisecond advantages....
Re: Blockchain could save investment banks up to $12B a year: Accenture
#45Earlier quoted context omitted.
> Blockchain is so badly needed in the startup world when allocating shares of a company. Eshares is promising but too pricey for bootstrapping entrepreneurs. What, exactly, does a blockchain have to do with this? ISTM all that's needed is a spreadsheet with an audit log, and even the audit log is somewhat optional.
In theory, an open blockchain like Bitcoin eliminates the need for a trusted authority to be the system of record. A spreadsheet needs someone to manage it. That person, and that data, must be very trustworthy, else they can simply change the data for their benefit. The compliance procedures that assure trustworthiness cost money. Lots of money. And they still fail. Blockchains, in theory, could also serve as a votin…
Complete noob (in both FinTech and Blockchain), but in my limited experience in FinTech, if you could eliminate the need for the trusted nth party (Bank Of New York, for example, cleared all of the bond trades we made), then you could save a few 1/32's of a trade (my last client in FinTech was like 15 years ago so I don't even know if those fees are even valid anymore). In any case, as you indicate, this seems to be the canonical use-case for the block chain...
Re: Blockchain could save investment banks up to $12B a year: Accenture
#46Oh god, not this again. Sounds like Accenture are looking to bring in more 'technical integration' clients (read: marks). Government and old financial being the favourites, given their deep pockets and technical illiteracy. If anyone is in a job that involves holding back some of this insanity, this decision-flow diagram might help: http://i.imgur.com/4nZ67Sq.png
There is a mistake on the diagram. The rightmost ellipse should say "you don't need a blockchain". The rest is accurate.
I'd say "you could use a blockchain". It does have some uses.
Re: Blockchain could save investment banks up to $12B a year: Accenture
#47Earlier quoted context omitted.
> Blockchain is so badly needed in the startup world when allocating shares of a company. Eshares is promising but too pricey for bootstrapping entrepreneurs. What, exactly, does a blockchain have to do with this? ISTM all that's needed is a spreadsheet with an audit log, and even the audit log is somewhat optional.
In theory, an open blockchain like Bitcoin eliminates the need for a trusted authority to be the system of record. A spreadsheet needs someone to manage it. That person, and that data, must be very trustworthy, else they can simply change the data for their benefit. The compliance procedures that assure trustworthiness cost money. Lots of money. And they still fail. Blockchains, in theory, could also serve as a votin…
> A spreadsheet needs someone to manage it. That person, and that data, must be very trustworthy, else they can simply change the data for their benefit.
Google Docs has a change log could be a first step.
Re: Blockchain could save investment banks up to $12B a year: Accenture
#48Earlier quoted context omitted.
They also cite "run some processes, like finance reporting". How would storing this data in a blockchain have less overhead than an http server? Or even a torrent? It seems like a hammer looking for a nail.
The discussion was around trustworthy data, so I think they want proof that a page served up and stored was in fact the actual page served up and stored, for later audit. HTTP doesn't give you that. Bittorrent doesn't give you that. But blockchain can, if you pay a fractional coin to store the hash of the page in the chain forever. With a reference to the page and to the transaction, you can then later determine whet…
This is just passing the overhead cost to whomever is mining the network though.
The trustworthiness of a blockchain comes from it's ability to repel attacks with computing power, with more power meaning more trustiness. This means tremendous overhead for a blockchain that could just as easily be performed with the centralized system we have now.
Re: Blockchain could save investment banks up to $12B a year: Accenture
#49propping up the existing banking system isn't the point of blockchain; sure it could save money but it could generate more revenue than 12billion a year if used for a new banking system.
the monopoly on credit has to end.
Re: Blockchain could save investment banks up to $12B a year: Accenture
#50What every blockchain pumper imagines:
Bank: We don't need another database
Accenture: Did I mention it's powered by blockchain
Bank: Shut up and take my money.