51–60 of 83 posts
Earlier quoted context omitted.
'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....
For context, Accenture has been criticizing blockchains for their immutability. [1] [2] [3] So I would not take anything coming from them seriously. [1] Downside of Bitcoin: A Ledger That Can’t Be Corrected: http://www.nytimes.com/2016/09/10/business/dealbook/downside... [2] EDITING THE UNEDITABLE BLOCKCHAIN (PDF) https://www.accenture.com/t20160927T033514__w__/us-en/_acnme... [3] Accenture Launches A Way To Edit Blo…
What I found especially amazing by that is traditional accounting is based on immutability already: you never delete a ledger entry, you add a correction. The same concept for a blockchain is trivial. Equally, if you _really_ do need to delete something, just insert a record into the blockchain instructing all nodes to delete that record. Sure, you won't be able to verify the chain 100% after you delete the data, but…
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
Earlier 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.
As an attorney, I can tell you I have spent countless hours simply verifying that cap tables/spreadsheets are accurately tied to the underlying capitalization documents in connection with VC financings and M&A deals. If this process was reliably automated, thousands of dollars in legal fees could be saved on a given transaction.
Using a blockchain for the log would work, but so would any other means of checkpointing the thing periodically and verifying that the audit log is really append-only.
IMO the real benefit of a blockchain is that an owner of some interest in a company could plausibly validate that their interest is actually logged in the source data for the cap table. But this would depend on having some way for the owner to know the current blockchain head, and this isn't going to happen by magic.
Blockchain here refers not to the distributed database technology loosely coupled with Bitcoin but rather "assert the existence of a database; simultaneous adoption of it across all parties that matter in the financial industry sure would be swell now wouldn't it." Which is true. Databases are pretty useful things. It's a shame banks never thought of adopting one before.
Now, what we call private blockchains/distributed ledgers are basically a way to have a common workflow with [smart] contracts between different entities. This is a real alternative to just publishing APIs and orchestrating them.
But I think there is a "first mile problem" here: even if this technology solves some problems, how can you make different organizations to adopt a single technology? More when there are multiple competing projects.
Somehow, I just found a charge for $3500 from Accenture on my credit report. It HAS to be from when I worked there. They either took back a bonus or thought that they paid me too much I guess. It's been years, I have never heard anything about it, and now my credit took a hit. Worst job/company ever would be an understatement. I quit in record time (<60 days).
Earlier quoted context omitted.
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....
Investment banks don't use Visa to transfer money and bitcoin isn't replacing electronic trading platforms.
[1] https://www.accenture.com/t20150523T115642__w__/us-en/_acnme...
I worked for Accenture for a very short time, and I will say that they have no idea what they are talking about, regardless of what it is. Somehow, I just found a charge for $3500 from Accenture on my credit report. It HAS to be from when I worked there. They either took back a bonus or thought that they paid me too much I guess. It's been years, I have never heard anything about it, and now my credit took a hit. Wor…
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)?
Wall Street Clearinghouse to Adopt Bitcoin Technology https://www.nytimes.com/2017/01/09/business/dealbook/wall-st... Hasn't come out yet, but they're clearly a boring company that isn't chasing trends. We'll know in a year or so whether this is all smoke.
I believe this is the timeless state of all big Blockchain projects: ready one year from now.
I specifically asked for success stories because I know everyone is throwing money after blockchain stuff. So I don't doubt that there are tons of planned projects. However, I haven't yet heard of blockchain technology being applied to solve an actual problem, except Bitcoin.
CME Group and the UK Royal Mint are planning to launch a blockchain-based product [1] -- also in 2017. But according to the article, it seems to be a simple digital promissory note, with the bearer owning the right to a certain amount of gold. Since we already have a central creditor, upon which the entire system depends (the Royal Mint), there is zero reason to use a distributed database to store anything.
Just put the database in the same safe as the gold.
[1] http://www.reuters.com/article/us-gold-blockchain-royal-mint...