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This is like saying AT&T should have no interest in VOIP because they already have a PSTN protocols. Banking systems are full of very antiquated technologies ho
by seanalltogether 11y ago
This is like saying AT&T should have no interest in VOIP because they already have a PSTN protocols. Banking systems are full of very antiquated technologies hobbled together to allow them to work. They would be dumb not to investigate the benefits of blockchain type systems. Even if the system is limited to trusted parties and forgoes the whole mining incentive, there's still a lot of value there.
- CydeWeys 11y ago> Even if the system is limited to trusted parties and forgoes the whole mining incentive, there's still a lot of value there. If you take away proof-of-work, then it's no longer a blockchain. It's just a unary Merkle tree, an idea which has been around for a long time. You can't surgically extract out the most fundamental and important part of a given idea and then call what remains the same thing.
- wmf 11y agoI guess it would be too embarrassing for banks to admit that they're just now getting interested in adopting 1990s technology.
- evgen 11y agoThey will just point out that PoW incentive systems existed in the 90s along with Merkle chains; bitcoin marries the two but maybe its rise is simply revealing to banks how useful distributed consensus protocols could be for building private exchanges instead of these crypto primites remaining one among many in the huge collection of esoteric crypto protocols to arise in the crypto-Cambrian era of the 90s.
- aakilfernandes 11y agoI don't thonk thats a fair definition. We need some term to encompass PoS, round-robin, multisig, and not-yet-known consensus mechanisms.
- brighton36 11y agoSubjectively true databases. If it's not objectively true - it's not a blockchain.