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Wall Street Clearinghouse to Adopt Bitcoin Technology https://www.nytimes.com/2017/01/09/business/dealbook/wall-street-clearing-house-to-adopt-bitcoin-technolog

Wall Street Clearinghouse to Adopt Bitcoin Technology https://www.nytimes.com/2017/01/09/business/dealbook/wall-street-clearing-house-to-adopt-bitcoin-technology.html 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.

runeks 10y ago
> IBM, which has been making a big push into blockchain technology, [...] aims to have it fully functioning by early next year. 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-idUSKBN13O0M4 http://www.reuters.com/article/us-gold-blockchain-royal-mint...
- patmcguire 10y ago
  Yeah, I think you're right. It just doesn't exist yet, everything uses weird weasel language to make the future sound like it's the present. It is possible there's just too much hype to find the existing use cases, that's one of the weaknesses of Google.

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Wall Street Clearinghouse to Adopt Bitcoin Technology https://www.nytimes.com/2017/01/09/business/dealbook/wall-street-clearing-house-to-adopt-bitcoin-technolog

by patmcguire 10y ago

runeks 10y ago
> IBM, which has been making a big push into blockchain technology, [...] aims to have it fully functioning by early next year. 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-idUSKBN13O0M4 http://www.reuters.com/article/us-gold-blockchain-royal-mint...
- patmcguire 10y ago
  Yeah, I think you're right. It just doesn't exist yet, everything uses weird weasel language to make the future sound like it's the present. It is possible there's just too much hype to find the existing use cases, that's one of the weaknesses of Google.