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My view is that the 'blockchain' hype has forced a conversation in the FI community around disintermediation and allowed them to invest in process optimization
by atgreen 9y ago
My view is that the 'blockchain' hype has forced a conversation in the FI community around disintermediation and allowed them to invest in process optimization under the guise of blockchain innovation. I agree that the real innovation in this space is distributed security through proof-of-work, but AFAICT that's not interesting to the banking community.
- kpil 9y agoI can't decide if the investors in R3 have no clue or if they are actually smart and are using this as an opportunity to modernise, unsettle the large networks, and also take the opportunity to pose as relevant. I'm leaning towards giving them the benefit of a doubt as there are plenty of 'trusted 3rd parties' that are charging the banks significant amounts of money. There are clearly some incentives here. As a technical decision, it makes zero sense though. I have tried to figure out if a shared distributed ledger could reduce the huge deposited reserves for fast money transfer, but I doubt it unless the central banks are in this somehow.
- kpil 9y agoOk. After reading all the comments, I am now instead leaning more towards the conclusion that private blockchains are tools to separate fools from their money.