5 ms·
Nope, they will trust the central bank. It's in the article.
by candiodari 9y ago
Nope, they will trust the central bank. It's in the article.
- gcb0 9y agoso their distributed ledger consensus rule for all the peers is "check with central authority"? this is golden!
- stale2002 9y agoThe purpose is to have a transparent ledger, in which "funny business" is immediately apparent. If a double spend is even attempted, everyone will know what is up. Here is a better way of thinking of it. Imagine if every bank had a database of the ledger, and announced what they believe the ledger is to everyone ever 10th of a second. This is effectively what "blockchain" technology is providing for the network.
- cm2187 9y agoTo me this is still a solution in search for a problem. When did we have the last major disagreement between two major international banks on a payment? Value of a collateral? Yes. Conflicts of lenders? Yes. Bank A saying they made the payment and Bank B saying that they never made the transaction? Between the likes of Barclays, Credit Suisse, HSBC, etc?
- woodandsteel 9y agoNon-expert here. My understanding is the reason that sort of thing doesn't happen is because every bank has a vast army of employees it pays to ensure it doesn't happen, and with the blockchain you could fire the great majority of them.
- candiodari 9y agoEx-bank employee (developer on ATMs) here. This happens. Constantly. Even in automated systems. For a million different reasons.
- paulgb 9y agoIf they trust the central bank for settlement why not trust the central bank to keep the ledger?
- stale2002 9y agoBecause if they lie about the ledger then they more easily get away with it, as they could have secretly changed the ledger.