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You are correct, but there is a tremendous incentive for them to save on costs by using their own blockchain. "The blockchain potential in financial services i

You are correct, but there is a tremendous incentive for them to save on costs by using their own blockchain. "The blockchain potential in financial services is huge, and has several applications which span across payments, capital markets, trade services, investment and wealth management, securities and commodities exchanges. Blockchain technology can be considered as one of the main drivers to achieve a substantial cost saving. According to a Santander FinTech study, distributed ledger technology could reduce financial services infrastructure cost between US$15 billion and $20 billion per annum by 2022, providing the possibility to decommission legacy systems and infrastructure and significantly reduce IT costs." https://www.pwc.com/m1/en/media-centre/articles/blockchain-new-tool-to-cut-costs.html https://www.pwc.com/m1/en/media-centre/articles/blockchain-n... https://www.wsj.com/articles/the-cost-cutting-potential-of-blockchain-1520993100 https://www.wsj.com/articles/the-cost-cutting-potential-of-b... https://www.businessinsider.com/heres-how-banks-can-save-big-with-blockchain-2017-1 https://www.businessinsider.com/heres-how-banks-can-save-big... https://www.globalcustodian.com/settlements-costs-fall-27-billion-2030-using-blockchain-research-finds/ https://www.globalcustodian.com/settlements-costs-fall-27-bi... https://www.ft.com/content/b6171016-171f-11e8-9e9c-25c814761640 https://www.ft.com/content/b6171016-171f-11e8-9e9c-25c814761...

consp 8y ago
All fun and games, but to achieve that you can use existing database solutions which have transaction verifiability and auditing build in. Even third party verification is possible if required. This blockchain mania at banks does not add anything as long as they keep using private ledgers and thus do not require zero-trust proofs.
- ludjer 8y ago
  Having worked with existing solutions in a top 4 bank in my country I would rather be a beggar then work with those systems. The banking system needs change and needs it badly, they are so far behind the rest of the industry. Blockchain is still way more decentralized then current solutions which mainly work on a Master/Slave HA mode.

consp 8y ago

All fun and games, but to achieve that you can use existing database solutions which have transaction verifiability and auditing build in. Even third party verification is possible if required. This blockchain mania at banks does not add anything as long as they keep using private ledgers and thus do not require zero-trust proofs.

ludjer 8y ago
Having worked with existing solutions in a top 4 bank in my country I would rather be a beggar then work with those systems. The banking system needs change and needs it badly, they are so far behind the rest of the industry. Blockchain is still way more decentralized then current solutions which mainly work on a Master/Slave HA mode.