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One idea is that it will provide faster transaction and settlement times. Basically JPMC is a bunch of individual companies that buy and sell with each other a

by sjg007 8y ago

One idea is that it will provide faster transaction and settlement times. Basically JPMC is a bunch of individual companies that buy and sell with each other already. Each time they transact and transfer money everything has to be proofed and verified. Adding crypto would ensure this condition by default at the protocol level basically. And using the distributed open ledger, they can have some supervisor process checking the chain to understand where the money is going. If this is successful they could expand to outside partner companies etc..

bduerst 8y ago
Is JPM really going to let everyone see every customer transaction on the open ledger? Are they really allowing third parties to mine blocks outside of their own servers? If not, this is just a database transaction with bells and whistles.
- lucozade 8y ago
  > Is JPM really going to let everyone see every customer transaction on the open ledger? No > Are they really allowing third parties to mine blocks outside of their own servers? No > If not, this is just a database transaction with bells and whistles Bitcoin is just a database txn with bells and whistles. JPM are making use of the time ordering immutability aspects of "traditional" blockchain tech. They're using normal distributed consensus on that because they don't need to solve the Byzantine Generals problem. They also have split public and private portions of the txns. They don't distribute the latter. I doubt even the public parts are distributed to non-participating parties (except maybe regulators) but I haven't looked that hard at it. All seems reasonable to me. And sure one could build time ordered immutability with Paxos consensus on top of an Oracle DB but why would you? It's not a particularly relational problem and a chunk of it already exists in open source. Which is presumably why they built on top of go-ethereum.

by sjg007 8y ago

bduerst 8y ago

Is JPM really going to let everyone see every customer transaction on the open ledger? Are they really allowing third parties to mine blocks outside of their own servers? If not, this is just a database transaction with bells and whistles.

lucozade 8y ago
> Is JPM really going to let everyone see every customer transaction on the open ledger? No > Are they really allowing third parties to mine blocks outside of their own servers? No > If not, this is just a database transaction with bells and whistles Bitcoin is just a database txn with bells and whistles. JPM are making use of the time ordering immutability aspects of "traditional" blockchain tech. They're using normal distributed consensus on that because they don't need to solve the Byzantine Generals problem. They also have split public and private portions of the txns. They don't distribute the latter. I doubt even the public parts are distributed to non-participating parties (except maybe regulators) but I haven't looked that hard at it. All seems reasonable to me. And sure one could build time ordered immutability with Paxos consensus on top of an Oracle DB but why would you? It's not a particularly relational problem and a chunk of it already exists in open source. Which is presumably why they built on top of go-ethereum.