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HSBC to shift $20B worth of assets to blockchain-based Digital Vault
- simonebrunozzi 7y agoA database to digitize financial details, labeled a "blockchain" so people get more excited about it.
- brighton36 7y agoA blockchain is a database with virtue.
- SahAssar 7y agoHow can a technology be virtuous?
- brighton36 7y agoWhen its pitchman is charismatic.
- 0xname 7y agoA public blockchain (one where consensus is derived from the masses, or rather an abstraction of the masses like PoW) would have “virtue”, but obviously this has yet to be executed perfectly.
- brighton36 7y agoWhy?
- paggle 7y agoLike a stock market is a trading bazaar with virtue.
- ipoopatwork 7y ago> a digital ledger that can be instantly and transparently updated. If it's "instantly" it means PoW is useless, and this thing is just a marketing stunt. Who would have thought.
- namdnay 7y agoYes it sounds like they’re just using Git ;)
- iovrthoughtthis 7y agoThat would be (is) a radical transformation though.
- mirekrusin 7y agoYes, it's like git but access to the repo is defined in the repo itself (using public key cryptography); likely with virtual machine (if it's ethereum, which is likely). There's not much more conceptually there.
- riku_iki 7y agoPoW is not only "P" for blockchains.
- blowski 7y agoZero details on what it actually does with blockchain that couldn't be done more easily, quickly and cheaply with an old-fashioned RDBMS. I'll assume it's just a puff-piece for some "innovation manager" until I see otherwise.
- eli 7y agoVirtually every application of blockchain is better off as an old fashioned RDBMS
- zozbot234 7y agoExcept git, of course.
- dilutedh2o 7y agoGit is a Blockchain? Did I miss a meeting?
- api 7y agoSort of. It's a similar cryptographic hash chain type structure. I believe it's a DAG. Block chain skepticism has gotten as silly as block chain hype. A block chain is a perfectly valid and sometimes useful structure with some very interesting properties, but it won't cure cancer and make a unicorn fly out of every nose.
- ownagefool 7y ago> Block chain skepticism has gotten as silly as block chain hype. Is it though? My admittedly simple understanding is that blockchain is a distributed ledger that suffers from consensus based attacks; as in it's pretty much useless unless the cluster is massive and shared between lots of parties that couldn't really out-compute each other. Thus the criticisms aren't really "this can never work" but simply, this is usually a waste of compute power and energy compared to a non-distributed version, especially when it's one of these singular company examples. Would be interested in hearing what's the use cases are.
- obayesshelton 7y agoWorking in a bank and seeing what we are doing, I doubt very much they are putting all of their eggs into one basket. It will be replicated on a ledger/chain/vault or whatever you want to call it and they will be still be using their core legacy system.
- nogabebop23 7y agoAlternative Headline: "One of World's Largest Banks Looks to Upend Financial Model That Generates Them Obscene Profits" I'm somewhat skeptical they're going all-in or adhering to the vision of the zealots...
- eznoonze 7y agoFluff to boost their stock price much the same way like "dot com".
- arcticbull 7y agoIn other news, HSBC plans to re-brand as the Hong Kong and Shanghai Blockchain Company. [1] Stock skyrockets. [1] https://en.wikipedia.org/wiki/Long_Blockchain_Corp https://en.wikipedia.org/wiki/Long_Blockchain_Corp.