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No you can't. The protocols for buying and selling or making payments haven't changed in decades. The problem is communication authority and scaling, not the da
by revel 5y ago
No you can't. The protocols for buying and selling or making payments haven't changed in decades. The problem is communication authority and scaling, not the data format. Blockchain enables so-called triple entry accounting. Everyone sees everything everyone else is doing (if you want them to). There is never an argument about who did something or why. Just consider the audit and servicing cost savings.
- eloff 5y agoYou can do all that with a centralized db and Merkel trees. The technology has been around for 40 years.
- Sargos 5y agoWho's going to run that db? How much are they going to charge? Are they going to let anyone write apps on top of it? Do they have a plan for %99.999999999 uptime? Will people lose their data/businesses/livelihoods if this system stops being operated and what's the assurance for entrepreneurs? There's a lot of details that go into running something like that and none of those questions are trivial.
- leifg 5y agoCompanies (and especially banks) have been running large scale databases for decades. The cost of IT infrastructure is absolutely negligible compared to salaries. And yes they have been given assurances to entrepreneurs. I have been on this planet for 30+ years and my bank accounts have never gone to 0 because of a “database problem” I really don’t understand what your point is.
- Sargos 5y agoYour bank isn't doing anything very advanced. It's just keeping the equivalent of an excel spreadsheet in a database with some front end software to manage it. You can't write apps on your banking platform. > How much are they going to charge? Are they going to let anyone write apps on top of it? Banks don't currently do this and never will as the overhead is way too much work and far too expensive. The closest example we have is AWS which is extremely complex and can't actually be used for anything dealing with money. It's easy to naively think about a big organization building a platform like Ethereum but once you start designing it out you realize the problem is far larger than it first appears and it would take years and an army of lawyers to make any headway.
- leifg 5y agoWhat exactly is your point? That banks aren’t advanced enough? Last time I checked there are already tons of apps for banking use cases. I use a third party budgeting app across multiple accounts. For my European bank account I use a third party tool to wire money. During my time as a freelancer I used tools that fetched my transactions, automatically categorized it and gave my accountant access to it to prepare my taxes. What use case do you want to build that can’t be build on top of an API?
- eloff 5y agoNone of those questions are answered by block chain, you just add additional problems.