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by pinpeliponni
3330 days ago
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To be honest the banks do not know what to do with blockchains. Their best properties and the banks' needs are not aligned. When you add in stuff the banks need like forcible retraction of transactions, and transaction fees, you have essentially destroyed blockchains. The moment a major bank releases production ready blockchain of their own it will be such that most will not get any real value out of it. What they are doing (not what they are saying) is that they are trying to figure out how to hug the blockchain technology to death. |
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That's probably giving them too much credit for awareness of what they're trying to do. What I suspect they're doing is trying to get a handle on the hype about the glories of immutable, cryptographically secure storage technologies promised by blockchain, having conversations with blockchain startups consisting mostly of mutual misunderstanding and then hiring IBM or Accenture because they say "blockchain" a couple of times at the beginning of their presentation and then spend the rest of their time talking the bank's language and proposing to solve problems they already know banks actually have (not using a blockchain) in ways which don't create bigger theoretical problems.
[yeah, the people who definitely are doing the hugging to death are the mainstream IT consultancies that know that "blockchain" is the new "cloud" for sales hype to get people to rebuild a system that was only put in a couple of years ago. But I bet some of their middle management believes they're actually embracing the technology too]