BitShares Forum
Main => Technical Support => Topic started by: bitbybits on November 11, 2015, 02:59:24 pm
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I don't like mainstream media but I stumbled upon CNBC giving more coverage of banks using blockchain technology. What does this mean once blockchain technology increases in demand? Is this good news for Bitshares?
http://www.cnbc.com/2015/11/11/banks-could-use-bitcoin-technology-by-next-year-study.html
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Banks want to use the technology to solve some of their security issues.. here is another great article from the other day regarding how banks are doing on that front so far:
http://www.cbsnews.com/news/three-charged-for-jpmorgan-data-breach-the-largest-ever/
"According to the indictment, the men stole customer records of more than 83 million customers of JPMorgan Chase & Co. from June 2014 to August 2014."
Outch.. using blockchain technology would have solved this problem... or rather prevented it from happening at all.
However.. all that does is provide more security for the banks to continue to turn out fiat.. it does not give them an alternative currency.. which is what BitShares is aiming to provide. Banks are pegged to the fiat, we (bitshares) are pegged to a dream of providing a currency ecosystem where everyone prospers.. not just the banks, governments, or <insert your bid industry of choice here entity>.
Also.. they are still centralized.. we (Bitshares) are decentralized. A different dynamic in power.
Bottomline.. it validates the underlying technology of what we have, but it doesn't change the uphill battle we face in creating a new currency that is valued the same way fiat is and adopted in similar fashion.
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Banks want to use the technology to solve some of their security issues.. here is another great article from the other day regarding how banks are doing on that front so far:
http://www.cbsnews.com/news/three-charged-for-jpmorgan-data-breach-the-largest-ever/
"According to the indictment, the men stole customer records of more than 83 million customers of JPMorgan Chase & Co. from June 2014 to August 2014."
Outch.. using blockchain technology would have solved this problem... or rather prevented it from happening at all.
However.. all that does is provide more security for the banks to continue to turn out fiat.. it does not give them an alternative currency.. which is what BitShares is aiming to provide. Banks are pegged to the fiat, we (bitshares) are pegged to a dream of providing a currency ecosystem where everyone prospers.. not just the banks, governments, or <insert your bid industry of choice here entity>.
Also.. they are still centralized.. we (Bitshares) are decentralized. A different dynamic in power.
Bottomline.. it validates the underlying technology of what we have, but it doesn't change the uphill battle we face in creating a new currency that is valued the same way fiat is and adopted in similar fashion.
Thanks for explaining this to me. I am that much closer to fully understanding the value Bitshares has