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Note this is a video. I prefer text mode but this is all I have.
My stock trading buddy has been researching blockchains and other uses besides being a backbone of a crypto-currency. I have been sort of grasping what he has been interested in but I never saw it presented in a way that I could share it with others.
What I'm telling you is that this has nothing to do with crypto-currencies! If you take out all the ridiculous currency stuff from the invention of the Bitcoin, you end up with a bunch of IT concepts and this one basic mathematical concept of a blockchain may be the sole contribution of Bitcoins once you accept the currency is soon to be defunct.
With blockchain technology we can anonymously and immediately verify the authenticity of cloud financial transaction data. The blockchain isn't the money itself. It's just a mutually trusted means of transaction verification!
Just to express one good application of blockchain technology benefiting us, watch the video and understand that this technology could allow our security trades to settle within milliseconds rather than the 1-2 days currently required.
News flash - blockchain was basically invented for cryptocurrency. It is anything but "immediate" - it is highly processor intensive, so much that satellites can detect blockchain servers like they can pot plants, because they use so much electricity.
Blockchain is clunky, ridiculously resource intensive and slow. I doubt it will ever be used for anything except bitcoins.
yes.
i agree with motterpaul.
current servers are cumbersome.
however, advancing technology will cure that.
(rotary dial to touch tone to car phones to cell phones...)
Current blockchain systems can be resource intensive. These are the ones still using "proof of work" systems to verify the data they process. Many other proofing systems are in use now and there is much incentive to move away from proof of work. Wal-Mart is will soon be requiring that all produce it carries to be tracked via blockchain. I doubt they will be using a proof of work system.
Thanks for the comments Dave and yes indeed blockchains are applicable to many diverse financial systems.
The idea I like the most is that my stock trades could settle within seconds, not days.
Yes the vastly increased settlement speed is a definite advantage. I also like that the inherent security the blockchain offers removes all the unnecessary middlemen involved in the remittance/settlement process. I mentioned these securities tokens a while back on these forums and everyone seemed to think I was insane.
One in particular I mentioned before, The Hybrid Stock Exchange (HYBSE), has a functioning demo version up right now, partnership with GMEX Group, and is awaiting license approval from Maritius government.
ICE has their Bakkt exchange which is also having it's launch stalled by U.S. government.
Q1 2019 is going to be very interesting as this new generation of exchanges begin to come online
He’s a snake oil salesman and don’t believe a word he’s ever said. The underlying blockchain tech has promise but we are still a ways off.
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