
Deloitte Announces Growing Blockchain Initiative and Services - ryanstr
http://bitcoinist.net/deloitte-announces-growing-blockchain-initiative/
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ryanackley
I'm a programmer in Fintech and it feels like a blockchain bubble in it's
early stage. There are a bunch of suits running around screaming "we need
blockchain!". It's a feeding frenzy. It's a great time to do a blockchain
related startup.

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jgalt212
When you have no need to solve the Byzantine general problem, why get involved
with the Blockchain and all its overhead and slow throughput? Why not just use
a versioning database?

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BenoitP
In all these Fintech initiatives, I have not read a single line about what
will secure the unforkability of their block chain; Which is Bitcoin's
innovation.

How will they do it? Random election? Vote? Majority? Everyone can veto?

I guess that in a network of firms who already work together, and already have
reconciliation rules, you need less trust.

So is this just the Fintech industry realizing they need to upgrade from their
hand-made batch settling at the end of the day to a real time shared ledger?

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tryitnow
Hah. Yes, from my overview, that pretty much seems like what's going on. Oh
well, as long as they upgrade their laughably antiquated systems, all's well,
even if they have to justify with buzzwords and tech hype.

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RyJones
I've spent the last two days at the Hyperledger Project [0] face to face [1],
there was a lot of fintech representation. Disclosure: I'm employed by LF,
working as staff at this event.

[0] [https://www.hyperledger.org/](https://www.hyperledger.org/) [1]
[https://github.com/hyperledger/hyperledger/wiki/Technical-
St...](https://github.com/hyperledger/hyperledger/wiki/Technical-Steering-
Committee)

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jasonjei
Consultants have been making a big push for the block chain. SWIFT announced
last month it is working with Accenture to develop a distributed ledger with
block chain technology[0].

[0] [https://www.swift.com/insights/press-releases/swift-and-
acce...](https://www.swift.com/insights/press-releases/swift-and-accenture-
outline-path-to-distributed-ledger-technology-adoption-within-financial-
services)

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was_boring
Why would these companies want a private blockchain instead of using a
database and a history table? Or even more simple, timestamp log files? Is
this many companies coming together to put clearinghouses out of business and
therefor needs this technology to establish better trust among the players?
Unless I'm missing something, it appears to just be hype with people saying
build it with blockchain?

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woah
With a blockchain, you don't have to trust some organization to run the
database correctly

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dev1n
Can someone please explain why there are so many banks interested in a private
blockchain? Isn't that more expensive than just building on top of something
like ethereum?

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aakilfernandes
You can use Ethereum as a private blockchain

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dev1n
But why do companies need to host their own blockchain? What is the value
proposition in doing so?

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ryanstr
Accessing data with permissions towards access only going to specific, pre-
determined parties. Brings blockchain in line with the current data control
paradigm by doing so.

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bergeoisie
If you're restricting permission like this, why bother with a blockchain at
all? Why not just use a conventional database?

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aakilfernandes
With a conventional database, the owner can set any value to anything they
like.

With a private blockchain (and smart contracts), the owner can't forge values.

For example lets say you want to fake a transfer from client A to client B. In
a traditional database, the owner can do that. With a blockchain, the owner
can't.

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dev1n
The owner of the blockchain can of course forge values! The computational
power of the network of a private blockchain is fairly easily overcome.

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aakilfernandes
And every actor will know there's a double spend attack and stop accepting the
chain. Unlike a public blockchain, there should never be a fork in a private
blockchain. If there is a fork, you know the owner is mounting a double spend
attack.

