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"Free markets work because they allow people to be lucky, thanks to aggressive trial and error, not by giving rewards or incentives for skill. The strategy is, then, to tinker as much as possible and try to collect as many Black Swan opportunities as you can"
"What if I told you that bitcoin was just the opening act … with the blockchain ready to take center stage," Goldman Sachs said in a note in December, adding that the technology could "change everything."
Goldman Sachs noted a number of industries and uses that the blockchain could be applied to including voting systems, vehicle registrations, wire fees, gun checks, trade settlements and cataloguing ownership of art works.
"By removing the need for a middle man, one lowers potential security concerns from hacking to corruption as well as speeding up manual processes that are antiquated and can take too long," the investment bank said.
JPMorgan
JPMorgan has spent about $9 billion this year on technology investments across the company and a big focus has been on the blockchain.
In a note to employees, which was given to CNBC, Daniel Pinto, the head of JPMorgan's corporate and investment bank, said the financial giant has established teams to look into the blockchain among other technology such as robotics.
JD was quoted last week saying "The blockchain is a technology which we’ve been studying, and yes it’s real, it can probably reduce the cost of doing business. If it proves to be cheap and secure, it would be adopted for a whole bunch of stuff."
Barclays
Barclays said in May that bitcoin created a more "elegant solution than our current payment system" in many ways but it also "fell short" in a number of areas. The British bank said that it envisages a number of other cryptocurrencies will continue to emerge that won't have the flaws of first generation bitcoin, it said in the note.
So it's not predicting the end of cryptocurrencies but sees a place for them in the future of blockchain.
The first big area cryptocurrencies could work well in is bank transfers and remittances, according to Barclays, as it could make it cheaper and even "reduce the capital requirements of banks, as it would reduce considerably the counterparty risks."
"Free markets work because they allow people to be lucky, thanks to aggressive trial and error, not by giving rewards or incentives for skill. The strategy is, then, to tinker as much as possible and try to collect as many Black Swan opportunities as you can"
Goldman never mentioned "virtual currency". But I agree with them, one important usage for the blockchain would be online voting. For example each voter could be issued 1 coin and on the block chain it could be checked if the person voted or not.
The others also never mentioned the word decentralized. So yes, the blockchain can be used for lots of other things, but it doesn't need to be completely decentralized.
The way how I (and probably them) imagine it to work is that the issuer would keep the majority of the mining, thus they would be in control of developments and wouldn't let anyone else to take over their network.
...and here we go, just like I said a few days ago, some retailer is going to make their own virtual currency. That retailer is bigger than Walmart or Amazon, it is CHINA!!!!:
"China’s central bank plans to issue its own digital currency “as soon as possible,” according to Xinhua. The People’s Bank of China made the announcement at a conference on digital currency in Beijing.
According to Xinhua, in 2014 the PBOC set up a team to examine the possibility of establishing a digital currency and particularly to study experiences in China and abroad. "
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I am not 100% this was the cause of it, but BTC dropped from 420 to 390 overnight...
A well-known former JPMorgan Chase executive, Blythe Masters, has raised $52 million from several big banks for a start-up built on the technology underlying the Bitcoin virtual currency.
The start-up Digital Asset Holdings, based in New York, said on Thursday afternoon that it had raised the money from 13 financial institutions, including Ms. Masters’s former employer, JPMorgan, as well as Citi, BNP Paribas and Santander.
