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mhhf1ve
mhhf1ve
7/10/2016 8:44:19 PM
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Re: Blockchain..
I have no doubt that blockchain or consensus algorithms are going to make their way into major financial institutions... someday. The current systems of ACH and EFT are pretty archaic in comparison, but they have a history of workarounds that... do kinda work. I'm curious how much money is being sent globally as remittances using bitcoin or blockchain currencies -- and how effectively bitcoin (or ether or dogecoin whatever) is converted back into "real" currency. Volatility seems to be a big problem to adoption for the general public still.. but closed networks for banks might be a good use case for things like Ripple.

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Ariella
Ariella
7/10/2016 7:59:27 PM
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Re: Blockchain..
@mhhf1ve certainly, banking systems are not completely secure. As we learned when my daughter's wallet was stolen, if you get someone's debit card, you can use it for payments even without entering the PIN. True, the bank replenished that amount to the account, but if it wasn't out the money itself, then the merchant that sold goods to the person who got the card is out the money, and that person did get away with fraud because the police weren't interested in pursuing them despite having a clear trail of exactly where they shopped and when.

As for Ripple, from the start, it positioned itself somewhat differently from Bitcoin as a possible complement to rather than replacement for banks.  Consequently, it has been accepted for payment transfers by a number of banks, as you can see from the articles here

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mhhf1ve
mhhf1ve
7/10/2016 4:39:30 PM
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Platinum
Re: Blockchain..
Thanks for the info. Ripple sounds intriguing, but as with all of these cryptocurrencies -- it needs to be battle-tested to see if it's really secure. Ethereum is still working on the security bug that allowed someone to siphon a large amount of cryptocurrency out of its DAO. These sorts of things are bound to happen in the early days as the bugs get worked out, so... it may be some time before banks or other institutions deploy any kind of blockchain or concensus algorithms. I suppose at some point we have to try to compare the existing banking method's security vs blockchains....

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dcawrey
dcawrey
7/10/2016 10:58:43 AM
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Platinum
Re: Blockchain..
I'm very interested in what blockchain technology can do to help the security of devices. We're hearing a lot about blockchain being used in IoT, but I think it's best suited for slower transactions that occur in things like real estate. 

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Ariella
Ariella
7/10/2016 10:12:51 AM
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Re: Blockchain..
@mhhf1ve we talked about those points in the interview. That's part of why he doesn't think blockchain is an immediate solution. I've written a number of articles about digital currency that touched on that including the reason why some see potential in Ripple.  

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mhhf1ve
mhhf1ve
7/10/2016 3:39:28 AM
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Platinum
Re: Blockchain..
Real estate transactions are almost ideal for blockchain verification because the transactions don't need to be done too quickly and the values of the transactions are large enough for the computational resources required to be negligible in comparison. Bitcoin is having problems with transactions that need to be verified within seconds (because Bitcoin's blockchain needs time to get its consensus algorithm to complete). Bitcoin also doesn't do well for a network of only "microtransactions" because then the resources needed to do all the computations is too expensive for the system.

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Ariella
Ariella
7/9/2016 9:57:06 PM
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Re: Blockchain..
@mhhf1ve Blockchain technology is being applied in a number of ways. For example, someone I know who was very keen on Bitcoin is one of the founders of a company applying blockchain secured technology to real estate transations.  and Verizon Ventures' Ed Ruth expresses great enthusiasm for the technology in http://www.verizonventures.com/blog/2015/08/verizon-ventures-helps-filament-enable-a-decentralized-iot-economy/  in which he wrote the following:

According to Filament co-founder Eric Jennings, "A decentralized system of billions of devices – each independently interacting and transacting value with each other – will create a massive opportunity of new business models."

What's so interesting about what Eric and his team are building is how the combination of end-to-end encryption with private-key crypto hardware shows great potential for generating revenue from transactions...in effect, monetizing the internet. With Filament's technology stack, smart factories or smart cities can be enabled in a way that meets the needs of the market for a fraction of the traditional costs. As IoT and the power of embedded computers continue to proliferate beyond wearables and the home, we look forward to working with Filament to explore the full potential of blockchain technology and role it will play in device decentralization. 

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mhhf1ve
mhhf1ve
7/8/2016 6:53:21 PM
User Rank
Platinum
Blockchain..
> "Westrup said there would need to be some modifications in blockchain technology in order for it to work in the IoT space..."

Think IBM had a project to try to secure IoT decentralized devices with blockchain technology as a proof of concept. It worked, but I think it may have required too much computational resources for IoT devices to be practical. Imagine all the energy wasted on IoT devices mining for bitcoin....

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mhhf1ve
mhhf1ve
7/8/2016 6:50:27 PM
User Rank
Platinum
Re: Verizon IOT
One of the big unsolved problems is how IoT devices get reliable and secure software upgrades. Even savvy hardware manufacturers like Asus aren't doing a great job of securing laptops right now, so it's going to be even worse when Whirlpool tries to make a connected washer/dryer machine. I'm not going to trust any IoT device with a heating element. No IoT toaster oven for me! I can just imagine a hacker burning down every home by setting an internet-connected toaster to overheat....

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Ariella
Ariella
7/8/2016 6:40:41 PM
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Re: Verizon IOT
<More devices = more potential problems.  Securing where IoT data is stored is just as important.> @vnewman exactly! It's smart to be proactive about securing IoT earlier rather than later. 

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