I see this kind of comment on pretty much every thread about Blockchain, and yet those commenters aren’t ever able to share a use case where Blockchain solves a problem better than the existing technology. Maybe you have one though?
Immutable ledger for inter-branch bank transaction synchronization.
This is already in use at multiple financial institutions with significant value. It has increased the speed at which transactions can be verified and distributed across large networks of bank branches so that, for example, when you deposit your money at one bank branch it becomes available elsewhere on the network immediately without waiting for the end-of-day ledger reconciling. Previously, banks had to send just the transaction details and trust that it would be valid during reconciling (the “pending” status).
Want some more?
EDIT: Took the liberty of adding a bunch of examples to my original reply 👍
I don’t see how a blockchain is necessary there. Couldn’t they just use transaction databases and simple messaging between banks? Also, what is your definition of blockchain? Just a distributed linked list? Proof of work (the part I don’t understand the need for)?
I see this kind of comment on pretty much every thread about Blockchain, and yet those commenters aren’t ever able to share a use case where Blockchain solves a problem better than the existing technology. Maybe you have one though?
Sure do! Quoting my other reply:
EDIT: Took the liberty of adding a bunch of examples to my original reply 👍
I don’t see how a blockchain is necessary there. Couldn’t they just use transaction databases and simple messaging between banks? Also, what is your definition of blockchain? Just a distributed linked list? Proof of work (the part I don’t understand the need for)?