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).
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EDIT: Went ahead and added several examples to my original reply. 👍
That’s not better. Between two banks block chain adds nothing. Either side could alter it just as easily as they could alter a regular transmission, and more easily than they could for a signed encrypted transmission
You need many nodes to make block chain immutable
You only need a sender and receiver to make signed data packets immutable
You’ve misunderstood. They’re not using this for inter-bank transfers. They’re using it for inter-branch/intra-bank communication. And most major banks - certainly the ones investing in blockchain - have hundreds to thousands of branches.
Not to mention signing+encryption and blockchain are not mutually exclusive. You can have signed and encrypted blocks on a chain
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: Went ahead and added several examples to my original reply. 👍
That’s not better. Between two banks block chain adds nothing. Either side could alter it just as easily as they could alter a regular transmission, and more easily than they could for a signed encrypted transmission
You need many nodes to make block chain immutable
You only need a sender and receiver to make signed data packets immutable
You’ve misunderstood. They’re not using this for inter-bank transfers. They’re using it for inter-branch/intra-bank communication. And most major banks - certainly the ones investing in blockchain - have hundreds to thousands of branches.
Not to mention signing+encryption and blockchain are not mutually exclusive. You can have signed and encrypted blocks on a chain