HSBC to shift $20B worth of assets to blockchain-based Digital Vault

https://venturebeat.com/2019/11/28/hsbc-to-shift-20-billion-worth-of-assets-to-blockchain-based-digital-vault/

by sahin-boydas • 7 years ago

64 45 7 years ago

venturebeat.com

simonebrunozzi• 7 years ago

A database to digitize financial details, labeled a "blockchain" so people get more excited about it.

brighton363• 7 years ago

A blockchain is a database with virtue.

SahAssar• 7 years ago

How can a technology be virtuous?

0xname2• 7 years ago

A public blockchain (one where consensus is derived from the masses, or rather an abstraction of the masses like PoW) would have “virtue”, but obviously this has yet to be executed perfectly.

paggle• 7 years ago

Like a stock market is a trading bazaar with virtue.

ipoopatwork• 7 years ago

a digital ledger that can be instantly and transparently updated.

If it's "instantly" it means PoW is useless, and this thing is just a marketing stunt. Who would have thought.

namdnay• 7 years ago

Yes it sounds like they’re just using Git ;)

iovrthoughtthis• 7 years ago

That would be (is) a radical transformation though.

mirekrusin2• 7 years ago

Yes, it's like git but access to the repo is defined in the repo itself (using public key cryptography); likely with virtual machine (if it's ethereum, which is likely). There's not much more conceptually there.

riku_iki• 7 years ago

PoW is not only "P" for blockchains.

blowski• 7 years ago

Zero details on what it actually does with blockchain that couldn't be done more easily, quickly and cheaply with an old-fashioned RDBMS. I'll assume it's just a puff-piece for some "innovation manager" until I see otherwise.

eli2• 7 years ago

Virtually every application of blockchain is better off as an old fashioned RDBMS

zozbot234• 7 years ago

Except git, of course.

ignoramous• 7 years ago

Amazon's QLDB makes for a viable Blockchain DBMS alternative esp with its support for partiQL. It apparently is Route53 and EC2 [0] source of truth.

[0] https://twitter.com/colmmacc/status/1067832198059970561

nloladze3• 7 years ago

Who pays you guys to say this?

https://miro.medium.com/max/888/1*WPnv_6sG9k4oG3S1A09MDA.jpe...

Cap-theorem. Blockchain allows for far greater partitions not available to any other database model. In terms of consistency, while I disagree with everything many crypto companies are doing, when it comes to consistency, blockchain allows far larger scabability in terms of consistency over a larger partition than traditional corporate servers running Hadoop or Spark. The availability is surprisingly quick as well. If we're talking maximum scale of big data and their operating methodology, we're going to be talking about blockchain and how to partition the the data between different clusters and how to achieve consensus between nodes. Financial data belongs on the blockchain, outside of corporatocracy control and central bank control.

Bombthecat• 7 years ago

It could be literally just Cassandra with three hosts per DC... (or even one if you have enough dcs...

obayesshelton• 7 years ago

Working in a bank and seeing what we are doing, I doubt very much they are putting all of their eggs into one basket. It will be replicated on a ledger/chain/vault or whatever you want to call it and they will be still be using their core legacy system.

nogabebop23• 7 years ago

Alternative Headline: "One of World's Largest Banks Looks to Upend Financial Model That Generates Them Obscene Profits"

I'm somewhat skeptical they're going all-in or adhering to the vision of the zealots...

eznoonze• 7 years ago

Fluff to boost their stock price much the same way like "dot com".

arcticbull• 7 years ago

In other news, HSBC plans to re-brand as the Hong Kong and Shanghai Blockchain Company. [1] Stock skyrockets.

[1] https://en.wikipedia.org/wiki/Long_Blockchain_Corp.

HSBC to shift $20B worth of assets to blockchain-based Digital Vault

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