Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
...ideally (from their perspective) a quasi-walled garden which only authorised participants (banks and payments agents) can access - they can then use blockchain tech to deliver many of the cost saving benefits of bitcoin to themselves and some to the customer base. A closed loop blockchain is perfectly feasible for the financial sector to implement. It would be centralised to the effect that it would be operated only by one industry - but decentralised in that each firm would keep a copy of the ledger and there would be multiple copies.
They don't need a blockchain for that, in fact that would just make it more cumbersome and expensive for them. They could use distributed databases for that. And that could have been implemented a long time ago. Somehow financial institutions don't want a copy of their ledger of customer transactions to exist on servers of other institutions, can't think of a reason why, though
A blockchain is useful when you want to achieve a decentralized timestamping consesus by participants who don't want to have to trust each other. If your consensus mechanism is just a board of directors in a room somewhere, you don't need any of that.