Description: The article is about bank of America activate. The author gives his views on the news about Bank of America Envisions Blockchain as internal ledger. The system will keep a log of everyone who accesses the data according to the application
We got news to talk about today. There are more talk on blockchain but not Bitcoin. I know you are getting tired of this I’m getting tired of this too. There are a lot of things I’m getting tired of such as the temperature in my room. The temperature rises like Bitcoin in this room and falls like Bitcoin connected in this room at the same time. There is no shiny face today.
No shiny face which means it’s relatively cold which means I’m in a good mood. I’m in a very good mood. I survived the week. It’s almost Friday. But that does not mean that we slow down the hustle that does not mean we slow down a grind,it means we pick it up and pick it up for the weekend. That’s when you have 48 hours to do whatever you want to get things done without that nine-to-five slowing you down or speeding you up. It depends on your mentality.
We got news today from good old Bank of America they Envisions Blockchain as internal ledger. Let’s see what use case they are talking about. I’m in a good mood. I’m sorry about the positivity. I got a spread positivity today. Bank of America may looking into replacing its existing data sharing systems with a blockchain according to a patent application released Thursday. I’m starting to think that some of these patents are completely useless.
The filing published by the US Patent and Trademark Office USPTO outlines a permission to blockchain which have implemented and securely record and authenticate personal and business data to ensure only authorized parties can access it. The system will keep a log of everyone who accesses the data according to the application. You’ve entered a database or you patented a database that has a list of who accessed it at a particular time. And only certain people can see the list. That’s the most important thing.
Not everybody can see it. Only certain people can see this thing. So the document proposes using such a blockchain as a way to combine existing data storage platforms into a single secure Network. It increases efficiency by reducing the number of storage locations for a user’s data according to the document which was first filed in 2016.
But according to the document which was following 2016,service providers and private individuals are increasingly using the Internet to share personal and business records primarily through dedicated web portals and email attachments. Web portals and email attachments and these private individuals and service providers are using the internet for that. However,there are a number of disadvantages to using this type of electronic record sharing method including having to repeat the process for each company and the risk of data corruption.
Using a blockchain would create a more efficient system ,wherein an individual can store all the records in a single digital ledger. Businesses and service providers would be able to access these records if necessary. So here’s my whole confusion with this. Which blockchain is going to do this second of all. You have all these parties and you have a permission blockchain but you have all these parties using the blockchain.
How do we trust the data? How do we trust the data that’s been put into these blockchains? After we identify which blockchain we’re going to use and then there is another thing,how is this necessarily more secure than companies that trust each other? I’m confused. I’m asking these questions because the beauty about the Internet is there somebody is out there and whoever that somebody is,he can help me out with this. I’m trying to learn apologize for this art if I sound sarcastic.
But I’m genuinely trying to learn like why would you use a blockchain over a mirror a mirror database or some type of system other than a blockchain to track who is accessing a database. And how do you necessarily know that you have a blockchain and you are running all these notes? How do you necessarily know that your operating cost is going to be cheaper than using mirrored databases? Using the blockchain would create a more efficient system. Notably this would be a permission blockchain. It continues.
Embodiments of the invention utilized a private blocking to store various types of records to be conveyed in these service providers. In this way the individual or entity may securely store on the blockchain all records relevant to service providers. They can store records that are relevant from service providers on a single blockchain then provide these service providers with secured access to records that the providers may access only the specific records for which they are authorized.
Hope you sense my sarcasm. Permissions are important. Now we have a blockchain with permissions people and a database with permissions. You are not authorized to perform action or permissions that we see all the time. Then provide these service providers with secured access to said records such that the providers may access only the specific records. You can see things that you’re authorized but you can’t see things that you’re not authorized. It is an example. A health care provider may access only the health care records on the blockchain.
That’s interesting interesting. I have several questions that I want to get answered and there is a reddit post somewhere. That’s a reddit post that reflected the same things that I am griping about. If you can give me a second I’ll pull it up. I am starting to ask myself this question. I loved crypto. I realize that outside of money,you can implement blockchains into businesses. But will it be as game-changing as people are making it out to be?
That’s my question. Does it lead to efficiencies? Are these efficiencies working because they’re using on blockchain? Are they efficiencies because a lot of companies are using legacy systems. Switching to a blockchain is another way. It’s a fancy way to say let’s upgrade. I don’t know. This is why I’m asking you questions. I’m not clairvoyant. I don’t know everything. I won’t ask the questions. Can bows that gets another tattoo? It takes us as long as possible to open up.
Why use the blockchain instead of a database according to Reddit? You need to give this thing a couple days to load give. While this thing is loading I am wondering the answer to those questions. If you knew the interest of those questions,be sure to leave them in the comment section. Here’s the post. and I think this is made two months ago. I was reading it and it sounds great. The questions come up when I scroll down and I see this. So this post reflects the same sentiments that I had,let me zoom in for you.
This post seems a bit generous. Here’s the bear case the drawbacks of a blockchain on anything. The drawbacks of a blockchain on anything you’d ever want a database for are in traceable. There’s no advantage to a blockchain for anything we’re formalizing a decentralized consensus based on proof of work. An open database mirrored by third parties will be flat-out superior for this post main points.
One,immutability. Blockchains do not uniquely solve this problem any schema where you make your data publicly available such that interested third parties can hold their own copies and observe changes will suffice. This is what I was talking about when I said why do they need a blockchain why can’t they use something like a mirror database where everybody has a single copy of it and one person can’t change it.
I want to security the crypto and cryptocurrency stands for cryptography. There are well-known ways to encrypt data and thus ensure it can’t be read except by certain parties. Blockchains can offer no security advantage here. It’s called having backups. These big words can be broken down into smaller words with simple meanings. This is called having backups and it comes cheap and modern computing. Hard drives are cheap. In this case you’re paying for an unknown number of backups held by unknown parties who will delete all your data and move it on the moment it becomes unprofitable.
In this case you’re paying for an unknown number backup cell by unknown parties who delete your data. I don’t know how I feel about this completely but I understand the point he’s trying to make. Blockchains like key theorem are perhaps the most expensive way to do computation.
There is no cost reduction versus traditional computing. In an environment without rampant speculation,you have to pay tons and tons of money to incentivize people to do your computation for you. I don’t know. I understand the point he’s making it with this but I don’t fully understand it to an extent. They’re not a proof. I don’t believe they’re proof of work for consensus. I do not believe they’re proof of work.
I know they’re not for work. In terms of being expensive price-wise,I don’t know what their costs will be relative to mining which is expensive in terms of energy use. So I can’t go with that. But the point I am trying to make is Mayor data bases versus blockchain to achieve consensus. But even if blockchain solutions are free,Apple can’t magically wave your hands and say something. I did not hit that note at all and get rid of reams of software engineers and security professionals.
You still need people to write code that does what you want. That code can have bugs. Adding blockchains will massively increase your complexity e and therefore attack surface. This is still new technology we’ve seen hacks happen all the time. You can look at the parody wallet or look at the Dow look at exchange. They are getting hacked because of exchanges are different. Exchanges are a different case. But you can look at look at the theory,I’m going to look at a parity wall in a particular case.
For the case of bugs being exploited leading to loss of funds or funds being blocked up,accountability and transparency,you can do the same thing with a public and distributed database like Wikipedia’s articles. I hear what he’s saying I don’t like this example. That’s all I have for today.
This is another article of your daily hash. Let us know how you feel about this. Do you think enterprise solutions are useless or do you think they can lead to a legitimate use case within the industry and bringing value to the ecosystem versus some other solutions that are ideally similar in a sense of other things. They aim to do the same thing that a blockchain does but they can be cheaper or they can do it better and we also have to factor in things like speed.