Accenture to Succeed with a Private Blockchain? I Think Not

This in from Bitcoin Magazine:

Owen Jelf and Sigrid Seibold of Accenture, a Fortune 500 banking services company, have proposed the creation of a closed blockchain to gain the benefits and avoid the issues associated with Bitcoin.

Jeff and Seibold view Bitcoin as problematic due to the public nature of the ledger, the amount of money it takes to secure the network, and the amount of time for transactions to validate. A closed system that would only allow pre-approved participants to run nodes on the system, likely other large institutions, would allow for near-instant settlement and record keeping while avoiding the messy, anarchic nature of Bitcoin.

The buzz coming out of banks and some of the more government cozy Bitcoin companies in the past few months has been that the blockchain is revolutionary, but there is no real need for Bitcoin. There’s no doubt that the banking sector could set up its own, proprietary blockchain and then make everyone interested in using their services use it. There is also no doubt that this would likely help banks become more efficient and economize in many ways. So, kudos to them.

The point that gets missed in all of this

Read more ... source: Bitcoin Warrior