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R3 drops 'Blockchain' as part of Corda


tommytrain

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https://themerkle.com/r3-admits-defeat-stops-blockchain-development/

 

R3 realizes and admits that "blockchain" is not a useful tool for their protocol structure and backers. DLT is currently viable for intranetwork ops (banks using Ripple Connect for branch-branch exchanges), but Corda is envisioned as an interchange platform managing the complex stipulations, legalities, reporting regulations and privacy concerns of complex trade financing and massive investment fund asset transfers.

 

Personally considering Corda as a protocol competitor/collaborator with ILP, collaboration will only work if they maintain a receipt/escrow functionality of some kind.

 

This was predicted, about time they owned up to it.

 

Sent from my iPhone using Tapatalk

 

 

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3 hours ago, tommytrain said:

This was predicted, about time they owned up to it.

Yes, if you have done any blockchain projects you can tell that its not magic tech to all problems.

I think R3 only used blockchain hype to get some ground under their feet.

 

 

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This is for the good folks at Ripple. Let's all play  finish the sentence game. " When opportunity knocks _____ _____ _____ . [mention=311]goatmansbridge[/mention] [mention=30]JoelKatz[/mention] 

My guess is that Ripple lost an almost active opportunity here


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"R3 Admits Defeat, Stops Blockchain Development"

https://themerkle.com/r3-admits-defeat-stops-blockchain-development/

R3CEV, the largest blockchain consortium of banks and technology firms includng multi-billion dollar institutions such as Barclays, Credit Suisse, Bank of America, Citibank and HSBC, officially admitted defeat and moved on from blockchain technology development.

Over the past two years, various consortia and bank-funded blockchain startups raised billions of dollars to utilize blockchain technology in optimizing the global financial network. The vast majority of developers of actual cryptographic and open source projects such as bitcoin and Monero have explicitly stated that the utilization of centralized blockchain networks isn’t efficient due to their severe security flaws.

More importantly, blockchain technology isn’t structured to handle millions of data sets and hundreds of millions of data points in real time. In fact, one limitation of bitcoin as a digital currency is its inability to facilitate massive amounts of transactions faster, like a settlement network to be critical. However, bitcoin users, companies and developers aren’t pushing for reckless developments on top of bitcoin to ensure appropriate security measures are maintained...

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Guest plutopark

This is earth-shattering! But what impact will it really have on ripple? Where is a think tank that will tell us what it means, when we need one?

Edited by plutopark
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Guest plutopark
15 hours ago, Droopy said:

This is for the good folks at Ripple. Let's all play  finish the sentence game. " When opportunity knocks _____ _____ _____ . @Vinnie @JoelKatz 

Kick Door Down? Buy More XRP? Throw A Party? Rain down Glitter?

Edited by plutopark
incomplete
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I view this news rather positively for Ripple. R3 has finally met the reality. After 2 years of bombastic PR they admitted what many people have anticipated. Now R3 has lost its blockchain glamour, left its mostly exclusive position as top-class blockchain fintech venture and entered the long and crowded line of banking IT solution providers. Their 70 member banks have now a bit clearer view on the available options: Ripple, Hyperledger, bitcoin-based solutions and ethereum-based solutions. Hyperledger is more/less the same as R3, still too young, immature, undeveloped, mostly still undefined. For R3 member banks there is now one logical step and it is improving their ties with Ripple...

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Guest Haydentiff

These people are something else.

 

I've suffered the wrath of bruising the ego of an R3 employee myself. Bigs heads implode when they try to fit into one room.

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"dropping blockchain" is out of context and overestimated in the OP article, please see this article from Tim Swanson, chief researcher at R3:

http://www.ofnumbers.com/2017/02/27/a-brief-history-of-r3-the-distributed-ledger-group/

Quote

Prior to that date, I had personally spent dozens of hours clarifying what the difference between a blockchain and a distributed ledger was to reporters and at events, though that is a different story.  Unfortunately even after all these explanations, and even after Richard’s post, the Corda platform was still inappropriately lumped into the “blockchain” universe.

 

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