The Japanese banks, led by the biggest, is dipping into the sandbox with restricted banking consortia that can reach consensus on a transaction, instead of unlimited miner entry and exit.
If the consortia is small, consensus on a blockchain is fast enough to be called bearer cash. The system begins to resemble the escrow router where that stable states of the escrow protocol are recorded on the blockchain. This was the point of Microsoft Coco, and Microsoft is active in this market, maybe dominant.
But when the consortia is small we have simpler blockchain versions including a flat blockchain. For example, pass around the secret key to the members and they have prior agreement to encode bearer cash for validity. Also the possibility of a consensus delete of a of a blockchain trace when the parties have checked out of ringed fence.
The simplest ringed fence is a low complexity escrow router which relies on external trading pits, in which case the router is a generic network connector. The sandbox is a layered monetary network that includes trading pits for buffer management. I would stick with the escrow router model with intelligent wallets, etc. But, there may be better evolutions of the systems, I dunno.
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