The Fed’s plan to speed up payments despite banks’ resistance (opens in new tab)

(venturebeat.com)

1 pointsshamir6y ago4 comments

4 comments

What possible advantage does a “blockchain” have for a payments system controlled by a single entity?

The Federal Reserve doesn’t need to dupe dumb investors with buzzwords.

The Federal Reserve isn't a single entity. Its composed of 12 different member Federal Reserve Banks. And The banks that are part of the Federal Reserve system own stock in the member Feds and have significant representation on it. Also blockchains are great if you care about transparency, immutability, and accessibility.

tatersolid6y ago

A public Merkle tree like the certificate transparency logs can serve the same purpose a million times more efficiently than a PoW blockchain.

1 more reply

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4 comments

tatersolid6y ago

What possible advantage does a “blockchain” have for a payments system controlled by a single entity?

The Federal Reserve doesn’t need to dupe dumb investors with buzzwords.

shamirOP6y ago

tatersolid6y ago

A public Merkle tree like the certificate transparency logs can serve the same purpose a million times more efficiently than a PoW blockchain.

1 more reply

j / k navigate · click thread line to collapse